New York Real Estate Lawyers
7 Mistakes Home Buyers Make
How many first time buyers have felt regret and stress after making a purchase? Many, due to enthusiasm, ignorance have made big mistakes during the closing process.
30 W. 47 St. #215
New York NY 11374
Tel.(877) LAW-NOW9
(877) 529-6699
Fax.(718) 206-1227
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Jamaica, NY - Main Office
171-16 Hillside Ave, Jamaica, NY 11432
Tel: (718)206-1555
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Rego Park, NY Office
98-14 Queens Blvd, Rego Park, NY 11374
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Fresh Meadows, NY 11366
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Brooklyn Office
1635 E. 19th St
Brooklyn, NY 11229
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Mistake #1 - Not Doing Research Before Signing A Binder
Buyers start rushing looking for houses, surfing the internet, calling on advertisements and visiting show houses before doing some research Never rush to pay a deposit. Also, think about how long you plan to own the house. Is it going to be difficult to resell? List all the negatives. Can they be eliminated ? No one likes to admit they bought the wrong house. Nevertheless it happens. You don't want to change your mind and lose your deposit. To make sure that this doesn't happen to you, do your homework well before you part with your hard-earned money. Learn from the mistakes of others. It's the best way to ensure a first-time homebuyer a good night's sleep.
Mistake #2 - Not Doing An Engineer's Inspection Before Signing The Contract
Many buying will try to save $400 or think that the bank will do the requed inspection to make sure the house does not have structural problems and does not need any major repairs, most Contract of Sale provide for the house to be sold "as is" but they do provide for: plumbing, heating, electrical systems to be in working condition at closing and roof free of leaks.
Mistake #3 - Not understanding the home buying process
First-time homebuyers need to learn by asking questions. A real estate lawyer who has experience and is willing to explain the entire house buying process in detail, and explain it again until you understand it.
Mistake #4 - Finding out too late that your "lawyer"represents the real estate and not you
This can be a real surprise when the buyer assumes that the lawyer recommended by the real estate or a developer represents him when they actually represent the real estate and owes complete allegiance to the developer.
Mistake #5 - Not Understanding What They Signed
It is true of a most first-time buyers. They do not read their agreements and have no inkling of what they have signed. Ask your lawyer to explain all the documents.
Mistake #6 - Not Ready For Delays In The Closing Process
Delays in closing due to Sellers' inability to move out; telling your mortgage broker or banker to lock your rate while the Seller is not ready to close. If you are renting, make sure your landlord is flexible with the extension otherwise this delay can cost you a lot.
Mistake #7 - Buying A Property In An Unknown Area
Don't just look at the property. Check the surrounding area. See if it's safe, well maintained and moderately quiet? Is it convenient to work, schools and shops? Find out about zoning; Could the highway nearby be widened in the future? If you're not familiar with the area, ask friends, relative, and realtors about it.