The best time time to conduct a final walk through on your new home

There can be a lot of time between the moment that  you make your offer on a home unitl the time that you close. The time frame can be anywhere from 45 - 60 days on average in Fairfield County, but closings can happen at whatever time frame  is agreed upon  between seller and buyer.

The reason for a final walk through is to make sure that the home is in the same condition as it was when you initially put the offer in,  ensure that it's  clean and free from personal  effects, and to make sure that the inclusions that were agreed upon  are present. If there  are any concerns, you MUST tell your attorney immediately following the walk through, and they should be handled prior to closing. Once you close on the property, its a whole different ball game, so to speak.

There are varying opinions as to exactly when to do the inspection. Some agents like to  do it a few days before, the night before, or the morning of the closing. Forget about whether its convenient or not, my advice is to do the walk through  (or final inspection) JUST PRIOR to the closing. By just prior, I mean do your  final walk though on the way to the attorneys office to sign all the papers and close. Oh, yes- there's a reason, and it's a very good one.

I have represented hundreds of buyers, and it 's pretty commonplace to do the walk through the night before. It wasn't until about 15 years ago when  we conducted a final walk through as usual the night before. Seemed reasonable, and everything was fine at the house- except for one thing- the 80 gallon hot water heater blew up that night, AFTER WE LEFT.  My buyers went to their new house the next day  immediately following the closing to find a flooded basement. Luckily, the attorneys had not completed doing the transaction and accommodations were made. But guess what? It could have been a big legal mess. Whew!!!

So after that I figured that things can happen at anytime,  and it's best  to double check the house  just prior to the closing. I actually advise two walk throughs- what I call a preliminary the day before, (in case there are any major problems that need time to rectify) and the final walk through just prior to the actual closing. There are a number of  horror stories  for the buyer that were averted by  doing the walk throughs this way, and for that I am proud.  And maybe it takes just a little more time- thats okay with me. I want it done right. Don't you?

Should you go a mortgage broker or a bank for your home loan?

You may have been doing business with a particular bank for many years, you know the people at your branch, so it's only natural that  you would think that  your bank would give you a great deal on your home loan, right? NOT NECESSARILY SO.

There is a belief out there that mortgage brokers charge you more  for a loan than banks do. NOT NECESSARILY SO.

There is a big difference between getting a loan from a mortgage broker as opposed to a bank, and I will put it in simple terms. A bank may have 4 or 5 products (loans) to choose from. The Mortgage Officer at the bank will do his best to place you in one his bank's loans. The problem is, the bank only has 4 or 5 options. A Mortgage Broker typically works with 25 or more banks, and probably has over a hundred different  types of loans. This  increases your odds exponentially of getting a loan that's perfectly tailored for you. So when it comes time to get a loan, get a referral for a good mortgage broker- they can be worth their weight in gold.

I have a network of mortgage professionals that specialize in different types of loans, one that is certainly just right for you. I get no referral fees or special perks from any mortgage brokers- just great service for my clients, so when you are ready, I will be happy to refer you, if you need it.


Timing, and Negotiating the sale of your home

Your agent just called you, and you have an offer on your home. When should you get back to the buyers with a yes, no or a counteroffer?  As quickly as you reasonably can, period. There is nothing worse for a buyer who has placed an offer on your home to have to wait DAYS for you to get back to them, especially when there is no excuse for it.

Have you ever heard the expression to "strike while the iron is hot"? If you have good reason to wait to reply, let your agent know, so they can inform the other agent that they will have an answer on such and such a time, and stick to it! Now I understand that you may want to, or  have to call your attorney before you respond, just communicate that. That's all. Let your agent know. The lack of a quick repsonse indicates disinterest to the buyer.  All of my clients have been wonderful, but it has always bugged me to no extreme how some agents (and attorneys, btw) will not return your call if they have nothing to report.

I just wasn't brought up that way, and a phone call to say, "Hey, I'm thinking of you. Just wanted to let you know that I haven't heard anything yet" goes a long way with me, and I always keep my clients up to date, or communicate with them so they are not left hanging.

Just to reiterate, no one is saying you must give an answer in 5 minutes- just don't wait days if you don't have to. You might want to respond in "strategic time", but that's a conversation that you and your agent will have had already, (or should have). One of the best rules of negotiating is to put yourself in the other's place, and imagine  what they would think of your reply. The goal is to make your negotiations a win-win. So when you need a top notch negotiator, call me. I'll negotiate for you, like I would for me, and my family :)
 


The listing contract with the Realtor is about to expire. Do you re-list right away?

Some people think its wise to wait, some people have it re-listed the very next day. I'll ask you that  question,  think about your answer, and then I'll tell you an experience that I had with a seller. Your answer may change.  

One day in October, I ran across a listing that had just expired. The house looked pretty neat, and I wondered why it didn't sell, so I called up the owner.  I asked her about her home, and she invited me over to look, but was adamant about not listing it right away. The property was on the market for a good seven and a half months, and with a VERY Good agent,  AND the holidays were coming up. So who is going to buy her house now? And yes, she  may have had a point or two.

As I looked at the listing, I saw that some of the very best marketable features of her home were nowhere to be found! I saw that the listing wasn't filled out as well as it could be, and I am pretty particular about everything being as descriptive and informative as it can be, and as truthful as it can be on the listing so the most interested and best qualified buyers come to see it.

This home had  a stone turret and an incredible amount of charm with rolling acreage and lots of privacy, yet in a very easy location. None of that was brought out on the listing.  A house with a two and a half story stone turret, and the picture of the property didn't focus on it? You couldn't miss it once you drove up. And that's one of those things that you either REALLY like, or REALLY hate. There's not an in-between.  So I told the owner what I thought. She was this great Irish lady with a thick accent. I told her  that if she wanted to sell the home,  that we shouldn't wait, and that we should get it on the market as soon as possible. And I said, "No one is going to buy  your home if they don't know that it's available". She heeded my advice, I brought out the finer unique points of her home, and it sold close to asking in less than three weeks, and that was right before the holidays. Oh and by the way, I didn't reduce the price. It didn't need it!

Her house may have sat on the market for another seven months had she not listened to my advice. Instead, the house sold and she got to move into a nice condominium.

So if your homes listing contract is about to expire, and you haven't had any bites, or very few showings, take a look at the listing. Better yet, have me take a look at the listing- and don't give the house a rest on marketing. No one will buy your home if it's it's not actively and appropriately marketed by a great agent. That's me!

The Art of Negotiating Your Home Purchase

So you found that special home, and it's time to put in an offer.  Advice?  When your agent writes up the offer, make sure you include all of your optimum terms, and conditions right from the get-go.  That may seem like basic  knowledge to you, as the widely used offer forms have allotted spaces to include that information, but theres more to it than that.

Basic Terms and conditions  are the price, downpayment, mortgage amount, mortgage contingency date and proposed closing date. Other terms and conditions to be included in your offer to purchase are building inspections (including wood destroying insect,  radon tests, septic tests, and well recovery tests, etc.)
 
Here's an example of some additional terms that I am talking about. Maybe you like that dining room chandelier- if so, you better include that in your offer.  Maybe you would like the refrigerator, window treatments, or the washer and dryer, which was not included in the listing- you better include that, too.
Maybe you want to lower the downpayment amount, or you need to store some items in the house you are buying prior to close.

If you do not include these items in your initial offer, and request them later on in the negotiation, the seller may think that you are going to constantly ask for extras after the building inspection, and up until the time of closing.  You just look like you are nickel-and diming them if you don;t tell them up front, and asking for things later on in negotiations just sours everything, and it can very easily kill the deal just because of the timing.

An honest omission on your part would most likely not be a problem, however if there is some term, addition or contingency you want to add later, which in fairness, really should have been done at the beginning , you might as well just say goodbye to that house. Be smart. Your agent should be asking you questions, and should know you enough to know what is important to you. So trust your agents advice. Need an agent? Call me!  I've got 26+ years of experience, and have successfully negotiated Hundreds of sales.  I'll negotiate for you, too!