“Laura’s recent article on improving my home cost me only a few hundred dollars…but got my home sold quickly and at a better price than I expected-and she brought in a tons of complimentary props to save me $$.” -LVB
Per my last article, I’m sure you recall that people can still buy and get loans, right?
Now that we have that established, there are still many things throughout the process that can go wrong. Usually when I sit down and meet with people for a consultation, I share with them things that can really affect getting them to the closing. Serious buyers who appreciate and understand the value of homeownership will certainly not want a big surprise after they’ve come so far. In addition, there may be some penalties if you cannot get to the closing table on time…or at all! These items can be prevented….
I’m sure you too want to be privy to this valuable information…so read on!
MAKE SURE THE PROPERTY YOU ARE BUYING IS SOUND:
There are a lot of things that go into the bank or attorney approving a building. If the property doesn’t appraise or it’s a coop/condo and there isn’t enough owner occupancy or units sold many banks may not provide financing. See which banks will finance the property under those conditions (mortgage brokers are great at this), and ask your real estate attorney to discuss the due diligence or research they have found on the building. Attorneys look at how the building is run, owner occupancy, work recently done and/or needed, the reserve fund amount, and the minutes(which may hint to and future building changes-whether it be policies or improvement, lawsuits or issues. There’s nothing worse than finding out after 6 months a big building improvement is needed which may cost you hundreds monthly-hire great attorney.
Don’t QUIT your Job or CHANGE CAREERS:
Since banks and boards look for employment history, don’t make and changes- at all- right now banks will fear another job isn’t easy to find…even though you do. Usually banks want to see at least 2 years at one job or career…so many any big changes after you move-and you KNOW you have something lined up, so the mortgage payments are being made!
DON’T CREATE DEBT OR MAKE LATE PAYMENTS:
Most people do not realize or remember that once they give the coop or bank their docs that they have to provide more recent docs prior to closing-and it’s so easy to forget because the process does take several weeks if not months! Big cash depletions or new purchases which affect credit and debt to income ratios can easily be affected by items that seem small, but can hurt you big in the end!
DON’T GET A PET OR ANOTHER PET…
Many multi unit buildings have pet policies. Being a pet lover myself, it’s certainly hard to swallow BUT they are there for a reason.
Being on the board in my own building, many pet owners are exceptional and very responsible, with dogs trained far better than my own admittedly BUT there are others that ruin it…imagine overcrowding, pet smells in the hall and feces in common areas-YUCK! Not only is this unsanitary but decreases the building and unit owners’ property value! So…if you have a pet-be up front and make sure the building will let it come with you. Do not get another one until you are already in the building and are clear what the house rules and regulations are …or you may get more than you bargained for!
So, the moral of the story is, don’t make any change from when you sign a contract for a property till the closing to be safe! You’ll thank yourself in the end!
For more info about what’s REALLY happening in the market, call me!
When you want to get the best deal when buying, selling or leasing in ANY market-call the LDM Team!
Need a service? Looking to buy/sell/lease outside of Brooklyn
Contact us- We have tons of real estate professional contacts throughout NYC and overseas! Being well established in our business, we have tons of trusted resources that take the guesswork out- for you!
Compliments of Laura Denise Milkowski, Christina Prostano and Michael Beam- The LDM Team www.theLDMteam.com
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