As the real estate markets has been hot in most of the Metro NYC areas and super hot in some of them, everyone has been busy trying to get deals into contract and then to closing. In order to assist with this, I have a few updates and tips for real estate agents when listing properties that will make things a bit easier for all of you.
Update: Fannie Mae and Freddie Mac have raised their loans limits to $625,000 for one family houses, coops and condos and $800,250 for two family houses. This will allow more purchasers to qualify for the best rates and with the standard underwriting guidelines. Tips: Confirm Owner(s) It's better to have it right then fast.... so confirm the names of property owners before taking a listing and preparing a Deal Sheet That will avoid delays and make sure that the right person is on the Contract. The information is readily available on public sites like Acris and County Clerk's office. And if it is an Estate, make sure that the Executor has been appointed. Verify: Verify as much information as possible with seller before the deal goes to attorneys so that Contract process moves faster. That is, ask for maintenance bill (coop/condo), copy of existing title report and survey (to give to purchaser's attorney), letters testamentary (for an estate), permits and certificates of occupancy, completion, etc. Refer an Attorney Who Will Make you Look Good: The buyer or seller is not going to remember how cheap the attorney was after you refer them, only how good they were. And, their competency and responsiveness will be a reflection on you. It will also make your life better or worse. As an example, try to find one who gets reviews like the one below: Janine F 2 hours ago Positive: Professionalism, Quality, Responsiveness, Value 5 stars are not enough. Maybe even an insult. I have bought 3 properties in NYC/NJ area and sold 2 of them. My biggest regret is that Dan did not handle all 5 transactions. Professional, attentive, kind, compassionate, 100% available 24/7, funny, and, perhaps most importantly, a tireless advocate for his clients. And when I say available 24/7, I mean it. When I would send an email over the weekend of a question that occurred to me, instead of waiting until Monday am, Dan would reply almost immediately. I am not sure that kind of attention exists elsewhere. It is truly extraordinary. Our recent sale and purchase was littered with challenges and many were actually created by the lawyers on the other side - delays, gaslighting, winding up their first time purchase clients to make them concerned about basic text book contract items... all to just get more $$ (I am guessing) from naive buyers. I NEVER felt like that with Dan once in the three real estate transactions I used him with. My other two lawyers missed important details that could have saved me a LOT of trouble in the long run. From mold to miscalculated sellers concessions... you name it. Dan misses NOTHING. In conclusion, Dan and his extraordinary team do what all real estate lawyers should do - make the process as smooth as possible and advocate for their clients. Your lawyer should be the one thing that is easy in a real estate transaction. With Dan Shlufman, Esq., it will be. Let's hope the fall season continues to bring positive results in the rest estate market.
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