Home-Buying Basics

By: Janice Dantes

 

Spring season usually is the beginning of home buying. I just completed a closing and I wanted to give you some tips if you are buying a home.

1. Hire professionals. A home is one of the single largest purchases. It does not make sense to not have a team of professionals working with you. If you do not have a realtor and lawyer, you will be at a significant disadvantage. You will have to negotiate inspection items and timelines on your own.

2. “As is” means As is. When you buy a house “as is,” it really means as is. You have the right to get an inspector. While you can ask for repairs, be prepared to receive a sour response. If you are buying a property as is and do not feel it is a good purchase, terminate the contract and move on to something else.

3. Get an inspection. While there is a cost with a professional inspection, always get one. You want to know what you are buying even if in the end, it is not a big deal. If you don’t get an inspection and later find major issues, you are out of luck.

4. Choose your lender wisely. There are many choices in lenders if you cannot afford to buy your house with cash. While you can go to any of the big banks, be sure you shop around for the best interest rates. Also big banks tend to be very busy and their representative may not have time to talk with you.

5. Preparing for closing. The most important thing about closing is the funding. Make sure you have the funds available for wire or a certified check. If you have to bring more than $50,000 to a closing, you have to wire it and that requires that the wire be sent at least 24 hours in advance of the closing date. Bring your ID to the closing since the closer will have to notarize your signature. Also bring a personal check in case of some incidental issue. Finally, be patient. You could be in a closing for hours.

6. Enjoy your new home. After all is said and done, enjoy your home. As you live in a property you are going to discover things about it that bother you. That is just natural. Don’t blame the seller, your realtor, or lawyer unless there was something major that should have been disclosed to you by the seller or the seller lied. Sometimes, you only find things out when you live in the house. But other than that, enjoy!

If you are buying or selling a property and need a lawyer, please contact me at (312) 546-5077 or janice@pinaylaw.com. Thank you for reading. Until we meet again, love one another