Nolo's Essential Guide to Buying Your First Home (48 page)

What he does

Helps buyers and sellers negotiate and close on the purchase of co-ops and houses in New York City and surrounding areas. Richard not only represents people at the front end of property sales, but helps some who come to him with postsale problems—for example, a buyer who didnʹt understand what she was signing and discovered that sheʹd bought a house without buying its side yard.

 

First house

ʺI bought it in 1974, a beautiful colonial in Woodmere, New York. I asked my boss (another attorney) to represent me at the closing. Closings in 1974 involved a lot fewer documents than youʹll encounter today! But what I remember most about the closing was the behavior of the husband seller, who was retiring and moving out of state. He flipped out under the pressure of the moment. He stood up, grabbed the table and threw it over. Papers went flying all over the floor. His wife jumped on him to calm him down. The good news is that he returned to his gentlemanly self, and the deal closed—and I lived in that house for 30 years.ʺ

 

Fantasy house

ʺA majestic house with an ocean view, like you might find in Big Sur, California. In addition to the usual rooms, Iʹd like a small hideaway room where I can read, view television, and use the computer. And letʹs pack the house full of other good stuff like a game room, swimming pools (outdoor and indoor), bowling alley, gym, movie theatre, and a slip for a boat. Not that I really ʹneedʹ all of this—my wife Karyn and I are empty nesters and already have a house we love in Delray Beach, Florida, and a co-op apartment in Hewlett, New York.ʺ

 

Likes best about his work

ʺHelping people who are otherwise intelligent and cautious find their way out of a tough situation—for example, afford a home when they thought they couldnʹt qualify for a mortgage. And nothing thrills me more than when I get a call out of the blue from a client whoʹs moved elsewhere, to tell me how he or she is doing.ʺ

 

Top tip for first-time homebuyers

ʺPick good advisers who you know are on your side and will be available to you for consultation. Donʹt let anyone tell you that something is too difficult for you to understand—you donʹt have to read every word of every document, but ask your advisers to educate you on their meaning. Also, walk the property and look at every nook and cranny yourself. That avoids situations like one where some buyers (whom I didnʹt represent) bought a big house on a large area of land one summer but didnʹt walk beyond the thick shrubbery in the backyard. After moving in, they heard trains rumbling—and sure enough, there was a train track right behind the rear property line, which came into full view that autumn, when the leaves fell off the trees.ʺ

 

Are You Ready?

 

Use this checklist to decide whether you’re ready to make an offer on a specific house, or whether you should do more legwork first:

This house is in my price range, and I have my down payment cash available.

I’m preapproved for a mortgage, and I know what kind of mortgage I want.

I’ve hired or am already working with a real estate agent, mortgage broker or lender, and/or attorney.

I’m ready to devote much of my time over the next several weeks to closing the deal and preparing to move (unless it’s a yet-to-be constructed house, in which case the time period may be longer).

 

 

TIP

 

Ask your agent to explain the standard contract ahead of time.
Says Illinois Realtor® Mark Nash, “When working with first-time buyers, I show them the standard form, and all required disclosures, before we even start looking at properties. I answer questions they have about what each clause and phrase means, and I encourage them to read it over and make sure they really understand it. That way, when it comes time to actually write up the contract, they’re less overwhelmed—they’re dealing with the specific terms they want in the agreement, not the basic meaning of the contract language itself.”

 

CAUTION

 

The seller might not respond right away.
Particularly if you’re offering to buy a house sold in a “short sale” (requiring bank approval) or making an offer on a bank-owned property, it could be weeks or even months before you hear back from the seller. If you’re patient, you can wait for the response and maybe get a good deal. If you’re in a hurry to move, however, you may have to withdraw your offer and look elsewhere.