Are You Protecting Yourself Legally?

One of the common mistakes home buyers make in the Cincinnati real estate market is not having access to legal counsel during their home buying process.

While it's very common to not have real estate attorneys involved in a typical real estate transaction in the Cincinnati area, I believe there are at least 2 times, where their services should be utilized to protect your interests.

1. Have your real estate attorney review your purchase agreement prior to submitting an offer to the seller or write a contingency clause in your offer that allows your real estate attorney to review the accepted offer to their satisfaction.
2. Consider having a real estate attorney attend your real estate closing. While the documents presented to you for your signature are on pre-printed forms, you need to make sure that the terms and conditions you agreed to with your mortgage lender and seller are still the same. Also, if any unexpected issues arise at the closing, it's re-assuring to have legal counsel there by your side.

Now, you may be wondering, aren't attorney fees expensive? Attorney fees can be in the range of $100 - $200 an hour or more depending on the law firm and the service needed.

Another option for you to consider in hiring an attorney is Pre-Paid Legal Services. Their Life Events Legal Plan is a great service. Since 2000, we've been very pleased every time we've used it. I am an independent associate for the company and offer this service to people. For more information, you can check out my web site at: Life Events Legal Plan or contact me at 513-615-1890 or dan@danweis.com.

At your service,

Dan

What's your BURNING question? You can e-mail me at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

I'm available to help you find your dream home! Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Surround Yourself With Professionals

When I began my real estate career in 1985, we used one page contracts...no property disclosures...no fax machines...MLS book came out once every 2 weeks...no property searches on a computer...we had to drive to real estate offices wherever they were to pick up a house key for a showing and then return it...

So much has changed.

But as time goes on, technology changes, the market changes, paperwork changes, etc. It all gets more detailed and complex. Expectations are raised. People want to know everything about a property...before making a decision.

What this leads me to is the fact that you need to work with professionals through your real estate process. Here's a list of most people involved when you purchase a property:

• your buyer's agent
• the seller
• the seller's agent
• mortgage loan officer
• mortgage underwriter
• private mortgage underwriter (if getting PMI)
• appraiser
• home inspector
• radon tester
• termite inspector
• contractors (if issues come up, give estimates)
• homeowner's insurance agent
• title company

There are also many other people behind the scenes that you'll never see or hear, but they are just as important to you in completing the purchase of your new home.

Surrounding yourself with others, who are experienced, is critical in today's market.

Did you know that anyone can be a home inspector? There's currently no licensing requirements for home inspectors. Scary, isn't it?

Make sure that you do some investigating of who you want to have assisting you in your purchase. The professionals that you do hire also should be able to make recommendations of others they've worked with in the past, who are reliable, competent in their field and have years of experience under their belt.

Sometimes, the real estate transaction can go smoothly from start to finish, but more often than not, there are things happening behind the scenes that may take the loan approval up to the wire to close on time. It's like a duck. On top of the water, the duck appears to be just gliding through the water, but underneath the water, it's paddling ferociously.

Do your best to surround yourself with professionals and soon you'll be in a new place you call "HOME SWEET HOME".

At your service,

Dan

What questions do you have about this tip or any other topic? I'll gladly answer your questions at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

I'm available to help you find your dream home! Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Acclimate Yourself To The Market...

Once you've been pre-approved for a mortgage that fits your needs, your next step is to get acclimated to the real estate market and find out what's available in the price range and areas you want to look in. Even if you're not ready right at this moment to start looking at properties, a smart thing to do is start viewing properties that are currently on the market.

You can do this a couple of ways:

• read through local newspapers in the real estate sections,
• pick up some real estate magazines at local stores, etc,
• search online from website to website,

Or a better way is to sign up for the free service: New MLS Listings By E-Mail.

This service searches daily for new listings that come on the market through all real estate companies that are part of the Multiple Listing Service. So when a home is listed and entered into the MLS system, you'll receive an e-mail with property details about the new listing.

It's a great way to find out what properties have to offer in different price ranges and what you can get for your money. To find out how to use this service and input your housing criteria, just click on: New MLS Listings By E-Mail and you're on your way to researching the market.

When you find a property or several you want to see, I'd love to show them to you as your buyer's agent. All you need to do is let me know when you're ready to start viewing properties and when you find some, I'll set up the viewing appointments for you.

At your service,

Dan

What questions do you have about this tip or any other topic?
I'll gladly answer your questions at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

I'm available to help you find your dream home!
Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Beware of Internet Mortgage Companies!

The last thing you ever want to do is work with an Internet mortgage company. Now, the overwhelming majority of them have the ability to have you thinking that you're going to get a great rate with low closing costs, when in reality, you get to the closing table and all of the numbers are different than what you were previously told.

The problem with Internet mortgage companies is that you'll never see them face-to-face. They may be working out of some small office space in the Southwest or Florida or Northeast. They may use an out-of the-area appraiser, underwriter, loan processor and title company, who aren't familiar with local customs, and you end up not being able to get your mortgage approved.

You also need to understand that many so-called Internet lenders are actually lead-generation companies. They get your information and then sell it to mortgage companies who solicit you to get your business.

The Internet can be a great place to do research, but I don't recommend finding your mortgage through an online mortgage broker.

At your service,

Dan

What questions do you have about this tip or any other topic?
I'll gladly answer your questions at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

I'm available to help you find your dream home!
Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com

Determine Your Financial Comfort Level!

One of the most important steps to start with when you decide it's time to purchase a home is to see where you stand in regards to your financial ability to own a home.

When you're ready to start looking at properties, don't start driving by homes or go online.

You first need to sit down with an experienced mortgage professional, who has your best interest at heart. How can you tell if they're really looking out for you?

Look for someone who calls themselves a mortgage consultant vs. a loan officer. A person who titles them self as a mortgage consultant is more likely to take a fiduciary approach and serve your financing needs - looking out for you.

If a loan officer just wants to take your information over the phone and never plans to meet with you in person, then hang up the phone.

If a loan officer answers your phone call and starts quoting you interest rates, then it's probably a 'bait & switch'. They can't possibly know what interest rate you qualify for without knowing your personal information. Hang up the phone!

One way is ask family and friends, who have purchased recently, would they recommend their mortgage consultant.

Another way is to ask your experienced buyer's agent, who do they recommend. Many times an agent has worked with a few mortgage professionals over the years and knows how they operate, knows how they handle problems that may arise, knows that they are held to a higher standard when being recommended, etc.

An experienced mortgage consultant will ask you a series of questions prior to meeting in person. Then they will put together a Personalized Mortgage Plan, which should consist of at least 3 different mortgage programs that are aligned with what you're trying to accomplish. They should then review the mortgage products with you, answer your questions and help you by recommending which mortgage product best fits your situation.

One person I've recommended since 2003 is Rick Pilger, a mortgage consultant with Union National Mortgage. You can reach him at (513) 770-6999, cell: (513) 600-9003 or e-mail: rpilger@unmco.com.

At your service,

Dan

What questions do you have about this tip or any other topic?

I'll gladly answer your questions at: dan@danweis.com.

Tell a friend about my next Free Home & Condo Buyer Class!

I'm available to help you find your dream home!
Contact me for a Free Consultation: (513) 615-1890 or dan@danweis.com