Shopping for a home entails many factors that need to be considered, including financial, personal preferences, practicality, objectivity and realism!
While we all have visions in our minds about the ‘perfect’ home, limitations can sometimes get in the way forcing compromise.
Regardless, the process of home buying as described by various websites, for the most part covers the same basic components:
- Determine How Much Home You Can Afford Given Your Budget,
- How Much Is Is Available For Your Down Payment,
- Find A Real Estate Agent You Can Trust, Who Will Help You Find Your Way Home,
- Get A Mortgage Pre-Approval And Choose A Lender Who Can Close On Time,
- Find The Perfect Home For You In The Location That Works For You,
- Make A Smart Purchase Offer,
- Hire an Attorney Who KNOWS Real Estate; In other words avoid a relative or friend who never does real estate transactions but is willing to do your transaction for free,
- Have A Home Inspection Scheduled,
- Prepare Whatever You Will Need For Closing,
- Congratulations On The Purchase Of Your New Home!
When it comes to the professionals or trusted advisors that you will hire, such as mortgage broker, real estate agent, attorney, home inspector and more, referrals from those who have been helped in the past are great, but there are other ways to find these real estate pros as well.
Hallmark Abstract Service, by virtue of being extremely active in the New York real estate market and familiar with a great number of mortgage originators, RE attorneys and real estate agents, can help with recommendations if needed!
Title Insurance: A Critical Component of the Buying Process, is Not Typically Discussed!
When buyers of real estate in New York arrive at the closing table on that great day they are closing, they may be hearing about the provider of their title insurance policy for the first time, a company typically chosen by the buyers attorney:
‘Make a check out to ABC title company for $____’ they will be told.
In fact title insurance, one of the most important aspects of the real estate transaction, should not be discovered about in this way.
In life we learn about, desire and then shop for, most everything that we buy from a $100 pair of shoes to an automobile costing in the tens of thousands. Why then, as purchasers of real estate, do we cede the entire process of purchasing title insurance that will protect our most valuable investment?
Did you know that in New York, title insurance is not all the same:
- Title Bills Will Vary From Firm To Firm – This variation can be as much as $1,000 or more,
- Know (and approve) Who The Title Insurance Underwriter Is,
- Know The Title Claims Experience Of The Firm Chosen To Provide The Title Insurance Policy,
- Is There An Affiliated Business Arrangement Between The Title Insurance Provider And Any Of The Other Players In Your Transaction (i.e. attorney or real estate broker),
- You As The Consumer Have The Right To Choose The Title Insurance Provider!
Our recommendation beyond numbers 1 through 5 and regardless of the title insurance provider being used, is to request a title bill from another provider to make sure that you are not overpaying!
If in fact the 2nd opinion costs are much lower, ask your attorney to have the fees lowered by the title company being used!
Read more in the article ‘Buying a Property in New York? Remember You Have the RIGHT to Choose Your Title Insurance Provider!‘, and if you have any questions please do not hesitate to ask at the contact information below…
Michael Haltman, CEO
Hallmark Abstract Service