Mistakes Made By Buyers in New York
Getting Hit With Hidden Costs
When it comes to purchasing a new home, there may be more than meets the eye than just the asking price. Beyond the home’s price tag, one must consider many ancillary and tack-on charges: costs such as appraisal and escrow fees, property taxes, and insurance. Not taking into account the entirety of these fees can be a dangerous mistake.
Neglecting to Schedule an Inspection
An inspection is hugely important when buying a new home. A house that looks pristine on first glance may hide many internal secrets. A professional inspector will be able to assess structural damage, and root out hidden hazards such as termites and bed bugs- all of which can vastly depreciate the value of a property. Doing your due diligence and hiring an inspector may seem like an unnecessary extra cost, but oftentimes, the inspector proves well worth the investment.
Not Trying to Negotiate The Purchase Price
Opting out of hiring an attorney may seem like the industrious alternative for the go-getting homebuyer. However, attorneys, like inspectors, often warrant their price tags. An attorney can negotiate with a seller’s law team, and may even be able to drive down the asking price. Coupled with the time and effort they can save you by streamlining the buying process itself, attorneys have become standard fare in the real estate industry. At Kaplan, Kaplan & DiTrapani, LLP, we work hard to earn our keep while we assist you with your transaction. We charge a flat fee, with no hidden fees or overages built into our contracts.
We at Kaplan, Kaplan & DiTrapani, LLP are well-versed in tax law. We aim to pass that expertise onto our clients, with many clients successfully lowering their mortgage and transfer tax fees by working with our skilled team of attorneys.
Getting Trapped In Bad Contracts
Another mistake often made, especially by first-time buyers, is resigning themselves to the burden of a bad contract. While many contracts are legally binding, the attorneys at Kaplan, Kaplan & DiTrapani, LLP may be able to negotiate your way out of a contract if it is financially deleterious or unfair.
Overpaying For Your Credit Score
Credit score companies will try and nickel and dime you, but at Kaplan, Kaplan & DiTrapani, LLP, we’ll calculate your credit score for you free of charge. We can help explain what a credit score means and how it relates to you and your purchasing and borrowing abilities. How a credit score affects market rates may seem complex and confusing to an outsider, but our experts will help you make sense of it all.
Failing to Track Market Trends
One of the most vital areas wherein an insider can help maximize your potential return is within the real estate market itself. Market values for particularly properties are known to shift wildly in short periods of time. And timing, often, is everything. An attorney can impart valuable insight into the volatile industry of real estate, enabling you to buy and sell just when the time is right.
Failing to Obtain a Pre-Approved Home Loan
Sometimes sellers will refuse to engage in negotiations with buyers who have not secured pre-approved loans. We can help you secure such a loan, greatly increasing your chances to strike the right deal.
Failing to Forecast Future Value
Any good real estate mogul will tell you, the ability to foresee future market trends is key. Sometimes, figuring the current value of your home isn’t enough. At Kaplan, Kaplan & DiTrapani, LLP, we can help you project the worth of your home 5, 10, even 15 years down the road. This way, you can paint a better picture of your long-term finances.
Confusing Verbal and Written Agreements
As a buyer, it’s also important to realize the difference between a verbal and written agreement. Before a contract of sale is drawn up, a verbal agreement known as a “binder” can be made, essentially taking the house (temporarily) off the market. The seller will agree to stop showing the house to new prospective buyers in exchange for a small, token fee. However, in order to finalize a deal an official document must be drafted, and this written document must be signed by all required participants. Your attorney, of course, can handle the creation and completion of such documents.
Mistakes Made By Sellers
Not Avoiding Last-Minute Price Reductions
Having been on both sides of the transactional equation, we at Kaplan, Kaplan & DiTrapani, LLP know that a buyer’s attorney will try driving down the asking price at the eleventh hour. We can help you drive a hard line, keeping the price tag steady throughout the entirety of your selling process.
Succumbing to Legal Loopholes
There are plenty of loopholes that uninitiated sellers may fall victim to if they’re not careful, or if they try selling their property alone. We can help you avoid these financially disastrous pitfalls.