Buying or Selling a Home/first look at co-op

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Expert: - 4/16/2005


Question
Hello,

I will be going to look at co-op in the next few days.  This is my first experience when it comes to real estate.  What are the "must ask" question that I should ask the real estate agent?  I appreciate your response.

Answer
Dear Alex;
The most important question to ask is how much can you afford.  The agent is able to run the numbers for you or will refer you to a lender to get you pre-qualified.  Next...make sure that the property you are looking at meets your needs. Make sure that you understand the terms and conditions of the co-op.  Ask the agent to pull up some comparable properties for you to see as well.  Ask about the history of resales and find out how quickly these units sell as well as for how much.  Do they sell for full price or is it some percentage off the full price.  What extras do they throw in to make the deal? Do most sellers help with closing costs.  Finally, find out what your actual and final costs will be--that means not just for the co-op unit but for the attorney, inspections, appraisal, etc.  Make sure that your offer to purchase includes provisions to protect you such as a loan contingency and an inspection contingency. You want to have the ability to back out if you discover that this purchase has some serious flaws that will make it unwise to proceed.  A good buyer's agent will help you through this process and provide invaluable advice and expertise.


Good luck and best wishes.

Sincerely,
Jessica Bryan
Managing Broker
House to Home Realty Services

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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