Jan Kalman Buying a Home

Buying a Home

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With the knowledge and guidance of an experienced realtor, buying a home can be one of the most exciting and pleasurable undertakings of a lifetime. Your realtor should be very familiar with the area you are interested in, should understand what your goals and motivations are and should be able to assist you in every aspect of achieving those goals -from finding the right home to obtaining financing and facilitating your move.

Jan Kalman Realty has been established in the Five Towns area since 1986. We live here, raise our families here and enjoy the variety of lifestyles the area has to offer. Use this website to choose some properties you would like to visit and contact our office to have one of our salespeople schedule showings at your convenience.

Whether you are buying your first home, looking for a luxurious beach house, the convenience of a condo or using real estate as an investment strategy, you can expect the finest in service from Jan Kalman Realty. We will be sure you fully understand the Purchase Agreement, lending and financing options, the inspection and closing process. And, as a member of RELO®, our relocation department can provide valuable assistance to make your move smooth and easy. In today's market, buying a home is more than just finding one you love - it's a strategic transaction.

Feel free to download a copy of the MLS Home Buyers Guide or obtain School District Information.

USE A REALTOR

Although some people choose to fly solo when selling or buying their homes, the services of a qualified real estate professional are invaluable. What appears to be a simple transaction to the uninitiated novice can in reality turn out to be riddled with complications. An experienced Realtor can navigate unfamiliar territory and handle tricky negotiations. A professional real estate agent has invaluable experience in advertising your home, organizing inspections and appraisals, screening prospective buyers, drawing up contracts and negotiating terms.

A skilled agent can be a valuable sounding board when you are taxed emotionally. They know what to expect and can guide you past the potential hazards. An experienced real estate agent will help you evaluate comparable properties to determine the best price for your home. They are familiar with both local issues and regional market conditions, and can recommend properties that represent a good investment. Buying or selling property is a serious undertaking. However tempting it may be to save on the agent's commission, avoid the (penny wise, pound foolish) pitfall. Engaging the services of a Realtor can be tantamount to acquiring peace of mind.

REAL ESTATE INVESTMENT STRATEGY

Realtors can provide you with information about how the local market has performed historically, but they can't predict what the market will do next month or next year. Historically real estate has been a superb long-term investment, and many people have created fortunes on short-term investments in hot markets. If you are considering an investment in real property, ask a Realtor whom you trust to help you work out your strategy. Remember that the local market will be influenced by things beyond your control, such as interest rates, economic trends, local employment opportunities, and the demand for and availability of rental housing.

All of these factors are subject to change, so timing is crucial. A slow market can mean real values for buyers, but a fast market could heat up for several years, pricing timid buyers out of the market We may not be able to predict the future, but we can help you interpret the present!

UNDERSTANDING THE PURCHASE AGREEMENT

Whether it consists of several pages of big type or a few of fine print, a real estate purchase agreement is a serious document. In most areas, there are "boiler plate" forms that spell out what each party agrees to do by certain dates and what happens if either side breaks the contract. The best time to familiarize yourself with these forms is when you are beginning your search. Ask the Realtor for a copy of the purchase agreement and then review it, keeping in mind that it has the force of law. If you don't understand the document, consult an attorney

If there is a dispute between buyer and seller, a court will hold you to what the purchase agreement says, not what you thought it meant or what you thought the Realtor said it meant. There are several crucial points you should be clear about. What are the deadlines for loan application and obtaining financing? If you decide to back out because of the structural inspection report, can you do that? Do appliances convey? When will the closing take place? If you understand these clauses before you find the perfect house, you will avoid a lot of stress and minimize the likelihood of misunderstandings.

THE IMPORTANCE OF A HOME INSPECTION

Never underestimate the importance of a home inspection when you are seriously considering a piece of real estate. Locating an experienced property assessor will relieve you of much anxiety further down the road. An inspector will alert you to any potential problems now, saving you from unexpected expenses later. He can help you gauge the future costs of maintaining the house. An experienced inspector will provide a consummate survey from top to bottom.

A systematic inspection will encompass all fundamental components of a structure including construction, electrical, plumbing, heating and air conditioning systems, roofing, floors and foundation. A thorough inspection will alert you to the areas that need attention in advance of the sale. Following a visual examination of the property, an inspector will identify both the strengths and weaknesses of the infrastructure and provide an estimate to repair any of the major defects noted. A professional inspector can interpret details that often go undetected by the current occupants. An independent inspection also provides the added advantage of professional objectivity, and allows you to know exactly what you are getting into when purchasing a home.

STRATEGIC BUYING IN A SELLER'S MARKET

Sellers have the advantage in many markets today, because well-located homes in high demand are selling quickly with multiple offers being presented. Planning a strong buyer's strategy in advance increases the probability that your offer will be accepted. A good basic offer includes the price you're willing to pay for the house, your financing terms, and contingencies. This report will help you prepare your offer for optimum results.

1. Enlist your real estate agent's help to decide on a realistic offering price, based on comparable houses sold over the last six months. If the inventory of homes for sale is low and houses are receiving multiple offers, you should bid competitively and promptly. Your chances of owning the home are greater if your offer is as close to the asking price as possible.

2. Include realistic financing terms. Being pre-approved for a loan gives you a competitive edge, so state this in the offer to convince the seller you're serious.

3. Specify contingencies, stating what will happen if defects are discovered in the home inspection. Stipulate if you wish to make the offer contingent on approval of the mortgage loan you've applied for, or on the sale of your current home.

4. Include a property inspection clause that enables you to request any necessary repairs after you receive the inspection reports. If it turns out your beautiful historic mansion needs a new roof, you can ask that the seller correct the defect prior to closing.

5. Decide what concessions you are willing to make. Which features of the home are absolute requirements? On which points would you be willing to compromise to please the seller?

6. Specify conveyances that you expect to come with the home, such as the chandelier in the dining room.

7. Put everything in writing, including time restrictions on the offer. Purchase contracts vary from state to state, so ask a real estate professional to help you finalize the wording of your offer.

Finally, try to be as flexible as possible to accommodate the seller without sacrificing your priorities. Meeting in the middle is a good bargaining tactic that allows each party to share the burden relative to any point of contention.