Why do those who first buy a house in the United States need a realtor
The acquisition of real estate in California is a cherished dream of many immigrants. Meanwhile, having your own cozy corner surrounded by picturesque landscapes is a more realistic goal than it might seem at first glance, and acquiring your own home can often be more profitable than renting a house.
However, experts in real estate transactions emphasize: in order to buy a house on the most favorable conditions, you must use the help of an experienced realtor. This is not only beneficial, but also does not require any costs from the buyer. The fact is that, according to American laws, the work of realtors is paid based on the commission on the sale of a house that the seller pays. Thus, the buyer does not pay for the services of a realtor representing his interests.
A family of emigrants from Russia has long dreamed of owning a home in the San Francisco Bay Area. As a realtor, they invited Lily Garipovahaving more than 14 years of experience in real estate and working with both Russian-speaking and English-speaking clients. Lilia was able not only to find a suitable house, but also helped with all the accompanying documentation, including the organization of an inspection of the state of housing. As a result, experts identified small cracks in the foundation. Having decided to help customers identify all the nuances and possible costs, Lily called the company that conducted the inspection to find out how much the cost of repairing the cracks could be. Suddenly, during a conversation, a representative of an inspection organization mentioned that the owner of the same house had previously ordered a service from them to check for termites.
“By law, if such an inspection was carried out, the seller must provide the buyer with information about this. However, no one even mentioned this fact, which in itself is a violation of the law. Upon learning of the inspection, I demanded to immediately send her report. Of course, the representative of the seller immediately provided it to us, because he knew very well that in case of refusal he would face legal proceedings. The fact of the presence of termites allowed us to reduce the cost of the house. We also entered into an additional agreement imposing on the seller the obligation to carry out all the necessary work to remove termites. As a result, these works were carried out by the buyer, however, the seller completely reimbursed us for all the costs of the repair needed, ”says Lilia.
According to her, the seller or his agent does not often hide information that they are required to indicate by law, but they can distort or hush up less significant facts, for example, the number of home buyers.
“For example, the seller wants to sell real estate at an inflated price and says that he already has five buyers applying for a house. However, then it turns out that my client is his only customer, and there is no reason to overstate the cost of the house, ”says Lilia Garipova.
Identifying the truthful information that affects the price reduction, and the ability to agree on a deal on the conditions most favorable to the client - this is just one of the reasons why it is always better to seek the help of a realtor when buying a house.
“Firstly, we help to find the object that is most suitable for the wishes of the client. Secondly, the biggest difficulties buyers face are the abundance of legal documents. Contracts, inspection reports and other documents are written in a specific language, with many special terms. People who do not have experience in this area simply do not know what nuances you need to pay attention to and what they mean in practice. I always explain to people the contents of the texts, if necessary, draw their attention to some disturbing points from the inspection reports, explain what additional costs this may entail. American realtors do not always agree to interact with third parties, and therefore can not always effectively resolve the difficulties that arise, ”Lilia explains.
No less than a realtor, buyers need the services of a broker for loan and mortgage (loan broker). It helps to find the most profitable mortgage interest rates and find the right bank by interacting with several banks at the same time. For example, a partner of Lilia Garipova, loan broker Steve Tsvetkov, interacts with more than 50 banks and is guided by a variety of rules, as well as regulatory documents in force in each of them.
“Now people quite often look for favorable mortgage terms through the Internet. However, these figures may differ significantly from real percentages. The fact is that the amounts indicated online are often calculated without taking into account any significant conditions that then arise in practice. It also happens that the buyer may encounter a situation where he does not fit the specific program that he has chosen for himself on the site. In addition, customers often don’t know how to draw up documents for obtaining a loan and what points are desirable or undesirable to reflect in them, ”Steve shares secrets. By the way, the services of a mortgage broker are also absolutely free for the buyer.
Pitfalls of construction
Realtors also conduct a marketing analysis of the cost of housing and can tell the client what price is best offered during negotiations. If you plan to purchase a house at the stage of its construction, you really need a realtor. Without being a specialist in construction, you will not be able to assess the validity of the conditions that the construction company and its agent set for you. Moreover, if you come to the first negotiations without a realtor, an agent of the construction company begins to represent your interests, and you will not be able to change him in the process. It is clear that the interests of his company will be more primary for such a person than yours. That is why it is important to immediately come with your realtor, who will not allow builders to dictate unfavorable conditions for you.
“Once my clients insisted on buying a house from a specific builder, because they really wanted to have a bath on the ground floor - exactly as this construction company suggested. They signed papers for a specific plan, but then, when we came to see the work done, it turned out that a cupboard was located at the place of the bath. More than 30 days have passed since the conclusion of the contract, my clients managed to make a deposit of $ 15 thousand, and it was very difficult to get out of this transaction. The builders simply ignored my clients' emails and my calls. Then I had to turn to the lawyer of our company, he drew up a competent letter and sent it to the top management of the construction company. After that, they allowed my clients to terminate the transaction and withdraw the deposit at no cost to them, ”Lily gives an example.
This is not the only case in the practice of Lilia Garipova when professional actions of a realtor helped clients to get out of the transaction without a lawsuit and return the deposit.
Another factor that sometimes arises between the buyer and his future housing may be the management company in cases when it comes to buying an apartment or house in a condominium. In particular, if utility bills (HOA) increase sharply, this may prompt owners to sell even their homes that are completely comfortable. Lilia Garipova explains: it is impossible to completely predict the behavior of the management company, but there are factors that will help to calculate the risks.
“I am checking whether the company has a reserve and whether there are ongoing lawsuits. If such processes exist, it is possible that the company will cover legal costs by increasing utility bills. Conversely, if the company has a large reserve, it means that they do not need to raise the HOA to fix problems that arise - for example, to repair the roof. If the reserve is zero and the buildings are in disrepair, an increase in payments in the coming years is very likely, ”Lilia explains.
These are just a few examples of why an experienced realtor and loan broker are needed when you first buy a home. Steve and Lily assure: with their experience and knowledge of the market, the dream of owning a house in the San Francisco Bay Area may well become a reality.
Meet with a Russian-speaking team of realtors in San Francisco in a relaxed atmosphere with a glass of wine and ask all your questions you can at master class to be held on October 12.
You can also contact specialists by phone:
- Steve Tsvetkov - (925) 594-2520
- Lily Garipova - (415) 910-3958
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