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How to Pick a Real Estate Agent

Buying a home may be the largest purchase for a family during their lifetime. Picking the correct real estate agent can eliminate many problems involved in the process.

Real Estate Agents Work on a Commission Basis

Real estate agents are not paid a salary. They work on a commission basis. They receive a commission only if they’re successful in selling the house.

Try to Obtain a Recommendation

The best way to find a competent and honest real estate agent is to ask your friends, family members, attorneys, accountants or other individuals who you respect for recommendations. You should practice due diligence and interview two or three real estate agents before deciding on one to represent you.

Real Estate Agents Represent the Sellers

A real estate agent is the agent of the seller. The real estate agent does not represent the buyer. They may appear to be your friend but be careful, what a real estate agent is primarily interested in is earning a living by selling homes.

Sellers Beware

Real estate agents, upon meeting with the prospective seller, want to obtain the listing. The agent will receive a commission even if he or she does not show your home. One of the things an agent may say to you in their first meeting is “I believe I have a buyer for your house”. This is a sales pitch. They may have a buyer who wants a house in your town, but they have no idea they want your house in particular. Another sales technique involves the agent telling you that they have obtained a great offer. However, this offer may be far below what you seek to obtain from the sale of your house. Remember, if a perspective purchaser makes you an offer and it is below what you want, you can make them a counter offer and meet them halfway or three quarters of the way to the price you want.

Buyers and Sellers

Buyers and sellers have different interests. A seller wants to get as much for his or her home as possible. The buyer wants to pay as little as possible. Both of them may be dealing with the same real estate broker. This may create a conflict of interest.

Real Estate Brokers Recommending Lawyers

The real estate broker you go to may recommend a lawyer to handle the real estate transaction. The broker may say this lawyer is affiliated with our office and he or she will give you a good deal. The issue you must look into is whether that lawyer really has your best interest at heart or is the real estate broker’s best interest his or her main concern. Real estate brokers refer lawyers to their prospective clients who they know will protect them with regard to their commissions. In most situations, you are better off having an independent lawyer that you obtained from another source.

Metropolitan New York Foreclosure Defense Lawyers

The New York City and Long Island foreclosure defense lawyers at the Law Offices of Schlissel DeCorpo can help you if you have a foreclosure problem. Our foreclosure defense lawyers litigate defective mortgages, defective foreclosure lawsuits, predatory lending and all other types of real estate related matters. We can explain the federal laws on foreclosure and how they affect you. We attend foreclosure court conferences for our clients.

In the appropriate situation, we will discuss foreclosure related bankruptcy issues, such as filing a Chapter 7 and a Chapter 13 bankruptcy with you. In bankruptcy situations, there is an automatic stay that goes into effect, ordered by the court, that stops foreclosure from moving forward. In some bankruptcy situations, we can eliminate second mortgages. At the end of the bankruptcy, we can assist you inre- establishing your credit.

Feel free to set up a free consultation with us. We will discuss your foreclosure options with you. Thank you for visiting our foreclosure blog.

Buying a Home in Today’s Market

Buyer’s Market

There are many homes on the market today in every locality. Some homes are placed on the market by sellers, other homes come to the market by way of foreclosure by the financial institution. All of these homes have one thing in common, they’re competing against many other homes to be sold.

What Should a Seller Do

A seller should look for a bargain. In today’s market, if the perspective purchaser’s first offer does not insult the seller, they are offering too much money. There is no list price for a used home. The value of a home is based on supply and demand. There is an over supply of homes on the market right now. This is why it is a purchaser’s market. Do not be afraid to offer a substantially lower amount than the seller seeks to sell his or her home for. It is your money, be careful!

What To Do First

Obtain a credit report. If your credit is good, great! If your credit is not so hot, contact an attorney or credit counselor and rebuild your credit.

Speak to a real estate broker and/or a mortgage broker about the actual cost involved in the closing on the purchase of a home. Do you have 20% of the home’s value as a down payment? If not, look into whether you can obtain a mortgage with a lower down payment. Speak to other local banks or mortgage brokers.

FHA and VA Mortgages

FHA mortgages are Federal Housing Authority mortgages. VA mortgages are given out by the Veterans Administration to Americans who have served in the armed services of the United States. These are alternatives to obtaining a conventional mortgage from a financial institution. Investigate whether you qualify for these mortgages and whether their interest rates are lower then those of financial institutions giving out conventional mortgages.

Be Careful

Even if you obtain the deal of a lifetime, you may find that in a year or two, due to current market situations, your home is worth less than you paid for it. The purchase of a single family home is the largest investment most families make. It gives you a place to live and a place to raise your children. In most situations, it is a larger, more comfortable space than an apartment that you would rent. However, be advised it is an investment and investments can go both either up or down!

Foreclosure Defense on Long Island

We provide foreclosure defense for our clients. We litigate foreclosure lawsuits. We attend foreclosure court conferences on behalf of our clients. We deal with issues such as defective foreclosure lawsuits, predatory lending, bad faith by financial institutions, and defective mortgages. We’ve been handling real estate related matters for more than thirty years. We assist our clients in mortgage modifications and we deal with mortgage modifications that fail to meet our clients’ needs.

In appropriate situations, we file Chapter 7 or Chapter 13 bankruptcies on behalf of our clients. Both of these bankruptcies have the impact of immediately stopping foreclosure proceedings. We explain the types of bankruptcies that are available to our clients, as well as why they should file bankruptcy. We also maintain a foreclosure blog that deals with real estate, mortgage and foreclosure related issues. Call us for a free consultation.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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