Buyers

My Work With Buyers

Since 1996 I have helped over 160 families find homes. While I specialize in historic houses, I have sold homes of all types in the greater Ithaca area. I am a Certified Buyer Representative and Certified Residential Specialist. I work hard for my buyer clients and I expect their loyalty. Once we decide to work together, my buyer clients should not be contacting other agents or sellers for information or showings.

Real estate is a highly localized business and every agent operates differently. This information for buyers reflects the way I work as an individual agent and should not be taken as policy either of my office or the Ithaca Board of Realtors.

The Process

I encourage buyers to interview one or more local mortgage lenders before they even decide on a Realtor to work with, to determine their price range and financing options. A pre-approval letter can be a boon to buyers in a competitive market; at the very least, the buyers should be pre-qualified.

At my first meeting with buyers I like to develop a "wants and needs" list of features they would like in their new home, and the things they really cannot do without. Using these criteria, I screen properties offered for sale to find those that best suit the buyers’ wants and needs. Then we look at houses. Usually buyers need to see at least five to ten houses before developing a feel for the market and finding the right home.

When buyers have identified the house they want to buy, I use my access to Multiple Listing data and knowledge of recent sales to prepare a comparative analysis, looking at similar properties that have recently sold. I draw up a purchase offer (with attorney approval clause) and work to negotiate the best possible price and terms.

My job continues through the period—usually about 60 days—between signing the contract and closing. I help the buyer arrange for inspections and tests, monitor deadlines, and generally try to keep things on schedule.

Your Relationship With Your Agent

Twenty years ago everybody involved in brokered real estate transactions—buyers, sellers, and agents—worked under the "old model" of real estate. All agents—whether they were working directly for the seller as listing agents, or as selling agents, showing houses to prospective buyers—were acting in the best interest of the seller and were paid a commission by the seller.

Starting in the 1980s "buyer agency" became established in many parts of the country. Under this model, the listing agent represents the seller and the buyer’s agent represents the buyer. In our area the commission is almost always paid by the seller to the listing brokerage office, which then shares the payment with the buyer’s agent’s office. On rare occasions the buyer pays the buyer side commission directly.

Attorney Involvement

New York real estate transactions can seem cumbersome to some buyers from other parts of the country. Although this is a caveat emptor state there are many mechanisms in place to protect buyers, including agency and property disclosure laws.

Attorneys are involved in almost all real estate transactions. Part of their job is to research the title, which involves an examination of public records to determine the history of ownership and encumbrances affecting the property. A condensed version of this history is called the abstract, which is prepared by the seller’s attorney and given to the new owner at closing.

The buyer’s attorney will review the updated abstract and make sure the sellers have fulfilled their part of the contract, advise the buyer of insurance policies needed, prepare a closing statement, and record the deed and mortgage after closing.

It is very common for buyers in the Ithaca area to engage the attorney used by their mortgage lender. This can save the buyer several hundred dollars and makes co-ordination of the closing simpler. However, some buyers feel strongly that they want separate representation.

I urge my buyers to use a local attorney, especially one who specializes in real estate. I can suggest several names.

Tests And Hazards

My firm always recommends that buyers hire a qualified home inspector to do a general analysis of their prospective home, no matter what the age of the home.

The home inspector can also perform a test for radon gas, which can be a problem in the Finger Lakes area. The inspector will also look out for evidence of insect infestation and call in a pest inspector if necessary. A separate test for termites is typically not done.

Many area homes contain asbestos in some form or another. The general home inspector will bring to your attention materials that may contain asbestos, and you can follow up with additional tests if you choose. The local practice tends to be to encapsulate asbestos when it is found, rather than to remove it.

In accordance with federal law, sellers of houses built before 1978 must disclose any knowledge they have of lead paint in the home, and share with buyers the results of any tests they have done. Sellers must grant buyers a contingency period of ten days to perform their own tests if they choose. In fact, very few people (sellers or buyers) test for lead paint as it is very expensive. Buyers should assume that lead is present in older homes and take appropriate precautions.

As of March 1, 2002, sellers of residences in New York are required to complete a four-page property condition disclosure form. Be sure to ask for this document.

For more information on Central New York hazards:

Timing

Once the buyer and seller have a written agreement specifying all the major points and terms of a purchase contract (price, financing, tests and deadlines, closing date), we say they are "under contract." From this day to the day of closing, when the buyer actually takes ownership and possession of the house, you should allow 60 days if bank financing is involved, 30 days for cash sales. It takes about 30 days for the buyer to arrange for tests and inspections and to apply for and obtain a mortgage commitment (a contingency-free promise from the bank).

Once the commitment is in hand, the seller orders his attorney to update the abstract of ownership, and orders a new survey if it is required by the lending institution. If this is a cash deal, all the work can be compressed into a shorter time frame.

Attorneys, not Realtors, set the time and place of closing.

See properties I am currently listing.

See properties I have sold.