Fairfield and Westport CT Real Estate Guide

Local insights on buying, selling, and living in Fairfield County

Wasted time costs you money


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Choosing the Right Real Estate Attorney: 10 Questions to Ask

If you already have an attorney in mind before you connect with your Realtor®, read this post to make sure this attorney is the best choice for your home purchase or sale. You might think your attorney is of no concern to your agent, that if you know the attorney or have dealt with them before, they are your best option. You may feel a recommendation from a friend covers all the bases. If you’re like many others, you might not have considered the critical factors below about the attorney you hire to successfully close your real estate transaction.

Here’s a Top 10 List of questions you should know the answer to before bringing your attorney on board.

  1. Does he play well with others?  There are real estate attorneys that give their egos priority over their fiduciary responsibility to their clients.  These lawyers may decide they don’t like the lawyer on the other side of the transaction and deliberately try to kill your purchase or sale as an assault on that attorney. Play well with others?Your Realtor may have worked patiently and tirelessly to successfully negotiate optimal terms for you thus far only to then work triple-time behind the scenes to keep your purchase or sale together because the attorneys are butting heads. You may know nothing about this unless your sale falls through because of it. You want to work with a lawyer that relates professionally with all parties in the transaction at all times. Otherwise, they are being counter-productive and are doing you (and everyone else involved) a disservice.
  2. Does she know the TRID lending regulations? There are lending regulations that require a three-day period before closing for the buyer to review all the final numbers compiled by the attorneys. This requires attorneys to be well organized and proactive in compiling the credits, debits, and allocations of taxes, insurance, oil deliveries, etc. earlier than in the past. There are also new forms they need to be familiar with.  If your lawyer is not up to speed with the new regulations, your closing can be significantly delayed at the last minute as a result.
  3. Is he overly chatty or verbose, adding to your bill? I have worked with attorneys that have kept me on the phone for almost half an hour every time they called and then complained about all the extra time they are spending on the case, stating that they will have to bill for it. I’m sure this is not what you want.Wasted time costs you money
  4. Does he communicate effectively with you, your agent, the lender, and the other attorney? There are attorneys that act like it’s beyond their scope of work to communicate effectively with the other parties in the transaction.  Some barely respond to calls or emails at all! Communication is a critical component in your purchase and sale because the lender, the two Realtors, and the two attorneys have a huge amount of detail to coordinate in order to keep your sale on track. entrepreneur-1001611__180 If any of the players are “missing in action” it prevents the process from progressing efficiently, and critical information can fall through the cracks.
  5. Does she specialize in real estate?  If your attorney focuses more on criminal law, divorce, or other areas besides real estate, you can end up with an attorney that is in court or unavailable when you need them at a critical time. Specialized in real estate
  6. Is she familiar with the local regulations and practices? You want to be sure your attorney is knowledgeable about the local area of the home you are buying or selling. The process and attorney responsibilities can vary from county to county.  There may also be issues that arise about boundaries, zoning regulations, permits or other things specific to your town that your attorney will need to know about.
  7. Does she have a paralegal?  Many attorneys diversify their workload to include more lucrative endeavors than real estate closings.  This is fine for you as long as they have a paralegal and/or partner in her practice to keep everything on track when she is focused elsewhere.  Otherwise, you and everyone else involved in the transaction can be stuck ‘dead on the vine’ waiting for a critical response or document.Paralegal or partner?
  8. Is he efficient? Some attorneys are content with creating delays and taking their time to get things done. Efficient?Ask any lender or real estate agent what’s important about an attorney, and they will tell you efficiency (second to good communication)!  The entire transaction is on the clock from the moment an offer is accepted.  The attorney must send and receive the contract in the allotted timeframe and then get it to the lender. They must complete a title search and address questions and concerns in a timely fashion, and they need to prepare all the closing documents on time, or your closing could be postponed.
  9. Is she versed in your areas of specific concern? If you know your transaction will involve added elements of complexity, you want to be sure your attorney can still handle it with ease. For example, if you are moving out of state, coordinating a purchase and sale or pursuing a short sale, run this past your agent and potential attorney up-front to assess their experience and comfort level.
  10. Has your agent recommended him or her? Last, but not least, the most thorough insight you can get on your would-be attorney is from your Realtor.  Thumbs upMany of the questions above are not ones you can easily get answers to by interviewing the attorney directly or even from a friend who’s used him or her. If your agent hasn’t worked with the lawyer directly, he or she can ask other agents how well that attorney as served his client and worked as a team player for a successful transaction in the past. Your agent’s only interest in the attorney you hire is to get a solid team member on board to help ensure a smooth move for you!

Is there an attorney you are considering that you would like feedback about?  Have you had a good or bad experience you would like to share?  Is there something you would add to the list above? Your questions and comments are welcome below.

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Home Buying Lessons Learned: Power Couple’s First Time!

Home Buyers Race to Buy House

Wait! Remember Your Pre-Approval!

Ronald and Sara were a happy young couple ready to jump into home buying and get their first home together. When they called me, they knew what they wanted, a four-bedroom home with nice property and a pool in the million dollar range. There was a house, in particular, they had seen online that they were very excited to see right away. They thought this could be it, and they would be buying their first home.

I was excited for them too! I asked if they had spoken to a mortgage professional yet. They had not, so I gave them a few reputable contacts to reach out to and told them they should have a mortgage pre-approval before they started looking. They asked why, and I told them that the pre-approval serves three critical purposes, one, it confirms that they are eligible for a loan, two, it lets them know what their spending limit is and what the associated monthly payments will be, and three, it positions them as strong and qualified buyers when presenting an offer for the home they want to buy.

So they forged ahead, chose a lender, and sought their pre-approval. But they were soon shocked and disappointed to learn that they would not be eligible for a mortgage for at least another year.

Ronald and Sara were a power couple with great jobs and ample income. Sara had a Ph.D. and was the director of a graduate school. Ronald was an emergency room physician.

But, what they didn’t realize was that all the student loans they were paying off gave them a ratio of debt to income that was too high to get a mortgage. So we found a nice home for them to rent for a year. In the meantime, they worked hard with the credit expert company, North Shore Advisory to ensure they were on the fast track for managing their debt and raising their credit scores within the one-year timeline they had set as a goal.

Couple gets engaged

“I do!”

Fairfield University Home

This is the one!

Honeymoon in Africa

Honeymoon in Africa

 

 

 

 

 

 

 

Fast forward a year later, and they sailed through the pre-approval process to obtain a Certified Pre-Approval from William Raveis Mortgage, got engaged, and found and closed on a gorgeous new home in the university area of Fairfield, Connecticut!

Ronald and Sara also managed to jet-set off to Africa for a pre-honeymoon celebration on safari before returning to their new home to plan their wedding!  Clearly they were perfectly situated to live happily ever after, but what were the lessons learned along the way?

Always get a pre-approval before you start shopping for a home so that you know where you stand, avoid unexpected setbacks, and can position yourself as a competitive buyer.   Besides, an offer to purchase a property is not complete or acceptable without a pre-approval letter from your lender or proof of cash.

Be sure your pre-approval is of the utmost quality, as they are not all created equal. Recent changes to national lending regulations add extra time sensitivity and make this more important than ever. There are a number of new technology enhancements available that can make the whole mortgage process faster, easier, and more transparent for consumers.

Mortgage Technology Enhancements

New Tech Enhancements Simplify Mortgage Process

William Raveis Mortgage is the only mortgage banker to provide a Certified Pre-Approval.  This means that when they present a Certified Pre-Approval to a buyer, they have completed a full review of credit, income, and assets, reviewed supporting documentation and double-checked it all via an automated underwriting system to ensure that when the big day comes, the buyers get their loan and the sale goes through.

Playing with Credit Cards

Play with Your Credit Cards AFTER You Close!

Last, but not least, it’s important to be aware of all the factors that can impact your credit score because, the lower your score, the more you will pay for your mortgage, (as well as insurance and other things). In fact, it’s a good idea to check your credit well in advance of applying for a loan so that you have time to work on it if need be.  Visit North Shore Advisory, Inc. for an expert resource about credit tips and strategy.  Once you have your good credit and Certified Pre-Approval in place, make sure you don’t do anything that can change your credit score before you close!  Even a tiny negative change to your credit can bump up your interest rate and suddenly put your dream home out of reach.  So check with your lender or Realtor about things you should or should not do during your home purchase process.

Then you are ready to make your dream home come true! Welcome Home!

For questions about the process of buying or selling a home, or if you’re thinking about a move this season, send me a note below!

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Tune in to HGTV’s House Hunters Renovation!

184 Harborview Rd, Black Rock

184 Harborview Road, Black Rock

Tune into HGTV’s House Hunters Renovation “An Old House Gets a New  Master Plan” on September 19th at 9:00 AM to follow my clients, Michael and Ella on their journey of selling their home in Black Rock and moving to Fairfield to get better schools for their blended family of three kids. Of course, yours truly helps them with this part.  I had originally helped them buy their house in Black Rock in 2010 and then got it sold for them the first day on the market which made them very strong buyers for this new home purchase.

Then the HGTV design team takes over to make their fixer-upper that’s missing one bedroom into a designer dream home that works for the whole family!

Below is a behind the scenes peak with Michael, Ella and the onsite director and camera crew at a lunch break during filming.

Photo Sep 24, 1 33 34 PM

With Michael, Ella the director and camera crew during a lunch break from filming.

The show went well, and Michael and Ella are enjoying their new digs as well as the excellent schools in Fairfield CT!


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Cash is King- But So Is Excellent Credit!

Sharing her wisdom as a guest speaker at our sales meeting this month was Tracy A. Becker, President of NorthShoreAdvisory, a Credit Education & Restoration Company.  This company is one of the very reputable firms out there to help us understand the credit mysteries and improve our scores.  Tracy is a Certified FICO Professional, author of two books on credit and is the “Credit Expert” on the Eye on Real Estate radio show on WOR AM.

She began the meeting by announcing that, “If your credit score is not 740 or higher, it is not excellent and you should call me.”  I was thinking, what’s wrong with Very Good, Impressive, or Decent?   Anything short of excellent is no good these days?  Apparently it best be excellent or you can potentially lose thousands, if not hundreds of thousands of dollars on a mortgage with higher interest rates.  Some sources even say that insurance premiums are linked to credit scores.

We all know that we should pay our bills on time, but there is a lot more that most of us are unaware of that impacts our credit score.

Here are the top 5 tips from Tracy that I was surprised to learn,

1. “Seasoned” credit (over 2 years old) is excellent for your scores, and the older the better.  So don’t go closing your old credit card accounts!
2. A variety of credit is good for your score such as credit cards, auto loans, student loans and a mortgage.
3. Your credit can be pulled by third parties up to 5 times in a 12-month period with little impact to your score, but beyond this, your score can drop 30-40 points.  You can pull your own credit score as often as you wish with no negative consequences.
4. A new late payment can drop your score over 100 points.
5. The higher your FICO score, the bigger the hit your score will take if new negative information is added.

If you are getting ready to apply for a mortgage or other financing in the near future, Tracy says to go to Credit.com and pay to get your FICO score.  If it’s below 740, her company may be able to help save you big bucks!  She gives free consultations by phone to determine whether her company can effectively help you, and there is no charge unless you hire her.

To receive pdf via email of Tracy’s expanded list of “Tips on Credit” send a request below.

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