The Evans Law Firm

This of course is dependent upon you becoming a focused and forthcoming client. You have to determine your priorities before a broker can effectively serve you. As an example, my wife is teacher, and she was adamant that the school district the house was located in was a prime determinant. There were areas we wouldn't even consider because of school issues. If you are older this becomes almost irrelevant. In fact you might want to avoid an area near a school to keep the kids off your prize orchids. A good broker can help you set those prime determinants. In fact they want to help you focus so that you don't waste their time and efforts or let you lose a deal because you are looking at the wrong things.
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2. Where can I find one?
The best place on the Internet is www.nnymls.com. This is the realtor association's home page. It has most all of the properties for sale listed there. It also has a search mode that allows you to narrow down your choices. Every authorized broker can be found there. Another good idea is to talk to friends and acquaintances about their experiences. Word for mouth is a good way to narrow the field down.
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3. How do I know what I can afford?
The www.nnymls.com site has a calculator that will answer your questions about your financial ability. A good heart to heart with your broker will also go a long way to answering that question.
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4. Is there any one I can trust?
Every broker and attorney that you deal with is subject to clear and strict rules of professional conduct. The New York Department of State and the New York Court System have staffs who devote themselves to the enforcement of these standards. These prosecutors are very vigilant, and no broker or lawyer ever wants to get "grieved" to these authorities. That is the minimum. You also must be aware that some of these professionals have spent their whole working lives in real estate sales. Over time, the bad ones just can not survive in a small community. Some love their work and get a real pleasure out of putting a good deal together.
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5. Who will help me get financing?
Before you settle on a broker, you should ask about what help he or she will give you. Some will take you to the banker and introduce you. Some will simply give you a list of available sources. The more helpful the broker, the more assured the deal will be. There are a variety of lending sources. I personally have helped people save considerable amounts of money by using local lenders or national lenders using their local employees. Online lending is a complex matter. Out of state lenders frequently demand things that only make sense if you are living in the southern tropics. We have our own ways, our own state laws. Your broker and I can help you make better borrowing decisions.

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6. What part does a lawyer play in all this?
The culture used to be that a lawyer was brought into the deal early on. Some people would not chose a broker until their lawyer gave his or her approval. Lately there has been a growing mistrust about what lawyers do. Many brokers avoid them in the early stages because they raise too many questions. Some lawyers don't recognize how important quick action is in getting the right price at the right time. The height of this is a lawyer whose home phone number is unlisted. If you can't reach him on the off hours, you probably won't reach him during the working hours. I hold myself ready at any reasonable time to help "do a deal." My home phone number is 315-788-2654.

The answer truly is that your lawyer is the only one who is completely on your side. If you hire an experienced real estate attorney he or she can frequently save you the cost of his or her fees just in helping with the terms of the original contract. Note that I said the "only one" on your side. Too many people think that the bank's attorney is working for them. That is absolutely catagorically wrong. Many lenders attorneys will not point out or object to things that don't hurt the mortgage holder but may well hurt you. People get angry when bank attorneys don't protect their rights. That's because they are hired by and paid for representing the lender, not the buyer. Want examples? What if the inspection goes wrong? What if at the walk-through the day before the closing you find a huge hole in the wall. You want the house but you want protection to pay for repairs. The banker doesn't care nor does his attorney. What if the guy on the other side is dragging his feet? How can you get him to table? Who will draft effective pre-possession agreements to get you into possession early? What if there are title problems? Who is going to push to solve those problems? Frequently buyer's counsel will quickly find the answers to clear up the issues. If there isn't a current location survey, who is looking at Google Earth to see the natural boundaries of your land? Who is looking at the tax maps to see that the descriptions offered match what the taxing authorities believe to be correct? These are buyer attorney functions. Please, make sure you have your own attorney in your corner all the way through the process, even before you sign off on what may be the biggest purchase of your lifetime.

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7. When should I hire a lawyer? How much will it cost?
My view is that the earlier I am involved the better it goes for the deal. Will that increase the fees? As long as the roles of the broker and lawyer are clear, and the lawyer does not end up negotiating the contract and the loan terms, the extra cost is very small. My average fee is $495 and it's trending upwards. Commercial real estate fees are higher. If you are buying a small lot for $5,000 I typically come down on the price. If you are buying the Taj Mahal, I will charge more. You must understand that there has to be a range in price to cover the unexpected problems I meet. The price of the property also affects the fee since my exposure to claims increases also.

I can't guarantee a fee in advance because I don't know the nature of the problems that I'm going to encounter. Recently a lady came in to sell some land, and she didn't technically own it. I had to confirm title in her before I could get to the part about selling the property. Other things that can cause an increase in that price are errors or omissions in the chain of title, proving the death of prior owners, debating with the other attorney about title defects and how to solve them. following up on missing heirs, and clearing judgments and mortgages, disputes with the opposing party over details of performance such as repairing damage done after the contract is signed, dates of possession and financing purchase money mortgage loans.

I do not charge based on a percentage of the price. It's common in adjoining counties. Ask your attorney in advance about his fees. You can get some one to do it for less and you can get some one who will do it for considerably more. I am convinced that if you are shopping for a $25 or $50 difference, you are not the client for me. My experience in solving real estate problems prove that the laborer is worthy of his hire.

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8. What are the standard costs ... how much?
The biggest expense in a real estate deal is the broker's commission. That ranges from 6 to 10 %. In Northern New York, the seller almost invariably pays that fee. However you should know that he has to figure it into the price he is asking for. Generally with a standard bank loan with "no money down" you must have three to four thousand dollars. The major costs are loan origination fees which can be one or two percent, funding escrow accounts for insurance and taxes which can cost $800 to $1,200, tax prorations with the seller will run about 50% of the annual taxes, home owners insurance costs from $250 to $400 depending on the value of the house, title insurance and bank attorney fees will cost $700 to $800, abstracting fees and recording fees will be at least $75 and the mortgage tax is 0.5% of the amount you are borrowing. Your banker is required by law to give you a clear explanation of all these costs. They usually leave out the cost of a buyer's attorney. You shouldn't.
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