Putting Your Team Together

As mentioned in the previous column, “,” this most likely will be the largest purchase of your life up to this point.

Regardless of whether the economy is up or down, it's a serious mission that demands you put together your own A-Team of professionals to get you through this battle with the least amount of scars possible.

Anyone who thinks they can get through this without a mortgage broker, real estate attorney, buyer's agent and building inspector, is kidding themselves. We will explain right now why each member of this team is crucial to your success in getting the home of your dreams.

The Mortgage Broker: "Get that Money"

After the “I’m tired of paying rent and making my landlord rich” bug has bitten you, the mortgage broker is the first person you should see. They are usually better than going directly to a bank, because they have established relationships with many different banks. Therefore, these brokers are able to shop your file around and get you the best deal.

This is where you may feel like you're at the doctor's office, because there will be nothing hidden about your financial history. A phone interview that surveys your income and credit history will determine your pre-qualification. They later will ask for more extensive information, tax returns, banks statements and such to give you a pre-approval.

You will need these letters in order to properly bid on the home you fall in love with. A bid without a letter from a mortgage brokerage or bank is not taken seriously.

The Buyer's Agent: "Your Personal Concierge"

Once you find the neighborhood that you want to live in, you need to find a buyer's agent that specializes in sales in that area. Not only will they be able to inform you of the wonders and possible pitfalls of the neighborhood, they also will have extensive relationships with the other agents in that area. This will give you access to properties that may have somehow missed your radar.

Take advantage of this, and have them ask the hard questions that a seller’s agent might be tight-lipped about answering to a stranger. Get the info “behind the listing." Also, instead of you having to talk to twenty selling agents at one time, your buyer's agent does the appointment-making for you.

Lastly, the seller pays both agents. So, you are getting free service. How sweet is that?

The Real Estate Attorney: “The Bodyguard”

There is no real estate transaction without your attorney. Many buyers forget to schedule this expense in their budget. Be clear: This is the best money you can spend on your purchase. And don’t be cheap. Trying to save a few hundred dollars on a bargain attorney will surely cost you thousands of dollars later.

It’s best to interview a few different ones, so you can judge who you are most comfortable with and who you decide is most qualified.

And only New York real estate attorneys need apply. The laws and intricacies of buying property in NYC are so specific, only an attorney who practices New York real estate law can get the job done. So please do not hire your cousin who is an entertainment lawyer who said he would hook you up. He won’t. He will cost you money.

The Building Inspector: “The Doctor”

Sometimes referred to as a structural engineer, the inspector will take a few hours going from the basement to the roof of your property, armed with various tools to insure your home receives a good bill of health.

Issues to be examined include:

• Strength of foundation and beams. Is your house sagging in the middle?
• Electrical capacity: Can it hold up to the demand of your new computer and flat screen TV.
• Evidence of termites: The wood beams in the basement will usually crumble like paper once poked by a screwdriver if these pests have made a visit.
• Condition of roof: Is it new? Will it have to be replaced or repaired soon?
• Heating system and plumbing: How old is the boiler? How many bathrooms can your hot water heater supply?
• Overall shape of front and back façade: Do you see any brick damage or loose mortar?

Once the inspection is complete, they will email you an extensive report on their findings. If the report reveals a hidden issue, you may be albe to use it as a bargaining tool to get the price down.

But more on that next time when we look at:

"The Close: Sealing the deal on your first house, from first bid to getting the keys."

Martin Tkalla Keaton is a senior associate and Multi Million-Dollar Club member of the Corcoran group