Q & A with Dottie Herman

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Q1 - My wife and I are thinking of buying our first home and no longer renting. How do we go about beginning our search? How many properties should we see before deciding which one is right for us?

A - One of the first recommended steps is to begin your home search on-line. In this way you can familiarize yourself with home features you may or may not want (single level vs. multi level, one-car garage or two, 2 bedrooms or more, mint condition or handy-man special, etc.), neighborhoods & their amenities, and pricing. By visiting the many search engines available, you can narrow down your parameters, location and price point, so that you can begin to go out to see properties.

It is also helpful to choose a real estate professional who has the knowledge and experience to assist you with finding a property that meets your parameters and saves you valuable time. Your real estate professional should have knowledge of comparable properties, be an expert in negotiating the purchase, and provide you with the expertise to get the property you want, closed. If you choose to not work with a Broker, be sure to do your due diligence and consult professionals such as a real estate attorney, appraiser, and tax professional.

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Q2 - My husband and I have two children and have now outgrown our current home. We just put our house on the market, and our realtor keeps telling us the price is too high. How long do we wait for a price adjustment? It has only been on the market for one month -  we don't want to seem over eager.

A - It will be helpful to have a meeting with your realtor to re-visit the pricing recommendation vis a vis the market. You should explore what in the market may have changed since the property was listed to cause a price reduction, was there enough market activity, and  what was the feed-back from prospects, if any. In addition, review your agent's marketing and advertising plan going forward. Ask about pro-active tools are in place to generate traffic from qualified buyers.

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Q3 - What is the difference between a coop and condo? How do I decide which one is right for me?

A - The cooperative type of ownership is when one owns shares in a corporation, which corporation owns the building in which the apartment is in. You are issued, upon Closing, a Stock Certificate and Proprietary Lease. Each coop elects a Board of Directors who represents the shareholders in the decision making that affects the running of the building, including an approval process for prospective purchasers. This process varies from building to building, but generally includes full financial disclosure, credit history, letters of reference and a personal interview.

The condominium type of ownership is when one owns, real property, also known as the "fee." You own the unit(s) you purchase and you receive a deed(s) upon purchase. There is a Board of Managers who represent the Owners in the decisions that affect the running of the building. There is an approval process that varies from building to building and may include financial disclosure, credit history and references. Most condominiums issue a "waiver to purchase" upon review of a purchase application and, in the event the condominium board so chooses,, the condominium  purchases the unit from the owner pursuant to the terms of the Contract of Sale under review.
 

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com

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