Commercial Investors

Questions to ask yourself:

  • What kind of property are you looking for?
  • Are you looking to use the building for your own business, rent it out, build equity, and/or something else entirely?
  • What kind of location do you need?
  • Do you need to buy or could you lease the property?
  • What's your situation regarding cash, financing, and/or ability to make a down payment?
  • Would you be willing to partner with someone else on the property?
  • Would you be willing to partner with someone else on the property?
  • What's your risk tolerance?
  • How much time can you commit to the property?
  • How much work are you willing to put into the property?
  • What skills/knowledge are you bringing to the table?
  • What skills/knowledge will you need to hire experts for or contract out?
  • What kind of property manager might you need (or not)?
  • Are you willing to do the duties of being a landlord?
  • Finally, are you ready/willing to make a investment/purchase of this size?

Here are a the questions to consider for each property you're interested in:

  • What is the property currently used for?
  • What can/can't it be used for?
  • What kind of rent/income does the property currently generate per year?
  • What kinds of taxes are there on the property?
  • What things will need to be replaced or repaired soon?
  • Why is the owner selling?
  • How is the area around the property doing? Any major upcoming changes?

To help you with answering the above and more, contact an expert.

Buying commercial real estate is often a complex process. You'll likely need to hire experts to help with some of the steps. Which and how many experts depends largely on the type of property you're purchasing.

At the very least, you'll need to hire an accountant, commercial real estate lawyer, commercial realtor, and a mortgage broker.

If the property is more complicated, you could need other specialists like tax experts, accountants, lawyers, notaries, appraisers, engineers, and/or environmental specialists.

There are some things you can do on your own (through research) but there's many that are better to hire an expert for.

 

 

Buyers

Define Your Needs

Congratulations on your decision to purchase a new home! Before you go house hunting, it’s a good idea to define what kind of home and neighborhood would best suit your desires and needs and make a wish list. The finer the details, the more effective your home search will be. To further define your needs; whether it’s a primary residence, investment property, or a vacation home, you may want to divide your lists into negotiable and non-negotiable items, so that our agents can operate with some flexibility when scouting for homes on your behalf.

Get Preapproved

Now that you know what you want in a property and neighborhood, you need to find out what you can afford. We work closely with some of the top loan officers and attorneys who will look out for your best interests. Get preapproved for your mortgage. In most markets, preapproved buyers are preferred by sellers over those who are pre-qualified. Your preapproval letter lets the seller know that you have gone through an extensive financial background check. This figure will not only be a more reliable estimate of what you can afford, but your preapproval also indicates that a lender is willing to do business with you, pending the purchase price, market appraisal and the underwriting process. The likelihood of unexpected obstacles regarding financing is minimal.

What Should I Ask When Shopping For A Lender?

We will have a loan officer who we are willing to introduce you to. This lender will be someone we have done business with in the past, and feel comfortable recommending. However, if you decide to do a little comparison shopping and look for a lender on your own, here are a few important questions to ask a lender:

  • What loan programs do you offer and which one do you think is best for me?
  • How long will the loan approval process take?
  • What line items of the loan agreement, if any, are negotiable?
  • What is your policy for locking in interest rates, and will you honor a lower rate if it declines during the lock-in period?
  • Are there any fees for prepaying my loan?

The House Hunting

The search for a property can prove overwhelming if not approached with some planning and organization. The most effective way is to allow us to do the initial scouting for you. Using your wish list as a guide, our team will alert you of new and existing listings that are strong possibilities. If you have a sincere interest in a property, our realtors will arrange home tours at your convenience. We will send alerts via email, sometimes daily, depending on the available inventory in your market. You can choose how you would like to receive these alerts, by phone, email or fax.

Make An Offer

When you are ready to present an offer, we will help you determine the offer price by reviewing recent sales of similar in size, quality and features. We will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement. Therefore, it is imperative that you carefully review it. It’s important to note that if the seller changes any terms of the offer, it is not a binding agreement until the buyer agrees to the seller’s changes.

Deal or No Deal

In some rare instances, the seller accepts your offer as is. However, on most occasions, the seller will make a counteroffer. This is where our experience in negotiations will be invaluable. Remember, almost everything is negotiable when you are buying a property. This can give you a great deal of leverage during negotiations. Remember that negotiating is not a winner-takes-all deal. It is a business process that involves compromise and mutual respect. Some items you may negotiate include price, financing, closing costs, move-in date, repairs, appliances and fixtures, landscaping, painting, etc.

Closing Process

Once an offer becomes a binding agreement, we will help you tackle the checklist of action items that you, as the buyer, have agreed to prior to closing. Buyer responsibilities often include conducting a property inspection and getting an appraisal. Finalize your financing. Secure title insurance. Having these procedures completed in a timely and professional manner is a must, as any delays could threaten a successful closing. Our team will assist you in selecting service providers.

Close The Deal

The moment you’ve been anticipating has arrived. The closing is where home ownership is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the transaction will attend. Closing procedures usually are held at the title company’s or lawyer’s office. The closing attorney will coordinate all the document signing and the collection and disbursement of funds. A few days before your closing date, your lender will provide a final closing statement that outlines your closing costs. Our agents will review this document with you to ensure its accuracy, as well as review any necessary documentation that you will need to bring to closing.

Click here to contact Vicktor Etchart.

 

Sellers

Did you know that you can save in real fees by selling your property yourself?
If you decide to market your own property, I invite you to consider the following steps;

Conduct your own inspection.
Make note of all the items that needs repair or improvement.

Make the appropriate repairs and improvements.
Be sure to fill out a required Transfer Disclosure Statement informing the buyer of any other known defects, neighborhood nuisances or other material facts which could affect their decision to purchase.

Investigate recent sale prices for property similar to yours in your immediate area.
Measure your home and compute its actual square footage. Then establish a realistic price for your property based on that information together with current market trends and conditions.

Meet with local lenders.
Determine financing alternatives for your prospect buyer.

Determine which advertisements will best present your property.
Call them for rates and deadlines. Establish and advertising budget for the task.

Take digital photographs of your property.
Prepare an exciting web page with appropriate links to other real estate and community sites.

Prepare a plan to reach those out-of-town buyers and transferees.
They account for a mayor portion of today’s home purchasers.

Purchase an eye-catching and weatherproof yard sign.
Installed in the front of your property. Be sure to include a 24 hour a day phone number for prospects to call for immediate information.

Purchase special “open house” signs.
Install them to direct traffic through the neighborhood and to the property. Conduct open houses and Realtor tours.

Place ads in local real estate magazines.
Prepare professional looking color flyers with photos indicating your property’s unique features. Distribute copies to every real estate office in town and establish a direct mail campaign.

Be available at all times so that you can walk through the property with prospective buyers.
Answer all their questions and offer information about local schools, parks, transportation, shopping, churches etc.

“Stage” your home for showing.
By placing freshly cut flowers in several rooms. Burn scented candles in the living room, kitchen and baths and remove excess furniture to make your home appear more spacious.

Learn how to separate the “lookers” from qualified buyers.
Secure names and phone numbers and be sure to follow up with telephone calls.

Plan a final walk-through with the buyer (s)
Before the settlement process is complete in order to resolve any future legal disputes or repairs. Have a witness present. Be careful not to make any verbal representations or warranties that may later cause you a serious problem.

Determine the type (s) of financing that you are willing to consider such as:
FHA, VA (who pays points & fees); Seller carry-back First Mortgage (evaluate the inclusion of points, alienation clauses, etc.) Conventional Loan (evaluate lender property and appraisal requirements, VA or CALVET (who qualifies and how does buyer apply)
Wrap Around Mortgage (investigate due on sale provisions).

Obtain all forms necessary for legal sale of real property. (NEW MOLD DISCLOSURE)
To avoid possible future litigation be prepared to draft a binding contract or arrange for appropriate legal council to do so. Secure all necessary Seller’s Disclosure Forms. ( In conformance with California law, where applicable, you must disclose known defects, earthquake zones, flood zones or environmental hazard problems and certain fire protection issues and Mold among some other legalities.

Negotiate with the buyer (s) all final terms of sale including price, financing, inspections, date of closing, possession, personal property and other considerations.

Selling a property takes time, knowledge of neighborhood trends, and negotiating skills. Our agents’ chief tasks are to help set the right price and then get buyers in the door. We have access to the most up-to-date information about recent sales of comparables and competing listings in your neighborhood. Our team will prepare a Comparative Market Analysis of comparables detailing the original listing price, how much the property actually sold for, and how long it was on the market. The market is shifting every day. It’s our job to keep abreast of those changes.

You don’t get a second chance to make a first impression. When a buyer sees your house for the first time, a critical first impression is made. It is important to maximize curb appeal, make necessary repairs, de-clutter the property, and finish up with fresh coats of neutral color paint on interior walls.

We market aggressively. That means recommending staging techniques to make the place look great, maximizing the listing with professional-quality photographs, and showings to prospective buyers. Most important, we will vet potential buyers so that you can deal only with serious prospects.

Once we have found a buyer, our team will negotiate counter-offers, track the paperwork, and assist through the most nerve-racking part of the process.

Click here to contact Vicktor Etchart.

Renters

Hiring an agent to help with your search for a rental apartment may be a big-city phenomenon, especially in places like Boston. We help renters find suitable accommodations just as we help buyers find houses. More importantly, we can make the search process a lot easier.

The best deals change daily, and market trends can be highly localized to specific neighborhoods or even streets within the same city. Every case still requires a scheduled physical inspection of the premises. Agents can relieve you from a lot of legwork. We bring other benefits to the search. We do our best to develop a personal relationship with a particular landlord or staff member, and as such, we may learn about upcoming availabilities before they are officially listed.

Good deals are hard to find for people who spend a few weekends a year looking for an apartment or house. Our rental agents are in the trenches every day, all year long, previewing properties. We know who’s willing to negotiate not just on the rent, but on other lease terms such as the security deposit.

Some landlords prefer to deal with agents or only tenants who come through an agent. That way, the landlord doesn’t have to do as much of the paperwork or screening. With vacancies falling practically everywhere, competition is fierce for decent places, so it helps to have professional representation.