Today’s book has insights from an attorney in one of the tough test real estate markets in the world. Adam Leitman Bailey owns both a real estate law firm as well as a brokerage. This guy devotes his life to real estate. Like many successful people he has turned his problem into a profit center. He wrote this book because he wanted a good resource to help walk his clients through the home buying process but was never able to recommend something that gave enough depth. Now he can point them in the direction of his own book.
His approach in this book is all about dealing with the buyers. From the basic timeless question of “rent or buy?” to making a budget to help obtaining financing all the why through insurance policies to obtain once a house is selected, this book covers most anything of what buyers need to know whether they are deal hunters, condo dwellers, or first time buyers of a new construction property. Not surprisingly Adam recommends having an aggressive real estate attorney on your side. Lawyers deal with contracts everyday and anyone who has gone through the home buying experience knows there is tons of paperwork. It helps having someone who knows what you are going through like its the back of their hand.
Adam gives a great analogy in this book, “Just like the best looking person in a bar might not be your best choice in dating, the best broker for you is not necessarily the one who has smashed sales records. Someone who best understands and takes your needs into account will generally be both your best choice for a date and, as it turned out, your best choice for a broker as well.” While there is certainly a wisdom-of-the-crowd effect and insightful practice that goes along with high volume real estate agent, it is not everything in what makes an agent good at helping out a particular individual. Some of the most successful agents are better at gaining clients and getting them to decide quickly than they are at listening to the clients needs and helping them find a match for those needs.
Another great tip in this book goes along the same lines, when trying to get the best deal on a house the money might not be the biggest issue. Listen and observe to see what other things might be important to the seller. Some sellers are emotional attached to a property and don’t want to see their soon to be former home massively altered and others need a rent back while they look for their own new home now that they have a larger downpayment ready.
Lastly this book covers a topic many other books fail to: new construction. The biggest and most frequent problem people have with new construction is the movie-in date since the home might not even be fully built by the closing date. If you want to buy new construction and make sure you have all your cards available to be played, negotiate a closing date that only happens after the hoe is completed and is in move-in condition.
Till next time, happy real-estating.