What Tenants Should Know & Expect During The Sale Of A Home

For many renters selling a home isn't something they need to think about, but what about when your the tenant in a property that is being sold.  Often times it is hard because you are not told what you should expect to have happen and what rights you have.  This blog will help clarify what your responsibility and rights are through-out the process.

Do You Stay Or Do You Go ? 

• If you are currently still in a lease on the property, by law you are allowed to occupy the apartment until the lease expires.  After the housing market crashed, many tenants found themselves paying rent to an owner who did not keep up with payment to the bank leaving the tenant in a home the bank would no longer allow them to live in.  This was the reason legislation was passed to protect tenants from these potential issues.  
• If you are NOT in a lease than you are not legally entitled to stay, which may not be a bad thing.  Once the potential buyer has gone to contract on the home I will normally reach out to the tenant so that both the "soon to be landlord" and tenant can meet.  Just like when you rented the apartment you may decide that it will not be the right fit for you anymore.  This will allow you time to decide without having a closing date looming in front of you.  

Showings & Open Houses:

• These 2 things will have to happen, you should discuss with your landlord having a meeting with all parties including the listing agent to set up a schedule and open communication to make sure that everyone is on the same page.  If you have a specific showing schedule that is established from the very beginning of the process it will make things much more predictable and easier to deal with.  
• Open houses are often a difficult idea for a renter, you are not given much choice on allowing people to go through your home and it may feel a bit like an invasion of privacy.  This is a risk all renters take when they move into a home that is either an investment property or in someone else's home.  That being said, the open communication and scheduling will help ease this tension - some homeowners will decide that they do not want their tenant disturbed with an open house but that is ultimately a discussion that must be decided on between landlord and tenant - the Realtor must abide by your landlord.  

Where Does Your Security Go?

• This is another important reason to meet with the soon to be landlord. If you decide that you will be staying as the tenant than your security deposit will need to be given from your original landlord to your new landlord.  
• If you will be vacating the apartment than your security deposit will legally need to be provided to you by the original landlord. If their was repairs needed than they will need to provide you with the documentation and the remainder of the security - same as if the home was still under their ownership.  

Who Works For Who ? 

• The listing agent works for the landlord, unfortunately the agent must follow the direction of the landlord in regards to showings, open houses and information provided to buyers.  Although you may want the listing agent to do things in a particular way if the agent is being directed by the landlord that is ultimately who they need to follow direction from.  
• If you feel that the process will be too much the agent can work for you as well by helping you to move out of your current location.  Their is no form of dual agency if you will be going into another rental home.  If you have decided to go into a purchase than you can still use the agent but you will want to fill out a Buyer Broker contract to keep all information about the motivation for a quick move confidential from all other sellers.  

Relocation 101

Relocation can be a bit overwhelming, but with online shopping become much more common it is not surprising how many buyers we see purchasing homes without ever seeing them until move in day.  There is one thing almost all of these buyers have in common is that they relied heavily on their Buyer Broker to be their eyes and ears during the purchase and the search ! If your considering relocation here are some helpful tips to make your relocation a successful one !

Speak To Your Employer:

• If your relocating for work, many employers have a specific division in the company that can help you find all of the necessary parties to help you make the transition.  As well some companies will pay for some of the expenses of that move.  
• Some companies will often work with actual real estate relocation companies, one of the largest being Cactus Relocation, who only works with the best real estate companies.  Coldwell Banker Residential Brokerage is part of their team for information you can check out our Relocation Site Here. 

Decide On Your Must Haves: This is a bit different than a normal home search because we aren't just talking about bedrooms, baths, or style you will need to think about some other important characteristics.  

• Location: You will be relying on a third party to help you find the perfect location, so communicating how close or far away you would like to be to major roadways, transportation, or even schools is very important information for your agent to know.  
• Amenities: Are you looking for an area with an incorporated Village with private pools or marinas, this is also very important for those who are looking to go into Condominiums, and Townhouse Communities. Each community will offer not only different amenities but also different requirements to purchase, you will want to be aware of this before beginning negotiations.  
• Home Characteristics: Of course you will still want to have specific homes "likes" and "must haves".  Be sure to review this list carefully with your realtor so they understand the physical size of the home so that on move-in day all of your items will fit ! I will often go out and preview the home and take video while I am there so my buyers can get a good feel for the homes flow and size.  If your looking to fit specific size furniture such as large bedrooms sets or wall units asking your Realtor to be sure it will fit before committing to the home is a good idea.  

Get Your Finances & Time Management In Order: 

• Finances: Make sure you specify with any mortgage company that the purchase of your home will be taking place with a more than likely job transition to make sure you will be aware of the additional paperwork that your bank might require. 
• Moving Cost: You will also need to prepare for the move a bit different than the normal buyer, speak with numerous moving companies to find out their pricing and the customer satisfaction once their possessions made it to the new home.  
• Time Management: This covers quite a few different aspects because you will want to coordinate with many different parties from making sure your possessions arrive around the same time you will, as well you will want to make sure your utilities will be in working order when you arrive, and give yourself time to unpack before beginning your new job.  

Most Important Choose Someone To Be On Your Side:

• You of course will need a real estate agent to help you find the home for previewing it, but keep in mind you will also be having home inspections, bank appraisals and final walk-thrus without ever stepping foot in the home.  Make sure you interview more than 1 Realtor until you find someone you feel 100% comfortable with.  My recommendation is always see how they are able to communicate with you during the interviewing process that will give you a good idea how you will be communicating during the transaction.  
• You will also need to find a home inspector and a attorney from the area to help you with the process.  If your working with a Full Service Realtor they should be able to recommend you a few different professionals to choose from.  Choosing local professionals will help because they are a bit more familiar with the area, and the laws that go with it.  

These are just some of the important factors when it comes to relocating, if you are interested in finding out more about what Long Island has to offer please take a refer to the Community Information Page for school information and town amenities ! 

How Long Will It Take To Find Your Dream Home ?

So you have decided this is the year that you are going to buy your new home! The most common, and the hardest question to answer for any Realtor is "How long will it take to find my new home".  Well this is difficult for a number of reasons, mainly because I have been looking for that crystal ball, but it has been impossible to find! There are some other factors that you have to figure in when you are figuring out how long it MAY take you. 

Financing
Of course, if your a regular reader of my blog you know that you need your pre-approval before you go out to do serious looking for that new home.  Some people do have the option of paying all cash, or putting a large amount down on their new home.  In either case, you will normally be much more appealing to a seller and they will want to move quickly so they don't lose you.  Making yourself appealing to a seller is always a great way to move along the process.  For those first time buyers I will be writing another in depth blog about what happens after your offer is accepted, and what happens while your waiting to get to the closing table. 

How Many People Need To Approve Your New Home? 
Now if you are buying this new place with a partner than you obviously will not be the only one calling the shots, or making the final decision. You need to decide before you go out looking on what BOTH of your must haves are, this way one person doesn't fall in love with a home not realizing the other person would never be able to live there.  Always be reasonable when you decide on these MUST HAVES jacuzzi tubs, specific appliances, pools, landscaping should never be on a must have list! These are things that can be changed, and if the right house comes along it might be worthwhile to go with a great deal!

The next thing I am going to say I am sure many of your family members are going to disagree with, but I am going to go ahead and say it.  Your family is not going to be the one living in your new home, you are if you love it than go for it! I am the first to admit that my family does impact my decisions, and sometimes your families insight will be very helpful but not always.  I've had couples go into a home love it, agreed it was priced right and where they were comfortable being only to have a "family member" dislike a rooms layout and watch them walk away only to later on regret it.  Now if your father is an contractor and says he sees some structural issues that concern him than I would more than likely agree to be cautious and make sure if you really really wanted it to have a thorough home inspection.  Either way at the end of the day I am not living there, your family is not living there, but you are and it is your choice.

Now those are things that you need to know and understand clearly before you start your new search.  There are 3 factors that will determine how long it will take for you to find your new home.  Market Condition, Your Needs, and Your Limitations.  


1. Market Conditions
We are in a BUYERS MARKET which means prices are on your side, and you have a good selection of homes to choose from. 

There are homes that are listed as a "great bargain" and have aggressive, and competitive buyers as if that home is having its very own Sellers Market! When you see that great bargain, don't hesitate move quickly and aggressively!

The best way to protect yourself from over-paying, or losing a home is to make sure you have a full understanding of the market that you are looking in.  Take the time to speak with your Realtor about what the average sales price for those homes are selling for, and yes you might be able to spend up to $400,000 on a home but that doesn't mean you have to spend all of it. 

2. Your Limits 
Some clients decide before they even begin looking when they need to be moved into their new home.  This sometimes happens to families who need to move because of their work, or perhaps they have school age children that will be switching schools.  In that circumstance where time is of the essence I will usually recommend that I speak with the listing agents of homes they would like to see before we go and look at the home.   Remember anyone who is selling a home is also a potential buyer for someone else, they will have their own new home to look for as well. 

As a buyer you also have to decide what is absolutely out of the question for you, if you must stay within a certain school district normally finding your new home will take less time than someone who is open to 3 or 4 towns.  The more of a selection you have to choose from, the longer you will find yourself looking for.  I am not recommending that anyone limit their search to make the process go faster unless they must, which is only a decision you as a buyer can make. 
 
3. Your Wants & Your Needs
This is another topic I approach quite often, because it is one of the most stressful parts of finding your new home.  Your needs should reflect things about a home that you could not change if you bought it, your wants are all those extras!

Now lets say you find the perfect house, but it backs up to an industrial plant I honestly would probably tell you to keep looking, that is something you could never ever change.  Same thing goes for railroads, turnpikes, highways, shopping malls or anything that you will not have control over. 

I wish I could tell you an exact time frame on how long it will take to find your perfect home, but everyones circumstances are different.   The best piece of advice I  can give you to make the process of finding your new home quickly  is to be organized, and be sure that their is a clear line of communication with all the important people that will be involved!