When someone enters into the process of buying a house or commercial property often their focus will be on couple of specific items!
The first of course will be negotiating the best price for the property. This will depend in no small part on whether the real estate market is currently favoring buyers or a sellers. Therefore this part of the process can vary from relatively easy to extremely difficult given a clients side of the transaction.
The second critical piece to the puzzle is the process of obtaining financing which in today’s mortgage market can be extremely difficult. Where 5 or 6 years ago lenders were falling over each other to make loans to borrowers who possessed a wide range of application criteria, today even those who appear to be the most stellar borrowers may face difficulty in getting bank financing.
And, if the financing desired for the house or commercial property falls into the jumbo loan category, the purchaser needs to be prepared to put more money down, to expand the search for potentially interested lenders and face interest rates that look very different from the ones being advertised in the papers for conforming loans. The difference in rate for conforming versus jumbo loans could potentially be many hundreds of basis points.
Shopping for the best prices!
Once the above part of the process is behind them, should buyers be looking at potential areas to cut costs in the closing process when they finally get to that point?
Over the past years consumers have been schooled by companies trying to sell them products to shop by price and to look for sales. So why not in one of the largest purchases any consumer will ever make?
If there are avenues where money can potentially be saved in the closing process while at the same time not sacrificing anything in quality of product, why not explore the possibilities?
In the case of title insurance while it is true that the premiums being charged will not vary from firm to firm, the same cannot be said about the fees that go along with the policies.
It pays To shop around and you are legally entitled to do so!
Remember what Smokey Robinson said. Of course when he sang about it the topic was somewhat different, but the same basic meaning exists when it comes to saving money on your real estate transaction:
My mama told me…’you better shop around’
(Shop, shop around) a-whoa-yeah
You better (uh-huh) shop around!
(Shop, shop around)
The prices charged at Hallmark Abstract Service for services such as searches, preparation of ACRIS docs and recording of deeds, mortgages and satisfactions are among some of the lowest in the industry which allows our clients to potentially save hundreds of dollars on their transaction.
If consumers are willing to go to five different stores to save a couple of bucks on a television or drive miles out of their way to save 3 cents on a gallon of gas, shouldn’t the same effort hold true in the closing transaction for a property they are buying?
Of course it should and for Hallmark Abstract Service, educated consumers are our best customers!