I. Buying a Home in Jerusalem Israel
1. Q. Why should I go through Eiferman Properties to purchase my home in Jerusalem?
A. There are many good reasons:
We will be with you throughout the purchase process, from choosing a neighborhood through signing a purchase contract and beyond, so that you will not feel you are alone, even if you don’t know Hebrew.
We know the different neighborhoods very well from working and living in Jerusalem for many years, so we can advise where to purchase, be it a property to live in or an investment.
As members of the Chamber of Jerusalem Real Estate Brokers and Shiran, Jerusalem’s Multiple Listing Agency, we offer full access to available properties in the market, our own exclusives as well as other agencies’ exclusives.
We have access to properties that aren’t publicly advertised.
We have excellent experienced resource people to help you through every stage of your purchase.
We care about you and your happiness in your new home, not just making a sale.
2. Q. How do I choose a neighborhood where my family and I will be comfortable?
A. First you need to clarify what “comfortable” means for you. Is it based on the religious or social environment? Or does it depend on the physical surroundings, such as an area that is relatively flat, or one that is close to transportation and shopping?
Once you define your needs, we can present to you the different neighborhoods that you would be comfortable in. The agents at Eiferman Properties live and work in various neighborhoods of Jerusalem and so we have firsthand knowledge of the neighborhood dynamics in Jerusalem.
3. Q. How can I choose a property/neighborhood that will rise in value?
A. A good real estate agent is the best source, because an agent knows who is buying in the different parts of the city and is aware of trends. With 23 years of real estate experience in Jerusalem, we at Eiferman Properties know which neighborhoods are up and coming. We have “our finger on the pulse of the city.” We have successfully advised many clients, who purchased wisely and have seen their property rise in value within a very short period of time.
4. Q. Is renovation or buying from plans worth the headache?
A. If you prefer to live in a home that is designed to your taste, this may be worth the inconvenience. On the other hand, you may be more comfortable buying a property in move-in condition where you see exactly what you are buying. It’s a matter of your personal preference and individual circumstances.
If you are not planning to move into this home for a few years, the wait for a new modern home and the option of paying out your purchase may be very attractive.
If you do decide to renovate or buy new construction, choose your contractor and other professionals wisely. Your Eiferman Properties agent can help you with this step, with our list of resource professionals in purchasing your home in Jerusalem, Israel. We can also recommend experienced Jerusalem real estate lawyers, who will review any renovation/building contract before you sign. This will certainly save you a “headache.”
5. Q. Why are Jerusalem housing prices so high?
A. Jerusalem prices are high in neighborhoods that are very much in demand and have a limited number of available properties. However, there are neighborhoods where the properties are reasonably priced. Many overseas buyers who have been priced out of the expensive areas are purchasing there and finding that they are getting more for their money in these neighborhoods.
6. Q. Why should I buy in Jerusalem and not in Ramat Beit Shemesh or other suburban areas?
A. RBS is a great place to live, as is all of Israel. People who select Jerusalem do so because it fulfills their religious, social, cultural and emotional needs. Travel time is also taken into account.
We have clients who, because of budgetary constraints, have bought large homes in outlying areas and purchased a small apartment as a foothold in Jerusalem.
7. Q. When I find a property I like, how much can I negotiate the price? What is a reasonable amount to offer?
A. Each owner is different. As the middleman, Eiferman Properties has the advantage of being able to negotiate price without offending the seller. There have been many times that the buyer and seller have clashed and we have served as a buffer to enable the deal to close successfully.
We work toward a win – win conclusion.
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II. Selling a Jerusalem Property
1. Q. If I list my home with Eiferman Properties Ltd., what guarantees will you give me about advertising my Jerusalem real estate for sale?
A. Your property will be advertised to an audience of local, national and international buyers via the Internet, which has become the number one resource for those moving to Israel from around the world.
In addition to people making Aliyah to Israel, our advertising reaches those looking for a second home in Eretz Israel and investors looking for the opportunities found in real estate in Israel.
The Eiferman Properties e-newsletter, which is sent out regularly to subscribers actively looking to purchase, features news and listings of Jerusalem properties on the market. Because clients forward this to their personal contacts who are also interested in buying, it reaches a broad purchaser base.
All of our Jerusalem real estate sales are also given daily exposure to national real estate agents through our membership in Shiran, the Jerusalem Multiple Listing Service.
In addition, you will notice the extensive advertising campaign by Eiferman Properties Ltd. in major print newspapers such as The Jerusalem Post.
Contact us to discuss our strategies to market your unique home and find a qualified buyer.
2. Q. Why give sales exclusivity to Eiferman Properties?
A. Giving Eiferman Properties exclusivity takes the headache of having to deal with many agents and private buyers away from you, the owner. All appointments are coordinated through our office. You can function normally without undue pressure and inconvenience from buyers.
Eiferman Properties works on a win – win basis, acting as a buffer when clashes arise so that the sale can be completed.
In addition to our extensive advertising locally and overseas, Eiferman Properties’ membership in Shiran, the Jerusalem multiple listing service, and the Chamber of Real Estate Brokers, gives your property maximum exposure.
Eiferman Properties also will sell a property discreetly should the owners want to maintain their privacy.
3. Q. How do I choose a fair price? How do I determine the real value of my property in the fluctuating Jerusalem real estate market?
A. Through our experience and knowledge of the selling market, Eiferman Properties will be able to inform you of the prices that similar properties have recently sold for, as well as asking prices of current properties.
4. Q. What steps do I need to take to sell my home?
A. First, check that your apartment (and all extensions and additions) are properly registered in Tabu. If desired, take steps to receive building and/or elevator permits as required. Contact Eiferman Properties for a consultation as to exactly what you need to do to make your property more saleable.
Look at your home as if you were buying it. Remove eyesores, mildew problems, and clutter.
Look at your building objectively. Are the grounds and entrance to the building clean and maintained? Is the stairwell maintained and well lit?
5. Q. Do I really need an attorney to sell my real estate in Israel? I have a small, standard apartment like so many other Jerusalem homes for sale, nothing out of the ordinary. I would like to save the expense of using a Jerusalem real estate attorney and handle this myself.
A. The expense for an attorney specializing in Jerusalem real estate is small compared to the expenses you may incur if you proceed without one. Even a small apartment represents a large financial asset, one that you should not risk. Besides, major legal issues may be involved regardless of price or size.
Much of Jerusalem real estate involves the lease of land on which the apartment or house is built. The apartment itself belongs to the seller, the land on which it is built may not. Will you know what to do if the lease on your land will expire soon? Many home owners in the most desirable Jerusalem neighborhoods are in this situation and their land owner is not the Israel Land Authority, but the Church. An attorney who specializes in Israel real estate knows exactly what to do. Would you?
If your property is not registered in the Land Registry (Tabu), or with Minhal Merkarkei Yisrael (Israel Land Authority), your visit to the Minhal office may reveal that your property rights are still registered to the building company that built your apartment. How will you transfer your rights to a buyer when your property is in the builder’s name?
Once you accept an offer from a buyer, you are required to deliver your rights free and clear of all liens and encumbrances. An experienced Jerusalem real estate attorney can prove your right to transfer, simultaneously pay off an existing mortgage, and advise you on current rulings regarding tax liabilities on the transfer.
Look at the big picture. Focus on what you really want to accomplish: the fast sale of your Jerusalem real estate at the best price with the fewest legal entanglements. We at Eiferman Properties furnish all of our clients with our list of experienced, recommended attorneys specializing in Jerusalem real estate.
6. Q. What happens if I sign a contract to sell the property and the buyer is not approved for the mortgage?
A. The first rule of thumb for both buyers and sellers of Jerusalem real estate is “Don’t panic.” With twenty-five years of Jerusalem Real Estate experience, we know what to do.
Of course, any potential buyer should pre-qualify with a mortgage bank before a contract is signed.
The same is true for the registration of a Warning that a contract of sale of the property was signed.
But there are other ways to facilitate the successful completion of the sale. We have sources for private mortgage money that can be used by a purchaser as a purchase-money second mortgage and thereby decrease the amount needed for the first mortgage. If the mortgage bank will approve your buyer for a lower mortgage amount, you’ve just sold your house!
Our service to you is based on Eiferman Properties’ years of experience in turning real estate offers into Jerusalem real estate sales.
Selling, questions 4-6, was prepared by Jonathan Livny, a Jerusalem attorney specializing in real estate, email@example.com
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