While there is less inventory and mortgage rates are still historically low, there are plenty of pitfalls that can befall a real estate deal. Home buying and selling is the largest financial transaction most people undertake and they only do it a few times in their lives. Professionals involved in real estate can provide information and support for this exciting and fraught time to buyers and sellers. These tips can help make for a smoother transaction.
- Buyers should be pre-approved for a mortgage so they and their real estate agent know what properties make sense to look at.
- Buyers should know what their price comfort range is, as well as their maximum. This amount should include a repairs budget as there can be trade-offs for properties that require more or less work after purchase.
- Buyers should also know what their maximum purchase price is. Sellers should know what their minimum sale price as well. If not, sellers may be faced with offers well below asking that waste everyone’s time and energy.
- Understand what the buyer’s wish list includes. If you know that a property must have a home office, a quiet neighborhood or finished basement, then properties without those features can be eliminated from your search.
- Keep communication open, especially when taking offers. Agents can discuss potential offers before making them official to assess if both sides will be able to get on the same page.
- Help your clients understand that delays can happen and preparing for them will reduce everyone’s stress level.
- Work with an experienced real estate attorney. Everyone involved in transactions today is seeking to get the best deal. Home inspections, repairs and property imperfections are ripe for deal breaking. In addition, for most buyers and sellers, this is a major, possibly once in a lifetime transaction. Having a real estate attorney review their contract is usually a good investment.
The Real Estate attorneys at Posternock Apell, PC helped hundreds of home owners buy and sell properties in the last year. We understand the South Jersey market and how to get deals done fairly for all involved. If you have questions about a transaction or need assistance, give us a call. We are here to help.