Hastings Real Estate Attorney Tips "Sell my Home and Buy a new Home"
It's advisable to put your house on the market before purchasing another home. This will avoid having to carry two mortgages, which can come back to haunt your selling price. Remember, in today's real estate market, few sellers are willing to accept an offer contingent upon the sale of your home, especially when your home is not even on the market.
It's best to retain the services of a qualified real estate attorney to facilitate different contingencies that will be involved. Keep in mind that even though most sellers are apprehensive to agree to an offer contingent upon the sale of your home, it certainly doesn't hurt to ask. Also, many banks offer creative financing, which may allow you to carry both mortgages for a short period of time. However keep in mind that these type loans are generally short term, are at a much higher interest rate, and there are often costs and fees involved.
I'M SELLING MY HOUSE. DO I NEED A REAL ESTATE BROKER? It is always advised that you retain the services of a qualified real estate broker whether you are selling or buying a home. Below are just some of the advantages of having a real estate broker assist you with your sale.
* A good agent will establish a fair price to keep your house from sitting on the market.
* Real estate transactions are emotional, an agent can soften all negotiations
* If you use an agent, you will have the benefit of the Multiple Listing Service
* A Broker will hold and account for all deposits
* Sometimes buyers who know you are not paying an agents commission, will use that as a negotiation tool, extending an offer that reflects any savings you may have realized.
WHY DO I NEED A REAL ESTATE ATTORNEY? Without exception, you should choose and retain a qualified real estate lawyer when you are selling your home, before you sign any documents. A good real estate attorney will review all offers, coordinate all contingencies, deal with any issues that come to light during the home inspection, draft and negotiate any changes to the Purchase and Sale agreement, help to clear any title problems that arise, prepare the deed, and attend the closing. However, before selecting an attorney to represent you with your sale, make sure that the attorney is experienced in handling real estate transactions.
CAN THE SAME ATTORNEY REPRESENT THE BUYER AND THE SELLER?
This is not a good idea as sellers and buyers have competing interests when negotiating and purchasing a home. When you are dealing with a transaction of this scale, it is a safer practice to retain an attorney who is protecting only your interests.
EXAMPLES OF TITLE PROBLEMS? Often times a review of the title to your home by the bank attorney will reveal that there are outstanding documents that need to be recorded at the registry of deeds before you can sell your home. Most common title problems are prior mortgages which you have paid off during a refinance, however have not been properly released at the registry of deeds. Today, it can be extremely difficult to obtain these discharges as more and more banks are selling their loans or merging with other banks. This is another reason why you need to be represented by a qualified real estate attorney when selling your home.
