For most of us, a home can be our biggest financial and life decision. We want to find the perfect home at the perfect price. But when we find a home at a price that seems unbelievable, there’s usually a reason why – and it’s usually not a good reason.
If you are seriously considering putting an offer on a home that has a price that feels just too good to be true, you should consider enlisting the help of a real estate attorney first. This single move could save your thousands, or hundreds of thousands, in costly mistakes that could have been avoided.
What real estate attorneys do and how they can help you
A real estate attorney knows the world of real estate transactions intimately with all the greater and lesser known rules and regulations that real estate agents and brokers aren’t trained in. These attorneys can help you understand contracts and other legal documents, deal with complex zoning issues, mortgage fraud, title issues and verify whether a deal is legitimate. And real estate attorneys don’t work off of a commission on your home, so you can be certain that they will follow their fiduciary duties and get you the best home at the best price.
You’ll want to consider a real estate attorney when you find yourself working with a foreclosure or short sale, or any home that has title issues or is part of an estate battle. You could also want a real estate attorney when you’re considering a home in an area that’s vulnerable to natural disasters like flooding, hurricanes, tornadoes or environmental issues like lead or other contaminants.
What’s hiding under the surface?
For the most part, if a home is listed well below market value, there is most often a reason. A real estate attorney will help you investigate this reason and help you determine if the investment is solid and if the deal is legitimate.
There are any number of reasons why a home might be listed at such a low price including foreclosures, short sales, extensive damage like flooding, foundation or roofing, a location in a rough neighborhood or an area prone to floods. While you might love your real estate agent, don’t bank on them being able to do the kind of investigation necessary to define the precise reason why a home is priced where it is.
Overall, you are hiring a real estate lawyer for peace of mind. They can help the transaction go effortlessly and lessen risk. They are not influenced by the sale of the home or the price, their exclusive duty is to act as your fiduciary and prevent any harm to your or your finances.
When a deal sounds to wonderful to be true, it should raise some alarms. In most cases, the only person who can answer these alarms and get to the bottom of all the red flags is a real estate attorney. Don’t get caught up in a real estate scheme. Hire an attorney to protect your interests. Dania Fernandez and Associates is on your side.