Easy Mistakes To Make In Real Estate Transactions
In a previous blog entry, the Appleby Healy Attorneys at Law team covered the ways in which a professional lawyer can help you with real estate transactions. For those who are considering putting their home for sale by owner rather than consulting an agent or lawyer, there are a few factors that could severely disrupt the process if they are done incorrectly, or missed altogether.
Do Your Homework
First and foremost, before you embark on attempting to sell your own home, be aware that there is a lot you will need to do in order to be fully informed. Taking the time to do in-depth research is time-consuming and can quickly become overwhelming, but is also essential. Selling a house or property involves a lot of red tape, and missing even one detail can bring the process to a halt.
Getting the Pricing Wrong
Doing the appropriate research will save you from missing the mark with your pricing. Underpricing will mean you lose out on profit, while overpricing might result in you being unable to sell at all. Pricing a property is also yet another research rabbit hole, with an array of details about the property to factor into your final price.
Neglecting Proper Inspections
In order to determine a price, you also need to determine what kind of shape your property is in. Unless you are a professional, doing your own inspection will not cut it – and even if you are, you still need proof that the inspection has been done. Ideally, a property inspection should also be done in conjunction with a pest inspection.
Pest inspections are in-depth examinations of a property for any infestations, from cockroaches and termites to possums and rats. Catching and resolving an infestation before a property is put up for sale is another potentially long, but absolutely essential part of the process. This also means finding a reputable and established pest control company.
Not Getting Everything in Writing
Getting everything in writing is best practice for any legal undertaking. Selling a house and dealing with real estate transactions requires everything in writing so that there is detailed documentation of every step of the process, should anything come into doubt by any party involved. Having to do this yourself is a daunting task. Unless you are experienced in taking documentation, it also comes with a significant chance of missing important details.
Doing It Yourself
By now, it should be clear that the biggest mistake you can make in real estate transactions is attempting to do it yourself. Even if you are a real estate professional, trying to balance the usual workload while also dealing with the more immediate chores involved in selling and moving house will be overwhelming. Having a separate, but experienced and professional team to take the ins-and-outs of real estate transactions out of your hands will make a significant difference.
Real Guidance for Real Estate Transactions from Appleby Healy Law
Appleby Healy Law has the experience you need. If you need help dealing with real estate transactions and the complications of selling your home, contact us today.