Although most people don’t think about it, real estate is one of the most regulated industries in the United States. The laws governing marketing property, especially residential property, are serious and carry steep fines or even criminal penalties for those who violate. In addition, there have been a whole host of real estate title and lending scams that have become even more prominent throughout the Great Recession, and remain in play today. What was, in our grandparents’ time, a simple handshake transaction with a piece of paper filed later at the courthouse, is now a potential minefield of litigation, even in the simplest of transactions.
If a home was bought more than 15 years ago, it was probably with the help of a realtor. There wasn’t a great way to see what was for sale, what the market timing and pricing was like, or what amenities were commonly being offered by a seller unless a realtor with access to the local MLS database was involved in the transaction. The landscape has completely changed with the advent of the Internet. Now there is often more and more timely information available to the average Joe about properties and transactions than realtors could get ahold of a decade ago. With this in mind, many are asking themselves, why bother with a realtor’s commission? Why not work out the transaction between the seller and the buyer, and eliminate a middle-man and an expense?
The reasons are simple but critically important to protecting oneself, finances and future property. When representing oneself as the buyer in a transaction, a risk is being taken. Someone may feel confident negotiating the price with the seller, but in terms of evaluating inspection information, taking into account the 30 to 60 day market trends and understanding the ramifications of the reams of documents that must be signed, one becomes vulnerable to fraud and financial distress. Even more frightening is selling the property on without assistance. While there are pages and pages of information on the internet that describe how to sell property “for sale by owner”, most average people have no ability as an owner to reach into the community of real estate agents and get the property before their audience of clients. That means the primary targets are going to be people who are looking outside of the realtor-based community – in other words, those who choose to or cannot qualify to work with a professional representative.
Buying or selling a home is one of the largest financial transactions someone will likely ever make. Give the experience due consideration and appropriate professional attention. Secure the services of a licensed realtor experienced in the market.
Distributed by Yurz
Company Name: Coldwell Banker Residential Real Estate
Contact Person: Michael Landino
Address:24031 S. Tamaimi Trail, Suite 101
City: Bonita Springs
Country: United States