In today's internet savvy world where we all have access to massive amounts of information, you may wonder why it's important or at all necessary to hire a realtor for your real estate transactions. Isn't it the much more affordable route to sell your home yourself?
What many do not realize is that although much of real estate is marketing, the major issues that a realtor is trained and experienced to deal with, are legal issues. Basically a realtor is there to market your home and help you fetch the best price, but also to make sure that in all your transactions you don't get stuck in an awful lawsuit.
As a seller you're in the most vulnerable position in the buyer/seller relationship, and most real estate lawsuits end up being a buyer filing against a seller.
The key thing you need to acknowledge is that a real estate agent is fully equipped to both avoid these legal trappings and put out fires if something arises. Think of them as lawyers of your real estate transactions.
Most people don't realize that the process through which title is transferred to real property is a tricky and complicated one, full of potential trappings and unknowns snares. Decisions concerning escrow matters, transfer of title, contract terms and many different matters need to be made and written in decisive and proper legal language.
Realtors are trained to use such language and when you hire a realtor you can rest assured they'll use effective clauses and contract language that's designed to reduce legal risk on behalf of the seller.
Moreover, when you hire a realtor they have the experience to see potential problems, identify the source of the problem and to catch things before they have the time to explode out of proportion.
Here are some legalities about real estate transactions that you may not be aware of:
- Your credit rating can be permanently effected by a buyer's default in the case of a buyer assuming your loan.
-If you fail to disclose certain things such as past insect infestation, pervious repairs, the presence of mold in certain areas of the house- these can all be grounds for lawsuit. Take note, there are myriad other potential sources for lawsuits and only a realtor is fully equipped to know them all.
Another tidbit that may solidify your decision to hire a realtor to sell your property is that FSBO buyers generally will offer 6-10% less than your listed sales price as they know you don't have any commission fees to pay! Also, statistically FSBO properties take longer to sell
So, if you want to play it safe and sound and avoid a lawsuit that could cause you years of financial stress and worry, then hire an expert in the field. Rest assured that with a realtor the whole process of selling your home will go off smoothly and you'll need not worry about legalities. Let them do the worrying and the work!
