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Homeowners may benefit from professional advice

On Behalf of | Apr 8, 2016 | Real Estate Transactions

It is easy for buyers and sellers to forget that the purchase and sale of home can be a complex transaction. A Delaare homeowner can get caught up in the excitement of selling in order to move to a new location while buyers might be looking for their perfect dream home. Frequently, the guiding force and primary source of information to both sides during the process is the real estate agent.

There are, however, some bits of information that real estate agents might not readily share that could end up costing either a buyer or a homeowner money. For example, it will not often be disclosed that the commission paid by a homeowner is negotiable. It is usually presented in such a way as to make it sound as though it is set by law or by industry standard.

Real estate brokers also have their limitations with regard to the finances upon which a real estate transaction may depend. For instance, the broker on a short sale, a real estate deal in which the seller’s lender will be asked to accept less than is owed on the unpaid balance, has no control over the lender’s decision as to how much it is willing to accept as a deficiency. The buyer and the property owner might be in agreement on the terms of the sale, but lenders influence the terms of a short sale agreement.

As helpful as real estate agents might be to the parties entering into the purchase and sale of real property, there are limits to how much they can do. Complex real estate transactions, such as those in which creative financing needs to be found, might require the assistance of an attorney.