Delaware home sales are booming, presenting risks for buyers
Delaware’s housing market is heating up, but that presents risks for buyers pressured into bad deals.
The Delaware real estate market is booming. As Delaware Public Media reports, home sales in parts of Delaware are at their highest levels in 40 years. The increase is thanks largely to concerns over mortgage rates increasing and house prices rising, along with the fact that many Millennials are now entering the housing market. As Delaware turns into a seller’s market, however, it is important for people who are looking to buy a house to not rush through the process, especially when it comes to legal concerns.
Staying cool under pressure
A seller’s market can put a lot of pressure on buyers to complete the purchase of a home as quickly as possible, especially if there are competing offers. Problems or concerns with the property or purchase agreement may get overlooked over fears that bringing up these concerns with the seller could sour the deal.
One thing that often gets overlooked in such situations is hiring a real estate attorney early on in the negotiating process. Many buyers often assume that so long as they have a real estate agent that the final purchase agreement will be sound. However, as Relator.com points out, there are some things that a real estate agent simply cannot do that an attorney can do, such as provide legal advice. This is particularly important if the purchase agreement includes terms that seem unusual or complex.
What can go wrong?
With so much competition for new houses, it’s understandable that buyers would not want to delay their purchase by consulting with a real estate attorney beforehand. However, an attorney can point out problems with the purchase agreement, and these are problems that could otherwise prove costly to fix later on.
For example, an attorney can advise homebuyers on whether an addition or modification to the property was done legally or on how to ensure there are no defects with the property. While buyers can often sue sellers who sell them a house without disclosing known defects, it is often cheaper and more efficient to have these issues addressed before the purchase agreement is completed.
A lawyer can also help with certain financial concerns, such as with what happens to the buyer’s deposit if the closing date does not take place. Additionally, an attorney can clarify that a sale be dependent not just on the buyer receiving any financing, but on receiving financing under terms that are favorable to them. This guarantee can help ensure the buyer is not stuck with a mortgage that they cannot afford.
Real estate law help
Consulting with an attorney when buying a home should not just be considered an afterthought. Rather, an attorney can help buyers identify issues with a property or a purchase agreement early on. By doing so, buyers will have greater peace of mind knowing that their new home won’t come with any unwanted and costly surprises later on .