You should seek legal advice when you are under pressure to sell. By doing this, you can eliminate possible legal action against yourself. You might also save paying unnecessary real estate fees.
There is no question that we are experiencing tough economic times. The stock market is plummeting and the real estate market is slowing down. This will result in property values dropping.
Some companies are cutting back in their workforce which affects the number of hours employees work. This is creating a cash crunch for many families. The cost of everything is going up, while some incomes are dropping.
For those that own a home, increased costs and less income has created a lot of strain. Although other expenses can be eliminated or reduced, mortgage payments, property taxes and utility costs remain the same. In some cases they are going up also.
The first step some home owners take is call in a real estate agent to explore the possibility of selling. If there is little or no equity, this can lead to a problem. The realtor wants to get paid, however there will be no money left over at the end of the day. The home owner could get a loan for the $10,000, $20,000 or more. This would take years to pay back.
HomesByOwner of Durham Region recommends that anyone in this situation consult with a lawyer. Do this prior to signing any listing agreements or other paperwork. A legal opinion at this stage is very important. Real estate agents are not lawyers. Do not let the property go power of sale until you have explored all of the options.
Our For Sale By Owner company offers a solution to real estate owners that want to sell and have no equity. They can sell privately and pay no commissions or fees when sold. They do not lose their property and ruin their credit rating. Also, there are no loans to repay if they had to borrow to pay a real estate agent their commission.
Learn how to Sell Privately and save paying any commissions or fees.
