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Spring Real Estate Market Tips 

May 23, 2022

Spring is the most popular time to start shopping for a new home. It allows buyers to fully see the property they are looking to purchase and gives sellers a chance to make any necessary spring repairs before putting their home on the market. Believe it or not, we are already entering the start of the busy real estate season here in Western New York, so if you are thinking about making a move – it’s a good time to get a few things settled!

Get preapproved for a home loan

Home loan preapproval requires simple paperwork like up-to-date pay stubs and bank statements and is usually a quick process. Getting pre-approved will make it easier to put an offer on a home should you find something you love and additionally helps first-time buyers determine a realistic budget.

Contact a buyer’s agent

The next thing buyers will typically do is find a qualified real estate agent. Contacting an agent is one of the most important steps for buyers. Your agent will help schedule showings and find houses within your budget coming on the market.

Involve a real estate attorney early

PURCHASING A HOME:

Hiring a practiced attorney should be another top priority, but inexperienced buyers often won’t engage an attorney until they are well into a real estate deal. It is crucial to initiate a relationship with an attorney from the start of any real estate transaction and not wait until you are ready to close on a property. As a buyer, an excellent time to engage an attorney is once you seriously consider putting offers in on homes.

An attorney can assist buyers with generating their purchase agreement. The purchase agreement is the single most important document in the transaction. It should address several questions, such as what happens if a home inspection reveals asbestos or other hazards, or what happens to the down payment if the sale falls through at the last minute?

If you are already submitting a purchase agreement to a seller, it is wise to make the deal subject to attorney approval and ensure your lawyer receives a copy within the approval period, either through you or your real estate agent.

SELLING A HOME:

As a seller, you can contact an attorney in the early stages of your sale. Your attorney can review the listing agreement with your real estate agent to ensure the terms are in your favor. In addition, your attorney can review offers as they come in and identify red flags, tax benefits, and other matters while you consider whether to accept an offer.

Furthermore, if an unexpected complication were to sour a transaction-like a lien or judgment on the title or question about a disclosure-your real estate attorney will represent you and propose solutions so that the deal can move forward.

An attorney’s job is to protect you – their client!

An attorney’s sole role is to safeguard the client’s best interests in a deal, so involving one in the early stages of a home purchase or sale makes sense. At HoganWillig, it doesn’t cost more to engage a qualified real estate attorney sooner; in most cases, you pay a flat rate for your closing.

An attorney will not only examine your contract and address any liens through a title search, but they will also review EVERYTHING you sign at the closing, confirming all documents are prepared correctly and that the closing happens within the desired timeframe.

If you want to learn more about purchasing a home – Download our Essentials Guide, which outlines 8 Easy Steps to Buying a Home.