It's no secret that many parts of Alberta have been experiencing a sluggish real estate market, which can be a great opportunity for enterprising individuals looking to pick up a property or two while the market is down. However, just because there are deals to be had doesn't mean that every deal is right one for you. If you're looking to take advantage of the market while it is in a slump, it is wise to plan your house hunt carefully and consider who you will be utilizing on your home-buying team to make sure that your good deal doesn't go sour.
Making use of real estate lawyers has many advantages, but they can be absolute game-changers for real-estate investors, especially those who are new to the process. One of the most enticing elements of buying in a sluggish market is the possibility of snagging that great deal and then making out nicely when the market recovers. Just like buying a used car, it pays to know what you are negotiating about, especially when the pice tag could be hundreds of thousands of dollars. An experienced real estate lawyer can add serious clout to your negotiations and potentially save you significant amounts of money by cutting through the clutter and getting straight to the heart of the deal.
Similarly, a real estate lawyer can help you spot a potential legal quagmire and avoid sinking time and effort chasing a deal that isn't truly a deal. Especially in a down market, many homeowners may be trying to sell their houses to eager buyers for what seems like a great price — but in truth, they may be in a bind with a lien against their homes that they are trying to get out from under. The expertise of an experienced lawyer can help you wade through overwhelming documentation and get to the really important things, without anything slipping through the cracks that could come back to haunt you.
There are hundreds of ways that a real estate transaction can go sour on both sides, but there's no need to let that happen to you. With the guidance of an experienced real estate lawyer, you can bargain hunt with confidence that your team will identify potential home-buying pitfalls before they have the opportunity to become disasters.
Source: investopedia.com, "5 Tips For Recession House Hunters," Glenn Curtis, accessed Oct. 07, 2016