Neglecting to Schedule an Inspection

An inspection is of utmost importance when buying a new home. A house that looks pristine on first glance may hide many internal secrets. A professional inspector will be able to assess structural damage, and root out conspicuous hazards such as termites and bed bugs- which can significantly depreciate the value of a property. Doing your due diligence and hiring an inspector may seem like an unnecessary extra cost, but oftentimes, the inspector proves well worth the investment.

 

Not Negotiating Price

Opting out of hiring an attorney may seem like a good cost savings alternative for the know-it-all homebuyer. However, attorneys, like inspectors, often warrant their fees. A good attorney can negotiate with a seller’s lawyer on terms and price. The time and effort attorneys spend streamlining the process and protecting your interests are standard in the real estate industry.

 

Getting Trapped In Bad Contracts

Although not reserved to first-time buyers, oftentimes purchasers who fall in love with a property (either based on inexperience or falling prey to a real estate broker with heavy salesmanship skills), carry the burden of a bad negotiation on basic contract terms. While contracts are binding, our firm can use legal tactics to renegotiate a contract or get the other party to mutually cancel it if it is completely implausible.  However, a good attorney like Jonathan Koren, Esq. will be wise enough to foresee such issues for their clients and avoid these issues. 

 

More Importanly, a buyer or seller should be wary of good contracts with bad parties.  A buyer with the best intentions may encounter a seller who is dishonest, not forthcoming, aggressive or may not hold up to their end of the bargain when it comes to repairs, move out, etc.  A difficult seller often times is a sign of someone who you do not want to enter into a contract with.

 

Failing to Track Market Trends

Market values for hot areas in New York or for trophy properties are known to shift wildly.   An experienced real estate attorney and this law firm will always recommend evaulating pricing carefully with the client to ensure timing is right.

 

Confusing Verbal Promises with Written Agreements

Purchasers and Seller must realize the difference between a verbal and written agreement.  Verbal agreements in real estate are of no effect.  Promises to perform by a purchaser or seller  are often given by the parties because they are not binding.  This law firm will protect your rights and ensure all promises are put into the real estate contract to ensure they are actionable.