Real estate markets all over the United States are very strong. Buyers are plentiful and properties are getting harder to find. Prices are rising and deals are happening everywhere. There is cash coming out of the woodwork and banks are lending at super low rates. If you wait too long (sometimes just an hour) you can miss out on an opportunity. Things are happening so fast it’s like playing a video game.
Title companies used to be able to pull together a closing in 4 days. Now they need 4 weeks, at minimum. If you want an appraisal, the price is almost double what it was a year ago and it’s taking twice as long. It’s the same with inspectors. If you call an engineer or surveyor they are scheduling six months out.
There is so much going on right now in the real estate marketplace, that now, more than ever before, you need the services of a professional. Although things may seem “easy” as the red hot market expands, there are potholes a professional will help you avoid.
In the last few weeks I’ve heard of independent sellers getting what they thought was a “great price” for their property with a quick cash settlement only to be upstaged by their neighbor who hired a broker and got offers over their asking price. I’ve watched as buyers with no experience purchased investment properties because they didn’t want to “miss out” only to be thoroughly confused with the management aspect of it.
However, the worst example would be “investors” purchasing properties without doing their due diligence. Either due to lack of knowledge or being represented by someone who didn’t know any better, I’ve watched as buyers have closed on businesses and commercial properties that have a long way to go before they can be utilized. In some cases, it will take hundreds of thousands, if not millions of dollars to clear issues which should have been handled before they closed on the deals.
A true professional would have navigated through these obstacles and kept the buyers (and sellers) safe. They would have known the questions to ask, the documents to request, the testing that needs to take place, or the applications that need to be filed. Most buyers and sellers are not aware of these and when the problems are finally discovered someone is going to be financially hurt.
Now, more than ever, you need a trained professional to see you through the rapid-fire real estate market we are in right now. There is money to be made but there is also a lot of money to be lost. A true professional will keep you on the positive side of the transaction and safe from the pitfalls of those who try to go to fast.
