Real Property Lawyers Folsom CA Trusts Ask: Do You Need a Lawyer or a Real Estate Agent When Purchasing a Home?
Many first-time home buyers turn to real estate agents for assistance when purchasing their first house. However, they aren’t always aware that real property lawyers could be equally valuable sources of information. When buying or selling your house — whether it’s your first time making such a big transaction or whether you’ve done it a dozen times — there are some situations where it’s wise to consult a professional.
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When You May Need a Real Estate Agent
The law doesn’t require you to have a real estate agent when selling or purchasing a house, so why do so many buyers and sellers have one? Quite simply, the process of buying a house is so complicated that many individuals find it easier to have a knowledgeable real estate agent for guidance.
A real estate agent can be very helpful when you’re unfamiliar with the location you’re moving into; most real estate agents will have in-depth knowledge about different neighborhoods, school districts, and transportation options. Even if you’re familiar with the region, a real estate agent can assist in having inspections done and negotiating with the seller on a fair price. If you need to take out a mortgage, your real estate agent might also be able to recommend a good mortgage loan broker.
Of course, if you’ve already found a house you love, you don’t want to use the same real estate agent as the seller. If you’re buying a house from someone you know, or if you’re familiar with the home-buying process, you might not want to hire a real estate agent.
When You May Need Real Property Lawyers
Even if you don’t need a real estate agent, you still might want to consult with real property lawyers. A Folsom CA lawyer can be very beneficial if you have extenuating legal circumstances that may affect a transaction. For example, you might be interested in renting a home for a certain period of time before you decide whether or not to buy it; this would require contracts that go beyond normal lease documents. You might also be concerned about some of the wording in your mortgage contract. Or, if you’re self-employed, you might be interested in purchasing a home that you’ll turn into a workspace. While you’ll likely want to consult with a business lawyer for financial information on this purchase, you might also want to speak with one of the real property lawyers from Yee Law Group who can help you organize essential property documents.
How can I avoid foreclosure on a home?
If you are unable to make your mortgage payments, the bank may foreclose on your house. Known as foreclosure, this is a legal way in which the lender can repossess your home or property. When this happens, you will be required to move out of your house. If this property is valued less than the amount owed on your mortgage, a judge might choose to order a deficiency judgement. If this happens, you may be responsible for owing the bank that amount in addition to losing the home.
A foreclosure can have a very negative impact on your credit and ability to apply for a loan in the future. If you would like to know how to avoid foreclosure, please consider the following tips. You may also want to consult real property lawyers in Folsom, CA for further advice.
Don’t Ignore the Problem
As much as you might want to ignore the issue of foreclosure, it is better that you do not. The further behind you get, the more difficult it may be to reinstate your loan and the less likely you will be able to keep your house.
When You Know there Is a Problem, Contact Your Lender
A lender doesn’t want you to lose your house to foreclosure. If you’re having problems with finances, it is recommended that you call your lender to explain the situation. They may have options to help you get through this time.
Open and Reply to Any Mail Sent from the Lender
The first notices of foreclosure should contain information about foreclosure and how to prevent it. Later mail may detail impending legal action. Failing to open these letters will not give you the right to say you didn’t know about the situation. Foreclosure can still be possible.
Understand Your Mortgage
Take the time to locate your mortgage and loan documents. Review them in full to see what the terms of payment, or lack of, are. You should also learn about the state foreclosure laws and timeframes. A real property lawyers in Folsom, CA can help with this if needed.
Know Your Options
There may be alternatives to foreclosure; such as, loss mitigation. You can discuss these with your lender or consult a real property lawyers in Folsom, CA to find out what they may have to say. A counselor from The U.S. Department of Housing and Urban Development (HUD) may also be able to help you understand your options or represent you in negotiations is money is an issue.
Monitor Your Spending
Your family, children, and shelter should be a priority. Take a moment to review your spending and see where it can be cut in order to pay for your mortgage. Discontinuing your cable, memberships, and other forms of entertainment may be ideal until you sort out your mortgage. You may also want to delay your credit card payments for a short while.
Take Advantage of Your Assets
If you have any assets that can be sold for cash to use for your loan, you may want to do so. You might also consider getting a second job to bring in extra income. Even if efforts like these don’t work, they can suggest to your lender that you are trying to do something.
Speak with Real Property Lawyers
There are no laws stipulating that you need to have a real estate agent or real property lawyers Folsom CA clients recommend present to buy a house — but there’s no denying that these parties can be invaluable in many cases. If you have any concerns about a future transaction, there’s no reason to hesitate contacting a professional who can give you honest advice. Buying or selling real estate is no small matter; it’s better to be on the safe side and ensure that you’re making the right decisions. For more details, call the Yee Law Group today.
If you need help with your mortgage, or would like to explore you options, call a real property lawyers in Folsom, CA from Yee Law Group now.
“Michael Yee has been extremely professional in helping me navigate through various legal matters regarding housing laws over the years. He has always been easy to get ahold of, very knowledgeable, easy to talk to, straight forward, and ultimately an important advocate for me. His prices are always fair, and there are never any hidden surprises or fees. Michael Yee knows how to get the job done. I cannot recommend him enough.”