The Appraisal Contingency and Philadelphia Real Estate

When you are negotiating for the purchase of real estate in Philadelphia and Pennsylvania, the import of understanding Loan to Value concepts and the appraisal process cannot be stressed enough. Do you want to be pressured into buying a home that does not appraise for the purchase price or have your deposit jeopardized? It is vital that you confer with a real estate attorney prior to entering into any real estate contract, to ensure that you have a legally viable exit strategy. A real estate attorney can assist with this aspect of the transaction.

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Were You Told “Lawyers Are Not Required in Pennsylvania”?

Because title insurance companies are so active in Pennsylvania and Philadelphia, many consumers, especially first-time home buyers, are dissuaded from utilizing the services of a real estate lawyer prior to going under contract. And until there is a problem, everything seems wonderful, perhaps too good to be true. More importantly, buyers (the party with the most obligations during the process) are content not having to pay commissions or legal fees. When something does goes wrong and the party is forced to secure legal counsel, for fear of a significant financial loss, many of the issues inherent in the deal suddenly come to the surface. Disputes and even litigation can result, unfortunately, at that point. Thus, it is vital to contact a real estate attorney, such as Mr. Dimmerman, as early on in the process as possible. Use your judgment and do not lose sight of the stakes: buying and selling real estate is a major investment.

A Well-Drafted Real Estate Contract Can be Vital

Despite the impression given during the transaction, signing off a real estate contract, even one with contingencies, should be taken very seriously. The stakes can be quite high and typically a large deposit is requested from you. This can be an emotionally charged time, especially when you find your dream home. Making major financial decisions based on emotion can lead to mistakes though, as we all know. It is imperative that you have you have a skilled real estate lawyer to review the documentation, as the attorney’s focus is on protecting your interests.

Philadelphia Real Estate: A Gold Rush

Philadelphia is experiencing something of a gold rush when it comes to real estate development. Wherever there is money to be made, in any industry, a variety of actors flock to the opportunity, even ones without real estate background, training and experience. They may be concentrating on “flipping,” for instance, where the objective is to buy low and sell high. What does this mean for the buyer or the quality of the construction? Naturally, each real estate matter is unique. However, I have experience with insulating the buyers from assuming unnecessary risks and helping them to make the most sound investments possible. Just because the process appears so official and standardized, this by no means that you should relax your vigilance. To the contrary, you should ask more questions, play it safer and know precisely who is selling you what.