Real estate transactions in New York City can be very detailed, fluid and go many different ways quickly. That’s why it’s important to work with the top law firms in NYC to help you navigate the potentially rough waters. Bad real estate deals happen all the time. If you find yourself caught up in one, act quickly to avoid the possibility of a financial setback that lasts years. Small red flags may not merit the need to call off a deal completely, but enough of them added up over time could be. Here are some things to look out for when you’re getting into a real estate deal.
Poor or Lack of Communication
Communication is one of the most critical aspects of any transaction. Clear communication needs to come from everyone involved, including the seller, the buyer, the agent and even an attorney in New York if they are involved. Asking questions and not getting answers in return shows unprofessionalism and could be a sign of an underlying issue with the deal. Also, if the progress of your deal isn’t moving as quickly as you had expected, take it as a sign there may be other things going on behind the scenes that you don’t know about. Don’t just sweep away any concerns about communication. Instead, put your radar up and back away from the deal if it gets too bad.
Watch Out For Sudden Financing Changes
Sudden changes in financing can happen, especially if someone wants to switch from financing to purchasing in cash. However, if the opposite occurs, it could be a sign that cash flow is an issue. For a seller, this means getting pre-approval is important so you know they have the funds to be able to make the purchase. The real estate agent you work with should be even more concerned about these sudden changes.
Red Flags Getting Ignored
If you’re a buyer in a real estate deal, always have your radar up. The seller and their agent want to get the best deal possible, which may mean they aren’t going to disclose everything to you. Whether you identify a red flag like this or you have any other suspicion, bring it up to your real estate agent. If your concerns get brushed off, then work with a real estate attorney in New York to confirm the validity of the red flags.
Signs of Frustration by Either Party
Some real estate agents want to get a deal done quickly so they can move on to the next one. So if you’re uncomfortable with the pace of the deal, don’t hesitate to make calls to slow it down. Just be aware that this action could lead to frustrations from the other party. If you see these signs of frustration, get a second opinion from a real estate attorney in New York. They may be able to see details in the deal that validates their reason for wanting to get it done quickly, and it’s likely not in your favor.
When you’re looking for the best real estate lawyers in NYC, start and end your search with Gordon & Gordon. We are confident we have seen enough real estate cases in our office that we know how to distinguish a good deal from a bad one. We will never steer our clients in the wrong direction, so contact us today to schedule a consultation to discuss your case.