Doron F. Eghbali Real Estate Law Blog on Lawyers.com

Purchasing real estate property could be rather daunting even if you think you have the needed funds. In fact, some of the challenges encountering prospective real estate buyers include how they can secure the lowest price possible and how they can select diligent truthful real estate brokers.  Let us explore how to best achieve, to the extent possible, such aspirations.

1. HOW TO SECURE THE LOWEST PRICE POSSIBLE

The lowest realistic price a prospective real estate purchaser could secure could depend on several factors including but not limited to:

• The Desperation of the Seller
• The Willingness of the Purchaser to Easily Walk Away
• The Financial Strength or Lack Thereof of Purchaser
• The Comparable Sale of Real Property in the Neighborhood or District

B. SOME CAVEATS ON COMPARATIVE MARKET ANALYSIS

• CMA SIX-MONTHS OLD: CMA is usually six months old. Hence, it behooves purchasers to adjust the CMA prices to current real estate trends in the neighborhood.
• CMA BASIS FOR LOW OFFER: Purchasers are probably more successful in getting their low-ball offer accepted if you show the prospective seller the CMA. Nonetheless, whether or not your low ball offer might be accepted  depends on real estate trends. Often, if backed up, in current real estate market, you might make a low-ball offer as low as 25% of the asking price.

2. HOW TO FIND AN EFFECTIVE DILIGENT FORTHCOMING REAL ESTATE BROKER FOR PURCHASER

Finding a diligent forthcoming real estate broker could be a challenge, since real estate brokers usually work for the seller and be paid by the seller.

A. SOME CAVEATS

• POSSIBLE SELLER'S AGENT: As stated, real estate brokers are paid their fees from the property they help sell. Real estate brokers are seller's agent as seller pays them. This creates some kind of conflict of interest as real estate brokers are obligated to tell sellers what you tell them. This does not mean in any way, real estate brokers should be avoided. No way. Prospective purchasers should know the facts to make an informed decision.
• POSSIBLE CONFLICT OF INTEREST: It is also possible real estate brokers make it seem they are purchaser's broker. However, you should know they are not always working for you, since their objective might be to secure the highest price and by knowing what the highest offer you are willing, ready and able to pay, they work towards the highest possible price.

• REAL ESTATE BROKERS PLAY AN IMPORTANT ROLE: This is extremely important to note real estate brokers play an invaluable role in bringing parties together. There might be some conflicts of interests; nonetheless, with some prudence and intelligence prospective purchaser could take advantage of real estate broker's indispensable role.
• REAL ESTATE BROKER'S FEES ARE NEGOTIABLE: To bring parties together and ensure both seller and purchaser are negotiating at arm's length, real estate brokers might be willing to reduce their percentage fees.
• REAL ESTATE BROKER'S COULD LIGHTEN BURDEN OF PROPERTY PURCHASERS: In fact, it is not always simple to fill out forms needed and comply with some requirements in real estate purchase.

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DORON EGHBALI is a Partner at the Beverly Hills Law Offices of Law Advocate Group, LLP. He Primarily Practices Business, Real Estate and Entertainment Law. Doron Can Be Reached at: 310-651-3065. For More Information: Please, Visit: HERE.