“In view of all the potential mortgage frauds in the real estate market at this time, it is prudent to use a seasoned real estate professional; people think that a real estate lawyer can replace a real estate professional, but the truth is that real estate lawyer is not trained as a real estate professional and monitored by CREA or TREB,” Angela Wong-Lao of Invis the Money Lady said on MortgageBrokerNews.ca. “On the contrary, I find most of my clients get a better pricing for their purchases or selling by using a realtor because a seasoned realtor knows how to promote and sell the property properly.”
According to Wong-Lao, turnaround times for a private sale may be longer, as lenders take more time to evaluate these deals.
The discussion was sparked by a recent article about homebuyers – especially real estate investors – turning to lawyers who charge a base fee when negotiating for a property, and avoiding Realtors altogether.
More homebuyers may be choosing to privately sell their own homes but many brokers still believe Realtors provide a safeguard for potential home owners during the buying process.