November 23, 2023 | Podcast
44. How to Navigate Real Estate Challenges: A Conversation with Evan Shapiro
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Show Notes:
Introduction Xerxes and Team Rajpal welcome Evan Shapiro, a real estate and business lawyer, for a special discussion.
Evan introduces himself and his firm’s expertise in residential and commercial real estate transactions.
Exploring Challenges in Real Estate Closings Evan discusses the prevalence of issues in real estate closings and the various reasons why a buyer may be unable to close.
The impact of market changes, appraisals, and qualification criteria on real estate transactions.
Recognizing the common issues faced by buyers, including financing, property conditions, and buyer’s remorse.
Legal Implications and Consequences Emphasizing the binding nature of the agreement of purchase and sale in real estate transactions.
Evan highlights the legal consequences for buyers unable to close, including the forfeiture of the deposit and potential lawsuits.
Exploring the additional losses and costs sellers may incur due to a failed closing.
Proactive Solutions and Guidance Evan provides practical tips for buyers facing financial challenges, such as exploring all funding options and working with experienced mortgage brokers.
Discussing the option of a Vendor Take Back (VTB) mortgage and its potential benefits for both buyers and sellers.
Emphasizing the importance of being proactive, seeking advice from professionals, and understanding the terms of the agreement.
Collaborative Approach and Working Together Highlighting the need for collaboration between buyers, sellers, and their respective teams to overcome challenges.
Exploring negotiation possibilities, including price reductions and cooperation on property conditions.
Stressing the importance of proactive communication and seeking solutions before the closing date.
Importance of Seeking Legal Advice Early Xerxes shares the importance of reaching out to a lawyer before entering into a real estate transaction.
Evan discusses the value of early legal consultation to address potential issues and ensure a smoother closing process.
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