The New York housing market fluctuates as do all other areas of sales and purchases in the nation. Some years, economists consider it a buyer’s market while other times seem to benefit the seller. As an immigrant who has worked hard to build a new life in the United States, you likely want to implement all available options to successfully sell your home when you choose, for whatever reason, to relocate. The last thing you need is to face complications regarding real estate laws.
Like millions of other immigrants, when you first came to this country, you probably faced several challenges regarding your legal status, perhaps a language barrier or issues related to a visa or green card. Seeking clarification of real estate regulations ahead of time may help you avoid further problems as you navigate the process of selling your home.
Are you familiar with the Fair Housing Act?
Back in 1968, lawmakers decided to enact a new law to prevent discrimination in the housing market. The result was the Fair Housing Act, which protects sellers and buyers of real estate (commercial or residential) from discrimination based on race, national origin, age, family status, etc. The following facts regarding this law may help you as you prepare to sell your home, especially if suspect a real estate agent is negatively affecting your chances of selling by swaying prospective buyers away from your home or neighborhood:
- This law aims to provide equal access to housing for all people.
- The law prohibits real estate agents from saying things that may interfere negatively with a potential purchaser’s intent to buy a home.
- If comments are made to a prospective buyer of your home regarding numbers of people of a particular ethnic background, economic status or race in the neighborhood, it may be a violation of the Fair Housing Act.
- There is literature available featuring ways to protect yourself from violations of this law when selling a home.
- Whether you are the current resident of the home you are selling or are a foreign investor who lives abroad, you are protected against real estate discrimination by the Fair Housing Act when selling properties in the United States.
The success or failure of a home sale may greatly impact your personal and/or business financial situation. It’s understandable that you want to stack the cards in your favor as much as possible by making sure everyone involved in a prospective sale adheres to fair housing laws and all other regulations governing real estate sales and purchases in New York. Many home sellers seek third party assistance when problems arise.
A good source of help is an experienced real estate litigation attorney who can review a particular situation and determine how best to proceed to obtain swift and agreeable solutions.