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Residential real estate buyers and sellers may benefit from app

People in California may benefit from a new application launched by a real estate guru in the state's Bay Area. The company that has produced the app, called Reali, says that it is designed to help people to buy and sell residential real estate without the need for real estate agents. Instead, they complete their transactions through the app.

The motivation for the app was that many purchases in California end up being frustrating bidding wars that rely heavily on real estate agents. The goal of the app is to make the negotiation process much simpler. Right now, typically the buyer's agent has to negotiate with the seller's agent, who needs to speak to the seller, and often the message becomes broken. In these situations, it is hard to pinpoint at which point the message became skewed.

With the app, the real estate agent now serves more of a supporting role, with the app taking center stage. With the app, homebuyers can browse homes online and then submit their loan pre-qualification documents. Once the documents are validated, they can start shopping, schedule tours and even unlock the doors through the app.

Although the app appears to streamline the homebuying process, a buyer or seller may still experience some legal hiccups that can cause a deal to die quickly if not handled properly. This can be a huge blow in the Golden State's competitive residential real estate market. Fortunately, appropriate legal guidance may help buyers and sellers to successfully navigate their transactions and achieve their unique desired outcomes in California.

Source: businessinsider.com, "This startup replaces real-estate agents with an app -- and says it will save homebuyers lots of money", Julie Bort, Oct. 19, 2016

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