0
0

Has anyone here hired a lawyer to help purchase a property?


 invite response                
2011 May 9, 5:37am   1,154 views  3 comments

by caven   ➕follow (0)   💰tip   ignore  

My wife and I am a first time buyer, and thanks to Patrick we decided to hire a lawyer to guide us through our first purchase. Unfortunately, no one in our network circle has gone this route so we have no where to turn for further advises. So please help us by sharing your valuable experience with your real estate lawyer. Any advice in how to find the right lawyer will also be greatly appreciated.

#housing

Comments 1 - 3 of 3        Search these comments

1   BegInvestor   2011 May 9, 5:48am  

I am curious as well. If you are finding stuff with Redfin or Zillow. Why do you need to pay for a RE Agent?

2   Payoff2011   2011 May 9, 6:33am  

I think having a RE attorney on your side is smart. But to me, that's in addition to a RE agent, not instead of. Unless, the seller does not have a listing agent, in which case you had better have an attorney.
What is your advantage of not using a buyer's agent for a MLS listed property? The commission agreement is between seller and his agent. Seller's agent is paid the same commission, whether he splits it with a buyer's agent or not. It is illegal to pay the commission to you.
I don't agree with the folks who think they are in a better negotiating position by going direct to the listing agent. If you have a buyer's agent, he will pull comps for you to evaluate and determine market price. You make your offer through the buyer's agent and it's his job to support the offer and argue the merits of it. If you make your offer to the listing agent, you need to understand that he does not work for you. He has signed a contract to work in the seller's best interet. He is unlikely to run comps for you, and you have only other listings to guide you in what to offer or how much to discount from listing price. That may have no relationship to market price. Listing agent might agree to cut his commission by a percent or two, but he does not have to. Or his listing contract may have a lower commission agreed in advance if the listing agent is a dual agent.

3   MsBehavior   2011 May 9, 12:05pm  

I am a Broker (not practicing, just got the license/education to be an educated consumer.) We are buying a SS with the representation of an RE attorney that is also a licensed Broker.

He will represent us and negotiate with the listing agent/bank (he is a SS expert) -- and we will split the Selling Agent commission 50/50 when the deal is done.

You may be able to locate an RE attorney who is also a licensed agent/broker and kill 2 birds.

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions