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Answers (15)
Best Answer
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2734
Will you have the right to have an inspection and walk away if there are serious structural issues?
Houses can be sold "as is" but the buyer can still retain the right to get out of the sale.....sometimes "as is" just means the seller will do nothing to make any repairs.......but you should still have the ability to investigate the condition.
Glad you have worked things out with your attorney.
Make sure you also work out the financial aspect (your mortgage) of the sale before locking into the sale!
And.......I offered help with no intention of doing business with you.
You just seemed to need or want some guidance.....so, if your situation changes in any way, feel free to reach out.
Good luck.............may it all go smoothly for you.
Houses can be sold "as is" but the buyer can still retain the right to get out of the sale.....sometimes "as is" just means the seller will do nothing to make any repairs.......but you should still have the ability to investigate the condition.
Glad you have worked things out with your attorney.
Make sure you also work out the financial aspect (your mortgage) of the sale before locking into the sale!
And.......I offered help with no intention of doing business with you.
You just seemed to need or want some guidance.....so, if your situation changes in any way, feel free to reach out.
Good luck.............may it all go smoothly for you.
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2734
my pleasure......glad to have been of help ...and....thanks for the best answer!
- Chuckie Graham, "Chuckie007"
- Contributions:94
Thanks so much Deb, you are right on with the as-is description, the landlord has been good to us and has fixed numerous issues, so I can see why the as-is sale, I do plan on getting an inspection done, he emailed me his offer tonight and stated if my credit union appraisal is lower we can negotiate from there, I also informed my attorney of this. Thank you for offering your expertise. I may need to get your valued opinion again if possible, Thanks again.
- Chuckie Graham, "Chuckie007"
- Contributions:94
Forgive me Deb, I live in Philadelphia Pa, I have contacted my Attorney and he is open to fee negotiations, he also has offered to lower his hourly to $200.00, I like the sound of a fixed fee. I'm doing all the research I can do to make sure this is done correctly and that I'm not getting over charged, I know this venture will cost especially since this is an is-as sale, I know my out of pocket cost is a little higher that someone that is not buying as-is. I would love to reach out to you but it would not be fair to you just to get the information I needed and walked away,.... Bruce thank you also for your input, I will not rely on the landlords mothers attorney,I have informed my attorney of all this information he informed me that the Will of the mother must state the property must be sold in a certain time frame,plus I have not heard from him in regards to his appraisers appraisal.Which I will be asking him today
- Bruce Fisher, "Brucefisherrealty"
- Contributions:27
Well the property must go thru probate and you need an attorney, however the attorney should employ a good real estste agent one who does probate. Important: get your own team together do not rely on the owner's mother's attorney and remember the commission or fee is negotiable.
- Debra (Debbie) Rose, "Livingston NJ"
- Contributions:2734
Chuckie, look, it is clear you do need representation, as buying a home is a huge undertaking, and you're new to this.
The question is......how will you be best served?
Let me ask - where are you located?
It would be helpful to know which state, as real estate transactions are handled differently from state to state, area to area.
In my area of NJ, for example, we routinely use attorneys to handle sales and closings. They get a fixed fee, not a percentage of the sale price.
Also, as a FYI - legally and in reality, there is no "standard or customary" commission - all commissions are negotiable.
Agents need to brush up on federal anti trust laws!
If the seller is using an attorney to oversee his side of the sale, you clearly need someone on your side.
If the sale is "as is".........you especially need to be protected in regard to inspections and the ability to walk away if there are issues.........also.....have you spoken with a mortgage rep as yet??
This is really important to do to make sure you will qualify for a loan.
You also need to make sure that the home MUST appraise out for the sale price...or higher..or reserve the right to walk away.
There is a lot to go over, and it will get too confusing if I try to do that.
I would be more than happy to help you sort through your options, so feel free to reach out to me.
I would also suggest you at least speak with another local RE attorney to compare fees, and/or also speak to an agent.
You want to make sure you're prepared and protected before moving forward with this.
Best wishes........
The question is......how will you be best served?
Let me ask - where are you located?
It would be helpful to know which state, as real estate transactions are handled differently from state to state, area to area.
In my area of NJ, for example, we routinely use attorneys to handle sales and closings. They get a fixed fee, not a percentage of the sale price.
Also, as a FYI - legally and in reality, there is no "standard or customary" commission - all commissions are negotiable.
Agents need to brush up on federal anti trust laws!
If the seller is using an attorney to oversee his side of the sale, you clearly need someone on your side.
If the sale is "as is".........you especially need to be protected in regard to inspections and the ability to walk away if there are issues.........also.....have you spoken with a mortgage rep as yet??
This is really important to do to make sure you will qualify for a loan.
You also need to make sure that the home MUST appraise out for the sale price...or higher..or reserve the right to walk away.
There is a lot to go over, and it will get too confusing if I try to do that.
I would be more than happy to help you sort through your options, so feel free to reach out to me.
I would also suggest you at least speak with another local RE attorney to compare fees, and/or also speak to an agent.
You want to make sure you're prepared and protected before moving forward with this.
Best wishes........
- Tug of War
- Contributions:1969
Doesn't "RealEstateConsultan" mean "Realtor"/"Real Estate Agent"?
Shouldn't the Tag read "Agent" & not "Pro"?
I'm not an attorney but should a Realtor/Real Estate Agent be posting
"Six percent is what it is usually quoted. 3% goes to the listing agent for representing the seller and marketing the property.
The other 3% goes to the buyer agent for representing the buyer and finding or helping with the search to a buyer."?
Are there not other options besides the one you obviously offer?
US Dept.of Justice
Competing models of real estate brokerage
Consumers can save thousands of dollars in commissions
Isn't that enough Questions? ;)
Shouldn't the Tag read "Agent" & not "Pro"?
I'm not an attorney but should a Realtor/Real Estate Agent be posting
"Six percent is what it is usually quoted. 3% goes to the listing agent for representing the seller and marketing the property.
The other 3% goes to the buyer agent for representing the buyer and finding or helping with the search to a buyer."?
Are there not other options besides the one you obviously offer?
US Dept.of Justice
Competing models of real estate brokerage
Consumers can save thousands of dollars in commissions
Isn't that enough Questions? ;)
- RealEstateConsultan
- Contributions:25
In my experience attorneys will charge you by the hour and/or task (title search, preparation of deed, etc) rather than a percentage.
In a real estate transaction there's a "transaction fee" (usually agree to be paid by the seller - owner of the property) at the time of settlement.
Listing and buyers agents carry all costs, including time and effort spent ,but are only paid at settlement.
Six percent is what it is usually quoted. 3% goes to the listing agent for representing the seller and marketing the property.
The other 3% goes to the buyer agent for representing the buyer and finding or helping with the search to a buyer.
All other costs are extra (i.e. preparation of deed, title search etc)
I would consult with a reputable title company in your are and find out what their charges might be, to compare.
In a real estate transaction there's a "transaction fee" (usually agree to be paid by the seller - owner of the property) at the time of settlement.
Listing and buyers agents carry all costs, including time and effort spent ,but are only paid at settlement.
Six percent is what it is usually quoted. 3% goes to the listing agent for representing the seller and marketing the property.
The other 3% goes to the buyer agent for representing the buyer and finding or helping with the search to a buyer.
All other costs are extra (i.e. preparation of deed, title search etc)
I would consult with a reputable title company in your are and find out what their charges might be, to compare.
- Chuckie Graham, "Chuckie007"
- Contributions:94
I'm not agent adverse ,it's just that this will be an as-is sale and there will be two attorneys dealing, the landlord does not have a sellers agent, he will be handling the sale by his self, he has informed me that his mothers attorney has asked him how things were going with the sale of the property, i just wanted to be on equal ground with an attorney on my side, would it be wise to get a buyers agent involved? The property has to be sold so that the proceeds can be disbursed.
- sunnyview
- Contributions:25139
I would not pay an attorney 3% of a sale. It is not worth it. You can get the contract online and buy subject to the appraised value so there is no negotiation. You can find your own lender, open escrow and hire an inspector in a heatbeat. Attorneys deal with contracts, that is all I would have him do by the hour-- 2 hours tops, otherwise you are overpaying.
If you want the rest of the goodies beyond the contract, you can hire a buyers agent for 2% and get it done for less. You are saving no money with an attorney at 3% and losing out on market states/most recent sales.
Why are you so agent adverse? If you are willing to pay 3% to someone in the first place, an agent will handle all the stuff that the attorney will do plus some. If you want it cheaper, then you need to find someone who will do it for less than an attorney or it's pound foolish.
Why are you so agent adverse? If you are willing to pay 3% to someone in the first place, an agent will handle all the stuff that the attorney will do plus some. If you want it cheaper, then you need to find someone who will do it for less than an attorney or it's pound foolish.
- Chuckie Graham, "Chuckie007"
- Contributions:94
BTW please explain. Novice at this real estate venture,doing my research here on Zillow and other sites.
- Chuckie Graham, "Chuckie007"
- Contributions:94
So since there is no sellers agent to split or negotiate(commission) with the buyers agent, what is the average cost to hire a realtor?
- Caveat Emptor
- Contributions:500
your attorney should be charging you by the hour for the work hes performed. find a different one.
- Joshua Matthews, "NHDockside"
- Contributions:140
I'm not sure I understand fully the scenario you are posing? If you are buying, what you get from a buyer's agent scopes more than just paperwork. Is your lawyer preparing a market analysis for you? Do they even have access to the information to perform one to make sure you aren't overpaying for the home? As agents we can connect you with lenders and home inspectors, not sure if your state is a lawyer state or title state, but I agree with Cindy, at 3%, the lawyer here is potentially making far more than their hourly rate depending on the sales price. Real estate agents are not lawyers, just as lawyers aren't real estate agents. I don't got to my doctor for a toothache just like I don't ask my dentist about chest pain. Go to the professional in your area who is known for what they do. Need a good agent, just ask around. I'm sure there are dozens of people you interact with that have had good and bad dealings with agents. When you meet with an agent ask some hard questions like 1 how long have you been in the business, 2 how many homes have you sold in the last 12 months 3 whats your average list to sell price when representing buyers. A good agent can save you thousands while using someone who "can do it for you" can cost you thousands. Good luck!
- Cindy Quinton, "Cindy Quinton"
- Contributions:1323
One thing real estate agents do is connect buyers and sellers, and all the million or so details that are included in that task. You don't seem to need that here. However, as an attorney, he will be making far more at 3% than his usual hourly rate. Did you ask him abou this? BTW, in the traditional sense, the buyer doesn't pay these costs, the seller does. So in essence, this is an additional cost for you.
So what i'm hearing is that a real estate attorney can not perform the full services that a realtor.
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