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Old 02-06-2011, 10:57 AM
 
Location: California
4,445 posts, read 5,169,495 times
Reputation: 9180

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Quote:
Originally Posted by VillageLife View Post
If she is willing to pay the attorney fees.

Since buying a home is a huge investiment, it would be wise to consider paying an attorney as the buyers interests are protected. Our so called buyers realtor forgot to tell us anything that would discourage us from signing on the dotted line, once we did, she was gone. We have had years to regret not getting legal advice for a legally binding contract for the biggest investment of our lives. Comparatively, the cost of a lawyer would have been cheap looking at it ten years on. The realtors generally only think about the commission on their current deal so you need to think long term. You don't know, what you don't know.
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Old 02-06-2011, 11:01 AM
 
Location: California
4,445 posts, read 5,169,495 times
Reputation: 9180
Quote:
Originally Posted by PossiblyLABound View Post
Uh ...

I've called three realtors in Los Angeles, and none of them have returned my phone calls. That's the only reason I'm on City-Data. It's bizarre, because they seemed interested, and then ...

...nothing.
There is another post on City Data about this same problem with interesting answers. It might be beneficial to take a few minutes to read what is going on.
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Old 02-06-2011, 11:01 AM
 
Location: SoCal
2,262 posts, read 6,270,142 times
Reputation: 952
I remember talking to a lawyer a couple of years ago (in CA) who said they could essentially do anything a real estate could do. And since I don't have a real estate agent, I thought I might be better covered using a lawyer. I was once royally screwed by my real estate agent (when buying a house). And another time, my agent went so far above & beyond that I couldn't believe it (when selling a house). I've bought & sold 2 houses in 2 different states. My most recent agent seemed really great last summer when we looked for houses, but has really really dropped the ball (I haven't heard from her in weeks. This is after I told her I wanted to dive back into our search again). I'm having a difficult time trusting realtors. And I don't trust ANYone who gets paid by commission.

I guess I don't understand, if the seller's agent is still representing the seller, and I have a lawyer representing me... why the seller's agent would keep the entire 6% commission. They're still doing the exact same job as if I DID have an agent. I understand that the seller pays the commission. And I also know everything is negotiable... so I guess I was wondering if that would be a good negotiation point. Especially since it's a buyer's market, and I'll be putting a lot down.

Also, I know in some states, it's illegal for one realtor to represent both the buyer & the seller. Wasn't sure if that was the case here. And I don't think it's a good idea, in any case.
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Old 02-06-2011, 11:05 AM
 
Location: SoCal
2,262 posts, read 6,270,142 times
Reputation: 952
Quote:
Originally Posted by Heidi60 View Post
Since buying a home is a huge investiment, it would be wise to consider paying an attorney as the buyers interests are protected. Our so called buyers realtor forgot to tell us anything that would discourage us from signing on the dotted line, once we did, she was gone. We have had years to regret not getting legal advice for a legally binding contract for the biggest investment of our lives. Comparatively, the cost of a lawyer would have been cheap looking at it ten years on. The realtors generally only think about the commission on their current deal so you need to think long term. You don't know, what you don't know.
If it makes you feel any better, I once bought a house and hired a lawyer to go over the contract. He was awful and took forever and wouldn't return phone calls. (we almost lost the house because of it) He also missed stuff that I found in the contract. And missed OTHER stuff that I missed as well, and we got screwed out of thousands of dollars.

The second house I bought, we didn't hire a lawyer and everything went really smoothly.

So... you never know...
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Old 02-06-2011, 11:07 AM
 
Location: SoCal
2,262 posts, read 6,270,142 times
Reputation: 952
Quote:
Originally Posted by PossiblyLABound View Post
Uh ...

I've called three realtors in Los Angeles, and none of them have returned my phone calls. That's the only reason I'm on City-Data. It's bizarre, because they seemed interested, and then ...

...nothing.
I love LA very much... but this is something you have to deal with here. People don't return phone calls. And they say "right right right" when you're in the middle of talking, heh.

This is the other reason I want to use a lawyer over a realtor.
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Old 02-06-2011, 12:12 PM
 
Location: California
65,142 posts, read 16,021,406 times
Reputation: 40108
Quote:
Originally Posted by readymade View Post
I love LA very much... but this is something you have to deal with here. People don't return phone calls. And they say "right right right" when you're in the middle of talking, heh.

This is the other reason I want to use a lawyer over a realtor.
Lawyers do that too.

You are only talking about 15% of all realtors. Please don't bad mouth the real professional ones
I am sorry ,I am not being rude to you,just the facts.
Sorry you had to deal wtih all the problems. This can happen in any type of business

Last edited by VillageLife; 02-06-2011 at 12:22 PM..
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Old 02-06-2011, 12:21 PM
 
Location: California
4,445 posts, read 5,169,495 times
Reputation: 9180
There is no doubt in my mind that the realtor will want to keep the entire 6% due from the seller but that is where good negotating skills come in. I have heard there are lawyers out there who like to have realtors for lunch so find a good one who can get them to make consessions. You will not get the money in your pocket but your legal rep could get other things of value. The America we grew up in doesn't exist anymore so sadly not returning phone calls is not limited to L.A.. You are an experienced buy/seller so you will do well.
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Old 02-06-2011, 01:06 PM
 
Location: South Bay
7,091 posts, read 18,417,215 times
Reputation: 3323
Quote:
Originally Posted by VillageLife View Post
Lawyers do that too.

You are only talking about 15% of all realtors. Please don't bad mouth the real professional ones
I am sorry ,I am not being rude to you,just the facts.
Sorry you had to deal wtih all the problems. This can happen in any type of business
where does this 15% number come from? that seems pretty high to me too. are there that many crummy realtors out there? i hope the realtor i'm using isn't a hack.
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Old 02-06-2011, 01:10 PM
 
1,058 posts, read 943,199 times
Reputation: 624
Quote:
Originally Posted by VillageLife View Post
Lawyers do that too.

You are only talking about 15% of all realtors. Please don't bad mouth the real professional ones
I am sorry ,I am not being rude to you,just the facts.
Sorry you had to deal wtih all the problems. This can happen in any type of business

Yeah it's not like all realtors don't benefit from a huge conflict of interest.

Namely, if you are a buyer your realtor's compensation is based on how much you pay for a house.

It would be like hiring a criminal defense attorney whose compensation is based on how many years you get in prison.

I guess the rationale is that someday you will be the seller.
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Old 02-06-2011, 01:14 PM
 
Location: SoCal
2,262 posts, read 6,270,142 times
Reputation: 952
Quote:
Originally Posted by VillageLife View Post
Lawyers do that too.

You are only talking about 15% of all realtors. Please don't bad mouth the real professional ones
I am sorry ,I am not being rude to you,just the facts.
Sorry you had to deal wtih all the problems. This can happen in any type of business
I actually meant that I've found that people in LA, in general, seem to have a hard time returning phone calls and emails. It's a phenomenon! I'm not sure how anyone gets any business done here. It's gotten so that I just assume most people won't return my calls, and I'm very impressed with they do. That goes for property managers, bakeries, friends, real estate agents, landlords, doctors, and so forth and so on.

And, yeah, I imagine that pertains to lawyers as well.
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