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Old 08-01-2008, 11:19 AM
 
Location: Hernando County, FL
8,489 posts, read 17,428,407 times
Reputation: 5397

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Quote:
Originally Posted by DailyJournalist View Post
It doesnt matter how much "You" say you know about contracts. You are not a licensed attorney so you have no authority to give legal advice.
Legal advice is an opinion and can be wrong as can be shown that in most lawsuits there is a winner and a loser.

Realtors can give legal information.

We can also give advice on comparable sales so as to figure out what a good offer on a property is. An attorney would have some trouble doing that.

We also know quite a bit more about the properties involved than any attorney.
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Old 08-01-2008, 11:19 AM
 
Location: Barrington
41,984 posts, read 31,769,768 times
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Quote:
Originally Posted by rcarrillo View Post


Most consumers asked "what rate do you have" and "how much can you qualify me for"? As long as the market was hot, many did not care how well the lender knew their job... all they cared was how cheap the service was. The entire industry became about price. When that happens, of course the standards for loan officers and real estate agents goes out the window... any fool that can open a door or quote a 1% rate can rack up a sale.

Now these same customers who put price #1 are realizing that maybe a little more money for good advice goes a long way. It still leaves the question on how to make sure the advice is good... but if people interviewed their loan officers and learned what training, education, licesing, memberships and work history they had it would be a start.

Everyone always says lowest price might not be the highest quality or best value, but then they base one of their biggest financial decisions on price alone and expect that the only difference between one lender and another is cost.
Price is king and it permeates the entire culture.
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Old 08-01-2008, 11:22 AM
 
Location: Barrington
41,984 posts, read 31,769,768 times
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Quote:
Originally Posted by Mike Peterson View Post

Realtors can give legal information.
To make certain we don't go down a slippery slope, could you distingusih between information and advice, please?
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Old 08-01-2008, 11:35 AM
 
Location: Hernando County, FL
8,489 posts, read 17,428,407 times
Reputation: 5397
Legal Information is relaying legal facts such as telling someone that a lead paint disclosure needs to be filled out for all homes built prior to 1978.

Legal Advice is giving a formal opinion on the law.
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Old 08-01-2008, 12:49 PM
 
Location: Barrington
41,984 posts, read 31,769,768 times
Reputation: 14096
Quote:
Originally Posted by Mike Peterson View Post
Legal Information is relaying legal facts such as telling someone that a lead paint disclosure needs to be filled out for all homes built prior to 1978.

Legal Advice is giving a formal opinion on the law.
Thanks. I did not want anyone to think we were practicing law.
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Old 08-01-2008, 02:31 PM
 
Location: Columbia, SC
8,857 posts, read 17,458,799 times
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Quote:
Originally Posted by DailyJournalist View Post
It doesnt matter how much "You" say you know about contracts. You are not a licensed attorney so you have no authority to give legal advice.
...See Mike's Post...

I can discuss repairs, condition, things that are common in areas, neighborhood prices, what locations might be a good fit...just a few things, but not all things that Realtors do better than attorneys.
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Old 08-01-2008, 03:02 PM
 
Location: Cary, NC
1,036 posts, read 3,629,409 times
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I can't do the things attorney's can either. But if you need financial advice an attorney may not be the best source of information.

Do we need more education and training in our industry? Of course, what industry could not use a little more. However a consumer has the choice to pick any Realtor, attorney or mortgage lender they wish... they should be informed.

Some attorney's I know went to some 3rd tier school, barely passed and had to take the bar a few times. Some loan officers barely made it through high school and can't add two numbers without a calculator and someone to punch the numbers in for them. That is why you need to check the qualifications of whom you choose to work with.

Education does not always equal the best service or value either. Some well educated attorneys are far worse than those with a high-school education, its about character and education doesn't often lead to that.
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Old 08-01-2008, 04:58 PM
 
5,969 posts, read 7,426,802 times
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Quote:
Originally Posted by rcarrillo View Post
I can't do the things attorney's can either. But if you need financial advice an attorney may not be the best source of information.

Do we need more education and training in our industry? Of course, what industry could not use a little more. However a consumer has the choice to pick any Realtor, attorney or mortgage lender they wish... they should be informed.

Some attorney's I know went to some 3rd tier school, barely passed and had to take the bar a few times. Some loan officers barely made it through high school and can't add two numbers without a calculator and someone to punch the numbers in for them. That is why you need to check the qualifications of whom you choose to work with.

Education does not always equal the best service or value either. Some well educated attorneys are far worse than those with a high-school education, its about character and education doesn't often lead to that.

I'll take my chances with the expert that has been through a rigorous higher education than with a person that just completed highschool. Completing highschool is not viewed as a huge accomplishment.

Why are realtors comparing themselves to attorneys anyway? They are nothing alike, the way I see it one is a salesman and the other is a legal advisor.
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Old 08-01-2008, 05:13 PM
 
Location: DFW - Coppell / Las Colinas
29,970 posts, read 34,577,096 times
Reputation: 35977
Quote:
Originally Posted by DailyJournalist View Post
I'll take my chances with the expert that has been through a rigorous higher education than with a person that just completed highschool. Completing highschool is not viewed as a huge accomplishment.

Why are realtors comparing themselves to attorneys anyway? They are nothing alike, the way I see it one is a salesman and the other is a legal adviser.
DJ, probably 70% of the agents in our office have a 4 yr degree and at least 15-20 years in the professional world outside real estate.

Personally, I got about half way through my masters before I opened up my own glass company. After 18 years I sold my share of 26 glass shops and being to young to retire I became an agent.

I don't consider myself a salesman or giver of legal advice in this business and if you were closer to it you would understand what I mean. Very little of what we do is sales, especially with a buyer.

With a buyer, I am an educator, facilitator, a construction expert and even an adviser of our states contracts. I don't sell a buyer a home, I help them purchase the very best home they can for their money. I make sure they have their financing in place, inspections & repairs completed and we actually get to the closing table.
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Old 08-01-2008, 05:15 PM
 
25,351 posts, read 37,523,921 times
Reputation: 13271
Quote:
Originally Posted by DailyJournalist View Post
I'll take my chances with the expert that has been through a rigorous higher education than with a person that just completed highschool. Completing highschool is not viewed as a huge accomplishment.

Why are realtors comparing themselves to attorneys anyway? They are nothing alike, the way I see it one is a salesman and the other is a legal advisor.
As my lawyer stated. He gets paid any way. He can look over a contract and give a legal advise if the contract is in my best interest. A realtor can tell me the contract is in my best interest, but will tell me that the he isn't legally allowed to advise me on that, and the realtor has another interest....the realtor only gets paid if the contract is signed, sealed and the closing delivered.....and the pay check only comes when I sign and go forward so their is an certain interest that can influence the agent. (don't tell me if they are honest a client will come back ...because this is not a field in which many people buy a house every single year)
When I, as a cash buyer will have a realtor...the realtor knows that the deal is easier to close when the offer has been accepted....even if it isn't in my best interest....

Yesterday a realtor showed me a short sale addendum that I never have seen before and I knew when I read it that it wasn't in my best interest and to be honest this realtor told me others didn't go forward with an offer because of the addendum, so I have to give her (listing agent) thumbs up for being so honest....
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