U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 06-14-2010, 08:07 AM
 
1,798 posts, read 4,087,719 times
Reputation: 458

Advertisements

If there are no realtors, do the seller and buyer just negotiate? Who handles paperwork, things like inspection, etc? What are the negatives and postives of a fsbo (as a buyer)?
Reply With Quote Quick reply to this message

 
Old 06-14-2010, 08:32 AM
 
778 posts, read 1,000,334 times
Reputation: 1172
Paperwork should be handled by respective attorneys. Inspections should be written into the contract by the buyer no differently that they would be by a real estate agent. A good real estate attorney can handle the matter very competently and in the best interest of their respective clients.

No negatives from my point of view with a GOOD attorney. My attorney's legal assistant has been involved in RE transactions for over 20 years and IMO, is better than a realtor.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 09:17 AM
 
Location: South Metro Denver for 25 years
8,637 posts, read 19,162,520 times
Reputation: 4347
A legal assistant is better than a licensed real estate broker? The legal assistant is not licensed and has no authority to practice real estate.

No continuing education, no E & O insurance, no MLS access, no how no way.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 09:23 AM
 
Location: Tempe, Arizona
4,511 posts, read 7,422,653 times
Reputation: 2106
There are lots of posts here about pros and cons of fsbo, you can use the forum search to find them. Mostly it boils down to your level of comfort, knowledge, and experience with buying homes. If you are lacking in any of those, I recommend you work with a good buyers' agent.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 10:04 AM
 
Location: Salem, OR
10,956 posts, read 18,696,403 times
Reputation: 6889
I agree with rjrcm. If you know what fair market value is for a property, are comfortable knowing what kind of items you need in a contract, and feel comfortable going it alone, there FSBO isn't a problem.

The problem I see is that most people want backup. They want an opinion about the process, the house, etc. You can hire an attorney for that. You can also find an agent that does hourly rates for FSBO's as well. You have a lot of options.

There are bad attorneys and bad agents. Just make sure whatever you do, you hire someone good.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 01:34 PM
 
Location: Columbia, SC
7,018 posts, read 11,067,299 times
Reputation: 3540
As a buyer, you do. It could work out, or it could become a nightmare.

Creek Hollow, a legal assistant, not even yours, is better than a Realtor. I won't get into the reasons though I could expand on 2B's answers. I think your advice could be disastrous for some people. For others, it could be alright.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 07:36 PM
 
Location: Northern, VA
980 posts, read 2,063,787 times
Reputation: 521
Your attorney's legal assistant is "better than a Realtor"??? How? All she's doing is what your attorney tells her. Are you saying you don't like us because you can't boss us around???

Quote:
Originally Posted by Creek Hollow View Post
Paperwork should be handled by respective attorneys. Inspections should be written into the contract by the buyer no differently that they would be by a real estate agent. A good real estate attorney can handle the matter very competently and in the best interest of their respective clients.

No negatives from my point of view with a GOOD attorney. My attorney's legal assistant has been involved in RE transactions for over 20 years and IMO, is better than a realtor.
Reply With Quote Quick reply to this message
 
Old 06-14-2010, 09:55 PM
 
Location: Austin Texas
434 posts, read 741,179 times
Reputation: 152
How do For Sale By Owners work? They don't, 90% of the time...

Some have had success but it's pretty rare. One noteworthy difference is Realtors don't get paid untill it closes. RE attorneys you have to pay either way....
Reply With Quote Quick reply to this message
 
Old 06-15-2010, 08:22 PM
 
778 posts, read 1,000,334 times
Reputation: 1172
Quote:
Originally Posted by Brandon Hoffman View Post
As a buyer, you do. It could work out, or it could become a nightmare.

Creek Hollow, a legal assistant, not even yours, is better than a Realtor. I won't get into the reasons though I could expand on 2B's answers. I think your advice could be disastrous for some people. For others, it could be alright.
Quote:
Originally Posted by Tish Thompson View Post
Your attorney's legal assistant is "better than a Realtor"??? How? All she's doing is what your attorney tells her. Are you saying you don't like us because you can't boss us around???
The OP asked about negotiating a contract, NOT finding a home to buy.

So, to make myself crystal clear, YES, I believe an *experienced* legal assistant, i.e. mine, is BETTER than a realtor.

A realtor can be disastrous too. The buyer's best friend is him/her self, a dose of common sense, and a good attorney.

No Tish, I don't like realtors because I equate most of them to car salesmen. At core, their main interest is protecting their commission, naturally. They're salespeople. I've found *thousands* of dollars in settlement errors that my realtor didn't. In many cases I don't think they understood the HUD form. I've had realtors push to close when it was obvious there were issues that needed to be settled first.

I've sold 3 homes myself, albeit in the 1980's when the housing market was quite different.

I've never had an adversarial relationship with any of our realtors, but I always verify or check what they say.

We've had 3 top notch realtors in about 18 transactions over the years.

Realtors work for themselves. My attorney works for me.
Reply With Quote Quick reply to this message
 
Old 06-15-2010, 09:16 PM
 
Location: Columbia, SC
7,018 posts, read 11,067,299 times
Reputation: 3540
Wow...just wow. As far as experience...well I've closed more homes the last 5 months than you have in the last 30 years so I have a little experience too. I maintain the Realtor is more experienced in handling negotiations, has better knowledge of market conditions, can better determine the condition and value of a house compared to other homes for sale, knows better inspectors, is better able to negotiate repair addendum's and the supplemental work in a closing, and understands the contract and liabilities better than ANY unlicensed legal assistant.

Oh by the way, the realtor works for the client the same as the attorney so throw that argument out. As for the rest, I suppose readers will just have to judge whether to rely on an unlicensed legal assistant/attorney or a Realtor.

I do wish that people did a better job of hiring good agents. That would make a huge difference because many assume all agents are the exact same when in reality there is a huge difference between a great agent and an average agent.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6. The time now is 08:34 PM.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top