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Old 06-14-2010, 07:07 AM
 
1,845 posts, read 4,473,101 times
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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)?
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Old 06-14-2010, 07:32 AM
 
778 posts, read 1,128,171 times
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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.
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Old 06-14-2010, 08:17 AM
Status: "Chocolate covered strawberries from a happy buyer. TY!" (set 8 days ago)
 
Location: South Metro Denver for 26 years
8,980 posts, read 21,075,665 times
Reputation: 4817
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.
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Old 06-14-2010, 08:23 AM
 
Location: Tempe, Arizona
4,511 posts, read 8,351,654 times
Reputation: 2131
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.
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Old 06-14-2010, 09:04 AM
 
Location: Salem, OR
11,711 posts, read 21,410,622 times
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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.
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Old 06-14-2010, 12:34 PM
 
Location: Columbia, SC
7,341 posts, read 12,369,560 times
Reputation: 3942
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.
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Old 06-14-2010, 06:36 PM
 
Location: Northern, VA
979 posts, read 2,264,622 times
Reputation: 541
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.
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Old 06-14-2010, 08:55 PM
 
Location: Austin Texas
434 posts, read 827,929 times
Reputation: 155
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....
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Old 06-15-2010, 07:22 PM
 
778 posts, read 1,128,171 times
Reputation: 1176
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.
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Old 06-15-2010, 08:16 PM
 
Location: Columbia, SC
7,341 posts, read 12,369,560 times
Reputation: 3942
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.
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