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Looking for advice in this area, looking at getting an attorney invoved,house will be sold as is,landlord has had property appraised and said he will supply paperwork with findings,question comes to mind who will direct me towards lenders if my credit union denies me, with no selling agent being iinvolved what would it cost me to enlist the services of a buyers agent. What would be the services a attorney would supply?
Depends on what's normal (read common) for the area that the property is in. Walk into your credit union and get credit approved. Know what you owe to whom, and your last two pay stubs to start an application.
How will you know what a fair price to offer the seller? Will you order an appraisal and split the cost?
ps Careful, the lender may want to order the appraisal.
The lender will probably be required to order an appraisal, even if one was just done. That normally goes as part of the loan origination costs.
If your credit union makes home loans, I'd talk to a lender there and ask what he/she thinks about getting a buyer's agent or attorney. You might also get a good recommendation for someone.
Since all you're wanting is a little guidance through the purchase, you should be able to find an agent willing to do it for 2% or so. I have a renter who wanted to buy the (my) townhouse that he's in, and I asked a local realtor what he'd charge to handle the paperwork. He said he'd be happy to do it for 2%. Unfortunately it looks like the renter is going to be transferred so the deal is probably off.
The role of a real estate agent is to bring buyer and seller together, it is not to do legal paperwork once two parties reach agreement amongst themselves. Although state laws do vary as to what an agent can do, this sounds more like legal work.
The role of a real estate agent is to bring buyer and seller together, it is not to do legal paperwork once two parties reach agreement amongst themselves. Although state laws do vary as to what an agent can do, this sounds more like legal work.
I don't disagree that a lawyer in this situation may be appropriate, but the role of an agent also includes completing the purchase agreement (legal document) between buyer and seller. As you indicated, the extent of that work may vary from state to state. Some states require a lawyer to write the final contract, in many others, agents are allowed to do it. As suggested above, depending on location, you may be able to engage an agent for a fee to complete the contract and manage the escrow process.
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