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I got that... I guess we're getting ahead of ourselves. I mean IF we get an offer we like, I want to hire an attorney to do the contract, but he thinks he can handle it. He wants to know why we should hire an attorney at all. I guess the question is, what protections will we have? What are the risks for not hiring one?
I have done several fsbo deals and never used an attorney. However in my state we use title companies to complete the sale. Contracts are written by the buyer, not the seller.
I have done several fsbo deals and never used an attorney. However in my state we use title companies to complete the sale. Contracts are written by the buyer, not the seller.
I don't know any of this stuff, that is why I feel we should just get an attorney when/if the time comes. I think protection and peace of mind is top priority and he thinks saving money is top priority. He doesn't seem to be worried that saving $1k now may potentially cost us a lot more if he misses something.
I got that... I guess we're getting ahead of ourselves. I mean IF we get an offer we like, I want to hire an attorney to do the contract, but he thinks he can handle it. He wants to know why we should hire an attorney at all. I guess the question is, what protections will we have? What are the risks for not hiring one?
Why not compromise? Write into any counter offers with the buyer that the contract isn't binding until your attorney looks it over? That way your husband can do the negotiation and when it is all complete, have an attorney look it over to confirm he hasn't done anything to put you into future jeopardy.
He who represents himself has a fool for a client.
Someone can be very smart but that doesn't mean they can do a lawyer's job. Ask your husband what he would think of a lawyer who thought he didn't need to hire [whatever profession your husband is in] because that lawyer felt he was smart enough to do it himself.
The phrase, 'Anyone who represents himself as a lawyer has an idiot for a client' comes to mind....
Do as others suggested, hire an attorney, and sleep well at night.
Definitely hire a lawyer. We did it mostly for peace of mind, but the seller ended up freaking out at the closing and tried to back out of the sale. Our lawyer was at the closing and walked him through all the reasons couldn't back out at that point. If problems arise you always want someone who knows what their doing to deal with it, not someone who's googling legal terms.
...and make sure you have an attorney review the contract on the place you are buying as well.
You NEVER know when something is going to go awry. And you never know what the "situation" might be. The cost to have legal representation right from the start is cheap insurance should things go off the track.
I would also add, especially when you are doing a FSBO, that it adds "formality" to the proceedings. The attorney can hold the good faith money and the deposit (oh, we didn't really need to do THAT, did we?), he can enforce the dates (come on, we're just doing a simple friendly deal and my uncle who is coming to inspect cant make it this weekend), and he can ensure that the buyer comes up with good funds at closing (oh, here's our personal check...it's good, I promise!). There is little downside and a LOT of upside to having good counsel when you enter into one of the largest deals you will do during your lifetime.
(How long you been married? Hubby should learn a few things by now: when the wife wants to proceed in a manner which has zero effect on the spouse, you don't get in the way just because you "think" it should be different. If she wants a lawyer get a lawyer. If she wants cheese on her half of the pizza, get cheese. You also don't get involved in choosing a car which your wife will drive. If she wants a Beetle, you help her negotiate the best deal on the best Beetle ever! These things have NO impact on the husband, and can only serve as sources of disagreement for absolutely NO reason/benefit to the husband whatsoever).
Definitely hire a lawyer. We did it mostly for peace of mind, but the seller ended up freaking out at the closing and tried to back out of the sale. Our lawyer was at the closing and walked him through all the reasons couldn't back out at that point. If problems arise you always want someone who knows what their doing to deal with it, not someone who's googling legal terms.
^^ This!
There is a lot more to it than "my friend wants to buy my starter home". Sounds great (when you say it fast)! Obviously you already know each others position. But how are you going to bring it to closing? Who's paying for the paperwork? Who's paying for the inspection, appraisal and title search? What if a lien is found on the title? What happens if your friends find a horrible water damage problem and find out the roof leaks and would serve its purpose better as a cold shower?
Not only are you putting you and your husband at risk, you are putting your friends at risk as well.
Keep your friendship. Hire any Atty. Or at minimum a transaction broker.
Don't let your husband be the know-it-all. (All you get out of that deal is the right to say "I told you so").
Just ask him if he would feel comfortable amputating his own foot because he watched a few videos and read about it online. That might be an extreme example, but attorneys are trained to do their job, just as your husband is trained to do his job.
Just ask him if he would feel comfortable amputating his own foot because he watched a few videos and read about it online.
Amputation is trivial.
It is stopping the bleeding and preventing infection that requires more skill.
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