Real estate agent for closing? (disclosure, 3%, commission, mortgages)

[kkelleygo]

I may recieve an offer today on my house. I do not have an agent, I would like to have one but really cannot afford one. If I recieve an offer from someone (who also does not have an agent) can I hire an agent to handle the paperwork and closing on my end? Would it still be the standard 4%, even though no listing or advertising was involved? Any help would be appreciated.

[Mike Peterson]

Originally Posted by kkelleygo

I may recieve an offer today on my house. I do not have an agent, I would like to have one but really cannot afford one. If I recieve an offer from someone (who also does not have an agent) can I hire an agent to handle the paperwork and closing on my end? Would it still be the standard 4%, even though no listing or advertising was involved? Any help would be appreciated.

You can get someone to handle the paperwork and it should not run you 4%.
Call around and tell them what you want and get a few different options.
A lawyer might be less expensive at this point.

[momof2dfw]

Getting the house to closing CAN be THE toughest part of the entire listing from start to finish. All of those contracts, paperwork, documents, etc if this realtor you can hire just for that does it they just laid everything on the line. This part is where things get tricky and their arse is on the line. That 3% commission they get does not go solely to them but their brokerage gets a part of it also. It goes to pay for lawyers on staff in case their is a lawsuit amoung other things. If you said something to the prospective buyer during the showings that was not on the up and up or could be taken the wrong way, did not fully disclose something, etc and they find out they can come back and sue THE REALTOR since they were involved in the transaction. You would almost get off scott free as your not the one w/ the corporate staff attorney nor the insurance that pays out on these suits. This is why realtors "make the big bucks". All of the behind the scenes things that go on to get that thing to closing are a and can be the BIGGEST PITA!

[kkelleygo]

what an agent does. Unfortunatley, I don't have a lot of money or time to play with here. We were relocated across the country over a year ago(military). After making double mortgages for a year now things are looking grim. I priced the house lower for a quick sale, however I would like some assistance in making sure I am protected. It just seemed reasonable to me for an agent to do this part at a reduced cost since there wasn't any marketing or showings, or time on their part.

[TexasHorseLady]

What momof2dfw said. I don't know where you're located, but at this point, your best bet is to hire a real estate attorney to shepherd the deal through to closing, to make sure that down the road you don't get sued.

As said, since you didn't have an agent from the beginning to advise you on what legalities you have to abide by when selling your home (starting, here, with the Seller's Disclosure, a document that discloses everything that you know about the property including what you know to be wrong with it or to have been wrong with it in the past), any agent taking this on would be taking on liability for things that you did without their knowledge. If you were sued, they would almost certainly be sued, as well, as would their broker, and even if they prevailed, there are still costs associated with defense and a ding on their insurance possibly resulting in raised rates. Look at it this way - would YOU take on this increased liability leaving you at the mercy of what someone else did for reduced pay?

Again, call a real estate attorney, explain the situation, and find out how much it would cost you to have him do just what's required for this situation.

[Kdway]

To answer your question without adding what could or might happen. It would be best to hire a real estate attorney. I'm positive you will find one that will do the closing for you.

[Silverfall]

Originally Posted by kkelleygo

what an agent does. Unfortunatley, I don't have a lot of money or time to play with here. We were relocated across the country over a year ago(military). After making double mortgages for a year now things are looking grim. I priced the house lower for a quick sale, however I would like some assistance in making sure I am protected. It just seemed reasonable to me for an agent to do this part at a reduced cost since there wasn't any marketing or showings, or time on their part.

If you find an Accredited Consultant in Real Estate or a Certified Real Estate Consultant, they will hire out for an hourly rate. I do this and get most clients from offer to close for $500-$1,000. It is better than a real estate attorney since we are cheaper, and we can track everything.

[bentlebee]

Originally Posted by kkelleygo

I may recieve an offer today on my house. I do not have an agent, I would like to have one but really cannot afford one. If I recieve an offer from someone (who also does not have an agent) can I hire an agent to handle the paperwork and closing on my end? Would it still be the standard 4%, even though no listing or advertising was involved? Any help would be appreciated.

An real estate lawyer can help you to go over the contract and probable knows a couple of title companies and that will cost you maybe $ 300- at the most for the contract to be save and legal. A realtor will probable have you sign a contract and still collect 6%. Watch out before you sign. If you have the offer and agree on it or will counter and you are sure about that, you won't need an agent but a legal person which a realtor isn't.

[Greatday]

Originally Posted by kkelleygo

I may recieve an offer today on my house. I do not have an agent, I would like to have one but really cannot afford one. If I recieve an offer from someone (who also does not have an agent) can I hire an agent to handle the paperwork and closing on my end? Would it still be the standard 4%, even though no listing or advertising was involved? Any help would be appreciated.

It would depend upon your state as well

Some states, like Arizona, do not allow agents to be compensated for the paperwork - that would be an unauthorized practice of law. In AZ, preparation of the paperwork has to be "incidental" to what the agent was hired to do - (Article XXVI Arizona Constitution)
Section 1. Any person holding a valid license as a real estate broker or a real estate salesman regularly issued by the Arizona State Real Estate Department when acting in such capacity as broker or salesman for the parties, or agent for one of the parties to a sale, exchange, or trade, or the renting and leasing of property, shall have the right to draft or fill out and complete, without charge, any and all instruments incident thereto including, but not limited to, preliminary purchase agreements and earnest money receipts, deeds, mortgages, leases, assignments, releases, contracts for sale of realty, and bills of sale.

Format Document

I would suggest you check with your states real estate regulatory agency to verify if what you propose is allowed.

Good Luck

[DanielChang]

As many have already said, you're probably best off finding a real estate attorney. At least in my state, an attorney will charge $500-$1000, so it's cheaper than paying an agent the listing commission.