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You are much better off using a lawyer to protect your rights during the buying process. The lawyers will charge you for their time but they aren't in it for a commisson so be smart. Also, if you read other posts on this topic you can see how they are when dealing with them.
And you have experience using an attorney for showing homes, arranging contractor visits, confirmation of negotiated repairs, final walk throughs, and other site visits during the transaction?
And you have experience using an attorney for showing homes, arranging contractor visits, confirmation of negotiated repairs, final walk throughs, and other site visits during the transaction?
You left out negotiation tactics and determining fair market value. Some agents also bring financing knowledge to the table.
You seem to be doing fear bitting when it comes to anyone using an alternative to realtor commissions. A real estate lawyer is a much better deal as he doesn't work for commissions and is legally educated to cover all the bases including fraudulent deals and misrepresentations. Realtors played a roll in pushing people into houses they couldn't afford but still cry about their commissions. Use a lawyer, it will be cheaper in the long term.
Since most of us are not in the business of buying and selling real estate, we need an expert who will watch out for our interests. If a seller wants to give away her equity, that is her problem, but both parties need legal representation for any legally binding contract.
Realtors played a roll in pushing people into houses they couldn't afford but still cry about their commissions.
Wrong. Agents don't push people into houses they can't afford. If anything we tend to get them with a good lender so they will understand their costs. I've had people go up in their price range but it's because they want more house not because anything I've ever said or done.
... both parties need legal representation for any legally binding contract.
Not that I'm a lawyer but I'm pretty sure that's wrong. Any competent adult can enter a legally binding contract if they want. If it's a bad deal then that's too bad.
(I'm talking about a contract that would have otherwise been legally binding with legal representation for both sides.)
The "too bad" attitude is why one should always get legal rep. when entering into a contract for what is for most the largest sale/purchase of our life. It is only common sense. How many realtors participated in the problems created by pushing sales for commissions? The numbers speak lound and clear! No one should be discouraged from protecting themselves legally or otherwise.
I read nothing in that letter that argued for needing a lawyer. It was an argument from a group of appraisers against allowing banks to use BPO's for valuing short sale properties.
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