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Are there any benefits to using a RE attorney to sell a SFD for you over using a RE agent who often doesn't know squat? The commission I'm looking at would be about 27k with a RE agent.
In our state sellers must have an attorney and a buyer can choose to have one or not. The attorney charges between $300-$500 for a standard closing and it would be in your best interest to have one, in my opinion.
Are there any benefits to using a RE attorney to sell a SFD for you over using a RE agent who often doesn't know squat? The commission I'm looking at would be about 27k with a RE agent.
Well, if your agent doesn't know squat, then an RE attorney may be a better choice . Perhaps you need to find an agent that does know squat.
As mentioned, some states require an attorney to be involved. Where are you located? Keep in mind that attorneys do not "sell" homes, they only handle the contract paperwork. An agent will handle the marketing, negotiations, and paperwork (in non-attorney states).
You can also consider doing a limited representation type of service if you are thinking of selling your home FSBO. You know the pay $299 and get on the MLS type of service providers.
Otherwise if you don't want to sell your home yourself, you'll need to keep looking until you find a good agent.
Well, if your agent doesn't know squat, then an RE attorney may be a better choice . Perhaps you need to find an agent that does know squat.
As mentioned, some states require an attorney to be involved. Where are you located? Keep in mind that attorneys do not "sell" homes, they only handle the contract paperwork. An agent will handle the marketing, negotiations, and paperwork (in non-attorney states).
I like this answer. Sometimes an attorney and KNOWLEDGEABLE agent will make a good team. The agent can handle the day to day activities and attorney will be good with the legal aspects.
If you're the seller, and it's a short sale even without the commission, then you really have nothing to lose.
It's a rental in the Los Angeles area. The tenant loves the place and I think doesn't have the means to buy it. I have the unenviable task of breaking the news. My mother, who is in assisted living needs the money desperately. I'm handling her affairs and this is the only solution to $5,000/month bills for the long term. I'm thinking attorney because I also need to ask the tenant to move and that can get tricky because of L/T law. It must be done right the first time, hence the idea of using an attorney for the whole thing, but not if it's going to cost more than employing a broker.
CA does not require, and sellers do not typically use attorneys in RE transactions. However, you are correct about needing to be careful about tenant law issues. My suggestion is to contact an RE agent that specializes in property management and investment sales. Besides knowing tenant laws, They would be more likely to be successful marketing to investment buyers if that would be the best use of the property. You can bring in an RE attorney as needed for any issues that the agent can't handle.
Again, an attorney can't handle the whole thing. If you don't use an agent, you will have to handle marketing, showing the property, and most of the negotiations. A title company will handle the actual closing process. As Silverfall suggested, you could try to work with a discount broker for lower fees, and rely more heavily on an attorney for the tenant issues.
Are there any benefits to using a RE attorney to sell a SFD for you over using a RE agent who often doesn't know squat? The commission I'm looking at would be about 27k with a RE agent.
No, there is no benefit to using an attorney to SELL a property. As a rule, I would say there is a huge detriment to using an attorney to sell a property. An attorney is not in the selling business. An attorney is in the legal business, and usually gets hired to protect your legal rights. An attorney does not have access to, nor does an attorney immerse himself in, the tools of the real estate marketing trade. If you want to sell a property, you have all sorts of options. You can hire an agent who doesn't know squat, you can hire a good agent, you can do it yourself, you can hire a limited services agent and do most of it yourself. Theoretically you can hire an attorney to market your house for you, but that would be akin to hiring an insurance agent to take the dent out of your fender after an accident. Sure, he knows the legalities of the suituation, but it's not what he's been trained to do.
It's a rental in the Los Angeles area. The tenant loves the place and I think doesn't have the means to buy it. I have the unenviable task of breaking the news. My mother, who is in assisted living needs the money desperately. I'm handling her affairs and this is the only solution to $5,000/month bills for the long term. I'm thinking attorney because I also need to ask the tenant to move and that can get tricky because of L/T law. It must be done right the first time, hence the idea of using an attorney for the whole thing, but not if it's going to cost more than employing a broker.
I don't think ending a tenant's occupancy is 'tricky'. If the tenant refuses to leave, well, then you have a problem but why engage a lawyer unless it is required?
Is it in the city of Los Angeles? If not what city is it?
Is it in a rent control (or rent stabilized) area?
Is there an active lease, is so, when does it expire?
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The commission I'm looking at would be about 27k with a RE agent.
. Perhaps you need to find an agent that does know squat.
