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Old 06-03-2010, 01:11 PM
 
Location: McAllen, TX
10 posts, read 16,101 times
Reputation: 24

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I hope someone on here can help with my question...

Here is our situation...we haven't listed our house yet. Met with 3 realtors, really liked one of them but before we have had the opportunity to get back with her, a new co-worker of my husband's came to look at our house and wants to buy it.

What would be the best course of action?
1. Still retain a Realtor and ask to put in the contract that the Realtor will be paid a set amount for preparing paperwork and getting us to closing?
2. Just use an attorney and/or title company.

Any other suggestions?

Thanks!
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Old 06-03-2010, 01:35 PM
 
Location: Bella Vista, Ark
77,306 posts, read 90,005,901 times
Reputation: 48188
Quote:
Originally Posted by MvnonuptoSA View Post
I hope someone on here can help with my question...

Here is our situation...we haven't listed our house yet. Met with 3 realtors, really liked one of them but before we have had the opportunity to get back with her, a new co-worker of my husband's came to look at our house and wants to buy it.

What would be the best course of action?
1. Still retain a Realtor and ask to put in the contract that the Realtor will be paid a set amount for preparing paperwork and getting us to closing?
2. Just use an attorney and/or title company.

Any other suggestions?

Thanks!
If you are sure the buyer is sincere and the price is what you had expected you can easily do it with a tiltle company. I hate to see the realtor not included but in this case, I would do it on my own.

Nita
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Old 06-03-2010, 01:53 PM
 
1,316 posts, read 3,128,624 times
Reputation: 937
I'm not extremely knowledgeable with real estate but I WISH more sellers would NOT use realtors! I hate 'em!

Sell to buyers directly! Life would be easier and you cut the middle-man out! There's also many who wish there were more sellers willing to do owner financing and rent-to-own homes! But most never do!!

There's no way I could afford to buy a home right now with cash or X amount down, yet I've paid my rent on time for 2 years to my landlord at 400 a month. If I found a seller willing to rent-to-own or do owner financing...I would definitely do right by the seller and pay on time and everything.

I know it's risky for the seller but there are many out there who play by the rules and they never get a break.
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Old 06-03-2010, 03:01 PM
 
1,234 posts, read 892,127 times
Reputation: 2277
You are really only paying a realtor to market the house, which you did yourself! We sold our other two homes ourselves and there's nothing to it. Just get an attorney to go over the contract-- although, in TX closings are at the title company. I would also make sure they are pre-approved; not pre-qualified. If and when this market ever gets better, we will sell this house ourselves.
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Old 06-03-2010, 03:09 PM
 
Location: San Antonio
4,146 posts, read 9,615,903 times
Reputation: 3321
Quote:
Originally Posted by MvnonuptoSA View Post
I hope someone on here can help with my question...

Here is our situation...we haven't listed our house yet. Met with 3 realtors, really liked one of them but before we have had the opportunity to get back with her, a new co-worker of my husband's came to look at our house and wants to buy it.

What would be the best course of action?
1. Still retain a Realtor and ask to put in the contract that the Realtor will be paid a set amount for preparing paperwork and getting us to closing?
2. Just use an attorney and/or title company.

Any other suggestions?

Thanks!
AS a Realtor, I'll say that you want some sort of representation. Whether that's a Realtor or an attorney, that's your choice. I'm sure attorneys offer all levels of service, so if you get one, make sure that they'll do more than just make sure your contract is filled in right. Make sure they will handle what happens if appraisals come in low, ensure you get your disclosures properly filled out, that they'll make sure the buyer stays in line and delivers on their side of the contract, etc.

1/2 of our jobs is marketing the property. The other 1/2 is making sure contracts are done correctly and legally protecting our clients.

You should have SOME sort of representation. Realtor or Attorney is up to you. There are benefits to each.

But unless you've bought and sold a LOT of real estate, and know those contracts inside and out, you're setting yourself up for a lawsuit.
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Old 06-03-2010, 03:13 PM
 
Location: San Antonio
4,146 posts, read 9,615,903 times
Reputation: 3321
Quote:
Originally Posted by xsa210tx View Post
I'm not extremely knowledgeable with real estate but I WISH more sellers would NOT use realtors! I hate 'em!

Sell to buyers directly! Life would be easier and you cut the middle-man out! There's also many who wish there were more sellers willing to do owner financing and rent-to-own homes! But most never do!!

There's no way I could afford to buy a home right now with cash or X amount down, yet I've paid my rent on time for 2 years to my landlord at 400 a month. If I found a seller willing to rent-to-own or do owner financing...I would definitely do right by the seller and pay on time and everything.

I know it's risky for the seller but there are many out there who play by the rules and they never get a break.
You obviously don't know much about real estate. If you did, you'd know that most sellers CAN'T owner finance. Banks won't allow it. If they find out they're owner financing, they'll call the note due and you're out on your butt. Unless you own the house free and clear, it's very difficult to owner finance.

Not sure why you "hate" Realtors, but I have the feeling it's because you have no idea what they truly do. Because you're currently renting at $400 a month, you probably haven't dealt with a Realtor before, so I'm not sure what inherent evil they represent.
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Old 06-03-2010, 03:21 PM
 
Location: New Braunfels, TX
6,662 posts, read 9,806,992 times
Reputation: 7157
I've done it both ways...given your current situation, a Realtor is not needed. You DO need your OWN attorney - NOT the attorney at the Title Company, but one you retain and pay for yourself. The Title Company attorney is there to represent his client (the Title Company), NOT you. Nothing wrong with that - you just need to understand what's going on.
Papers prepared by a Realtor are not necessarily legally binding, because they are NOT attorney's. Period. Get your own, make sure he's conversant in RE law, and have at it.
XSA, with all due respect....you don't know enough about it to make an educated statement about the viability (or lack thereof) of Realtors, as is evidenced by your writing. I've seen way too many folks try to DIY, only to either get ripped off or get less. Our last house was on the market less than 48 hours through a Realtor, while a neighbor (doing a FSBO) took 4 months to sell their house....for 25k less than we did.
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Old 06-03-2010, 03:24 PM
 
Location: McAllen, TX
10 posts, read 16,101 times
Reputation: 24
Thanks so much for the advice everyone! Still not sure what we are going to do, but I do know that we are going to talk to our previous realtor (who is retired now) and get her opinion. She was somewhat of a second mom to us when we first got here (and since then too!) and her opinion means a lot to both my husband and I. I have a feeling we'll probably go the attorney route...I have a list of real estate attorneys from the bank I work at.
Thanks again!!
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Old 06-03-2010, 05:17 PM
 
Location: San Antonio
4,146 posts, read 9,615,903 times
Reputation: 3321
Quote:
Originally Posted by TexasRedneck View Post
I've done it both ways...given your current situation, a Realtor is not needed. You DO need your OWN attorney - NOT the attorney at the Title Company, but one you retain and pay for yourself. The Title Company attorney is there to represent his client (the Title Company), NOT you. Nothing wrong with that - you just need to understand what's going on.
Papers prepared by a Realtor are not necessarily legally binding, because they are NOT attorney's. Period. Get your own, make sure he's conversant in RE law, and have at it.
XSA, with all due respect....you don't know enough about it to make an educated statement about the viability (or lack thereof) of Realtors, as is evidenced by your writing. I've seen way too many folks try to DIY, only to either get ripped off or get less. Our last house was on the market less than 48 hours through a Realtor, while a neighbor (doing a FSBO) took 4 months to sell their house....for 25k less than we did.
Prepared correctly (which many Realtors don't do), the contracts are 100% legally binding.

I'd agree that the OP probably needs to go the attorney route, as most Realtors that would accept a deal like this for a flat fee probably are just looking for a quick payday and may not have the experience that the OP needs. Most seasoned agents won't touch a deal like this.
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Old 06-03-2010, 06:36 PM
 
Location: San Antonio, TX
29 posts, read 45,677 times
Reputation: 13
Quote:
Originally Posted by kevcrawford View Post
I'd agree that the OP probably needs to go the attorney route, as most Realtors that would accept a deal like this for a flat fee probably are just looking for a quick payday and may not have the experience that the OP needs. Most seasoned agents won't touch a deal like this.
That is not necessarily true. The seller in this scenario could use a "One time listing agreement" and be represented by a Realtor for a commission and have all of the benefits that coincide with using a professional.

The question that I am asking is "What price range are we talking about?" Depending on price range, using an atty may or may not be more costly than paying a commission to a Realtor. As a Realtor myself, my job is not only to market a property, but also to help obtain the highest price possible which in turn effects the net proceeds to the seller. Needless to say, when your talking net proceeds, all costs need to be reviewed.

That being said, a true professional would assist a seller if asked, even in this situation. The fiduciary would be held to the seller, not the buyer, so as long as that is apparent and the buyer understands they have no representation, everything would be fine.
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