All Forum Posts by: James Sullivan

In Nevada, as agents, we can propose to dual represent a deal for something like 2% split between both buyer and seller. No need to involve another agent. Complete service for both parties, we basically represent the transaction and make sure everything is like a normal transaction. Keep it simple and as affordable for everyone as possible and everything is done by the book.

Without representation usually one party is getting “fleeced” as mentioned above. Usually the seller… But I don’t know anything about the deal, maybe they are getting an amazing price to help a friend.

@James Sullivan

I think PA doesn't require attorneys.  So, yo ujust need a contract with the basic elements to make a legal contract.  If this is truly a "friendly" purchase, the specifics of the terms shouldn't be too much in question.  Yup, famous last words..

Yeah, you could use a Title company to help you draft the legal documents.  That would be cheaper.  If there aren't negotiations or any specific terms needed to be drafted by an attorney, do what south NJ does and don't use an attorney.

But again, you are balancing cost vs. risk.

Good luck.

I would suggest use an agent or a broker just to prepare a contract and the disclosures and pay a fee. Don't think that agent will steal the listing. That would be the best bet. I list auction properties in our MLS for very low $$ because all I need to list and change the status. There are agent/brokers who are reliable.

I am a lender primarily and an investor, but we also own a real estate arm. It seems like every single time we've went up against someone representing themselves...I somewhat embarrassed to say...we fleece them. It's not just about price...but terms. A good agent knows what they can and can't get away with for their clients and they also know what to push back on. "A man who represents himself has a fool for a client." - Abraham Lincoln. You asked for our advice? Get a great agent that knows investing and build a great relationship. Let them handle the back and forth. 

If you’re in a title company state, they probably have contracts. Otherwise there are plenty of state specific contracts on the internet or through companies like NOLO. 

On a side note. If you think there's a chance you're paying less than 90% of FMV I would get this elderly persons heirs/relatives to sign off on the deal. You don't want to be in court facing elder financial abuse if you "accidentally" tricked a senior in to selling for 20% below fmv. Maybe get an appraisal, they're cheap.

While your lender's suggestion about going through a local title company's attorney could be cheaper, you've got to look at this like a BUSINESS deal. Cheaper isn't always better.

You're dealing with an elderly family friend here, and that means trust is involved. You don't want to break that trust by screwing up the paperwork. A local attorney with REAL ESTATE experience knows your local laws, knows the industry, and can navigate this deal like a shark in bloody water.

Invest in that attorney and protect both sides of the deal. That's how you WIN. It might cost a little more upfront, but think about the money you're already saving and the value you're creating in the long run. 

Good luck and get that house!