Legally, a lawyer is not required. You may use a title company to close. Residents of southern New Jersey rarely use lawyers, although, here in Northern, New Jersey, I've never closed without one and would highly suggest obtaining one (average attorney for buyers: $800-$900).
The reasons set forth below for obtaining a Realtor are true, they will be able to provide you with the information you will require in order to make a fair and reasonable offer and what to expect as a counter-offer, and they are paid, through their broker, by the seller. This is no cost to you, the buyer.
I WOULD highly suggest hiring an inspector. That is very important and it can also help you negotiate further if certain repairs are necessary..which is also where an attorney and a Realtor will be very helpful...as I hope this information is.

Sincerely,
Lisa Fitzsimmons

Is the property priced correctly?
What about an inspection?
A lawyer deals with the law, a Realtor deals with the market!

Kim,

I am going to respond on the assumption that this condo is currently listed with a Realtor. In this case, you can only benefit by using a Realtor as the commission is paid by the Seller. As mentioned earlier, you can choose the listing agent or an agent not affiliated with the Seller. As for an attorney, here in NJ, the use of attorney is recommended, but not required. The alternative to an attorney is a title company.

In choosing a Realtor it is important to use a LOCAL agent that is familiar with comparable properties (not just on paper, but has personally viewed these comparables) in order to properly position your offer. Most any agent can provide you with comparables based on what they find online, but there is added value to using one that knows the market within which you are seeking to purchase.

Based on your statement "unit was redone", I am going to assume that the entire building was refurbished. If this is the case, I would ask the following questions of the local agent.

(1) What percentage of units are sold (50% is the key number).

REASON: Too often, especially in this market, rehabbers are unable to sell the units in a timely fashion and will then be forced to "auction" the remaining units at a substantially lesser amount that what u paid thereby decreasing the market value of your unit.

(2) Have the big ticket items been replaced (i.e., roof, electrical).

REASON: Many new condo owners will find that shortly after their closing their maintenance substantially increases and/or they receive a notification from the association that they are partially responsible for a capital improvement assessment (which can be in the thousands of dollars).

(3) Are there any other similar complexes in the area that have recently been redone, and if so, (a) are they physically comparable (b) how long did it take to become 50% or more sold (c) are there any remaining units in the comparable property and (d) are they selling at or near the price of the earliest sold units.

As for "what they will do for me", an agent who represents a buyer assists you from the point of contract to closing. Typically the agent works closely with you and your attorney to keep the deal on track with deadlines such as 1st deposit, 2nd deposit, home inspection (attend the inspection if you cannot), title work, mortgage paperwork all in an effort to ensure that the initially agreed upon closing date is met. A Realtor will also provide you with multiple contacts in the areas of mortgage reps, attorneys and home inspectors (it is important that they provide you with at least 3 in each area and allow you to find the one with which u feel most comfortable). Finally, using a Realtor will give you the comfort of knowing when a question or issue arises with your deal, they are only a phone call away!

Sincerely,
Francesca Patrizio, Realtor Associate
NJAR Circle of Excellence '06-'07
REALMART REALTY - An AFFORDABLE Way to Sell your home
Ranked #15 of 436 Real Estate Brokers in Monmouth / Ocean County

Hi Kim, your transaction is apt to proceed best if you use both. You do not compensate your agent, the seller does and so there is no cost to you for their service/support. For starters, an agent will help you with pricing, a good Price Trend Analysis looks at past sales and current contracts and extrapolates a trend, applies it to current active comparables to arrive at a recommended offer range. It will instantly flush out overpricing. Without the input of a knowledgeable agent, and their negotiating skills, you just may pay too much - which would be a pity in this market. The agent will remain involved, guiding you through to close.

A good real estate attorney is a MUST whether you use an agent or not. You can bet the Seller will be using one.

Good luck!

Best,
Jeannie Feenick
Search and connect at http://www.feenick.com

Hi Kim-

Finding a home is not the hard part in a real estate transaction. If you've found one already, you saved a Realtor some time in researching and viewing potential properties with you. The hard part of a transaction -- how a Realtor earns their commission (which you as a buyer do not pay a cent towards), is keeping the transaction together until closing. To begin with Realtors are experienced negotiators and can keep you from paying too much for a home as well as negotiating home inspection issues with the seller which may arise. We work with lenders, appraisers, township offices, home inspectors, lawyers, etc. to complete what is often a complicated dance. In short, we do all the work so you don't have to. There is absolutely no reason not to use the expertise and skill that a Realtor brings to the transaction, particularly in this challenging market.

I would advise you to hire a real estate attorney as well. A Realtor can help you find a qualified local attorney to assist you in getting into your new home quickly and smoothly.

Please call or email me if I can help clarify any other issues you may have. I cover the area of East Orange as well.

Good luck in what will hopefully be your new home!

-Sloan

Sloan Berman
Sales Associate
Schweppe Burgdorff Realtors ERA
973-509-3970 office
862-368-4963 cell
sloan-berman@burgdorff.com http://www.burgdorff.com/sloan-berman

Hi Kim,

Just adding my 2 cents and agreeing with the answers posted so far.

1. If the home is "For Sale By Owner", you don't need an agent. However, if the home is listed by an agency, you can choose to work with the listing agent (agency selling the home), but the best representation you can get is working with an agent who is not involved with the seller. Choosing an agent not affiliated with the agency involved on the sale side of the transaction. This whole thing about dual agency can smudge up the whole process for you. The agent will have to watch what he discloses for both you and the seller.

2. With regards to an attorney, you don't "need" one. A title agency can so some of the work and the seller's attorney (if he/she has one) can do some of the work too. HOWEVER, most agents will agree (as do I) that it would be in your best interest to hire your own attorney. I've sold homes in the past without a buyer wanting an attorney, (but only because he was from NY, buying a home in NJ, and he was used to dealing with home sales without attorneys - he was an investor). But in NJ, you are not required to have an attorney either. But for your protection, you should get one to protect your interest in the real estate transaction.

3. A Realtor should be treated like a personal concierge. Someone who will help you through the process. Communication should be the name of the game. Someone who interacts with the other agent (the homeowner's agent), the attorneys (on both sides of the transaction), the mortgage lender (if you allow it), the home inspectors and official town inspectors, and making sure the whole process goes as smoothly as possible and notifying you of potential real estate red flags that can delay the home buying process.

Hope this helps.

Carmelo Torres
A Home For Sale Realty
A Premier Statewide Real Estate Agency
Website: http://www.ahfsr.com
Contact: http://contact.ahfsr.com

Yes, If you go the condo and meet the listing agent that person would be acting as a dual agent.
Which is fine, there is nothing wrong with that. But, you can get your own Realtor to represent you if you are not comfortable with the listng agent handling the transaction.

The storm of naysayers will be upon us within the hour regarding dual agency. Do not lose sight of the answer. You can use the listing agent or you can use your own agent it is up to you.

This is a condo.. all issues will rpesent itself to you ( if there are any at all)

You should get an attorney ( I use a great attorney that charges $650.00) to represent you legal interest in this property and negotiage the contract "issues" if any should arise.. your realtor, nor the listing agent will do this for you.

Choose your agent / Choose your attorney.

I am not the listing agent of the condo, but I can help you by putting in the offer and representing you with the purchase of this Condo and it does not cost you anything to work with me, the commission comes from the seller.

Call me to discuss further.

John Sacktig
Broker / Manager
Orange Key Realty
Office: 732-863-6969
Cell: 732-213-1409

JSacktig@orangekeyrealty.com

Well, you really don't give enough informaion on the situaion. Is it listed with a broker? Is it for sale by owner? Does an attorney provide you with all the points of contacts and will they "walk" with you thru the process or just write the contract and review the terms. An attorney may charge you $700 to review a contract but expect an agent to do all the rest. Or, he may charge you significantly more and have his clerk (who may be a licensed real estate agent) handle everything for you. Where you save in one you pay in another. My opinion.