Home Buying in Daphne>Question Details

GCScorpio, Home Buyer in Spanish Fort, AL

Why would anyone need a realestate attorney when you have a realator ?

Asked by GCScorpio, Spanish Fort, AL Tue Oct 30, 2012

This question was asked from this property: http://www.trulia.com/property/3071705487-115-Marikesh-Dr-Da…

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Mary McNair’s answer
I see your question about attorneys, but also your additional comments below. I'll attempt to address what I'm understanding to be your two primary questions as best I can.

As Barbara pointed out, Realtors cannot give legal advice. However, our areas of expertise are many.

First, we help sellers to price their home correctly when listing a property for sale or help buyers looking for property to weed through the vast choices and determine a fair offer when the right property has been located.

Second, once a deal as been struck, it's our job to make sure the details of the contract are fulfilled by coordinating with the other Realtor, when applicable, the title company handling the closing and issuing the title insurance, the bankers issuing and closing out loans, making sure inspections have been conducted, surveys secured, termite bonds issued, etc.

When using a title company to handle a closing, they don't have to have lawyers as part of their company. However, I'm yet to work a closing that doesn't have attorneys reviewing the contract prior to securing the title insurance. Although these attorneys have to remain neutral, it is helpful to have those extra sets of eyes reviewing the documents and knowing to recommend that one or both sides seek independent counsel if issues need to be ironed out legally in order for clear title to be conveyed.

It is also helpful to use an attorney if the transaction of selling real estate goes hand in hand with selling a business that uses that property, especially if the need for the real estate is only necessary if also buying the business.

As for prices per square foot, there is no "average." The location issue can change within one or two blocks based on the obvious issues that make one location more desirable over another. You also have to look at the houses being used as comps in light of age, condition, amenities and style. When doing a thorough comparative market analysis, adjustments are made for those things that add or take away from specific properties so as to make the properties as equal as possible. Price per square foot is only one small part of the equation. You also can't use foreclosed properties as comps unless the property being considered is also a foreclosure; to do so skews the fair market value.

I hope this helps to answer your questions. If you aren't already being assisted by a Realtor, I would be please to be of further assistance as you consider your options. In such a case, please don't hesitate to contact me directly.
0 votes Thank Flag Link Tue Oct 30, 2012
Thanks Mary, I was seeing so many forclosures and know there are about 4.25 million more forclosures to take place the banks are slow in processing them. I see seller trying to beat the forclosures oand get out from under upside down loans, they paid to much for the house and the value has dropped substanical compaired to what they still owe on the loan. Short sale's but they are all pretty close to new home prices per SF. some higher based on amitties. I am not looking to bail someone out who bought more house than they can afford, everyone want a mansion. I am looking for mine at bargan basement prices. I saw there was a bubble and lier, loans and people borrowing great based on what they thought they had in equity and then the values dropped. I refused to buy at inflated prices, I knew there was no way a house cost that much to build, it contractor and realtor hype and greed not the true value of the home. The cost of basic construction cost was low but the profits margins were high
Flag Wed Oct 31, 2012
A buyer would be wise to consult with a real estate attorney on a number of instances, such as title problems or buying a foreclosure. However a Realtor is not an attorney and can never give legal advise. There are many instances where your Realtor may advise that you consult an attorney to get legal advise but a Realtor can never take the place of an attorney.
0 votes Thank Flag Link Tue Oct 30, 2012
In the Eastern Shore area I noticed a wide varance in prices per SF. with new construction runnig around $ 98.00 per SF. you pick your room colors, brick , flooring , cabinets etc..
Then you have used second hand houses several years old, Where the life on the roofing appliances's and everything has been used by someone else. And were someone else picked what they wanted the house to look like running a close price of $104.00 - $45.00 a SF. I know realtor say location location but unless it's on a highly traveled commerical Highway and the property has the likely hood of being commerical the area is mostly S. Alabama Rural no matter what you put on a subdivision gate.I know about hype and actual vs. percevied value. New today old in ten years.If you can sell a home in this risky economic times your very lucky. Is the economy comming back or on the edge of s deeper long world depression. Keep making those monthy mortage payment and hoping to get $75.00 a SF. These are the worst times in our lives and the most uncertain. I am not a realtor and do not work ona sellers commisions, keep those prices high and keep those house empty. What's the real price average selling price in this area per SF.
0 votes Thank Flag Link Tue Oct 30, 2012
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