Home Buying in Atlanta>Question Details

A, Home Buyer in Atlanta, GA

I found a condo property that I am interested in buying. Do I really need to get a realtor or would a real?

Asked by A, Atlanta, GA Sun May 25, 2008

estate lawyer be better in my situation?

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10
A,

A Realtor would be good because they are skilled negotiators. Real Estate attorneys are great, but 90% of them have no negotiation experience. So the real question is whether you want the best deal or just best done paperwork.
2 votes Thank Flag Link Tue May 27, 2008
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
Contact
If you don't have a realtor representing your interests you are making a huge mistake. In almost every case the seller pays both commissions so you're represented free. Letting the seller's agent or development agent handle the entire transaction relegates you to "customer" status instead of "client" status. While the agent is expected to do nothing improper, they are expected to negotiate to the best interest of their client; the seller.

A real estate attorney could work but contract negotiation and data research with regard to specific properties and area trends typically isn't their strong points.

Get a competent agent, sign a buyer broker agreement and let the agent do their job - this is what we do all day all of the time!

Hank Miller, SRA, ABR
Associate Broker - Certified Appraiser
REMAX Greater Atlanta
678-428-8276
http://www.hankmillerteam.com
2 votes Thank Flag Link Sun May 25, 2008
Typical Process Involved in Buying a House

Depending on your understanding and readiness to go through the process, you should devote a specific planning stage (maybe about a month to a year) before buying a home. First of all, you must be aware of your credit worthiness or think about financing before you purchase. After this, you may begin house hunting – you may want to secure assistance from a real estate agent to guide your search. Then when you finally decided on a home, the last step is the closing process where the ownership will be transferred to you.

Planning and Financing

Analyze why you want to have a new home. Some people would like to quit renting and want to begin building equity, some have recently married and would like to transfer residence, and some just received a promotion and it requires them to move to a different city. Determine your reason and establish a time frame in buying.

Next, you need to check what you can afford. Only two ways for you to go about this: a loan pre-qualification or loan pre-approval. Pre-qualification is a simple process. You need to give some financial information and the mortgage company or bank can determine a rough estimate on the amount of loan you may qualify for. In fact, you can do this over the phone. On the other hand, pre-approval has a more in-depth process of checking your credit rating and the amount of down payment you can afford.

House Hunting
For the full article: http://www.openmarketrealty.com/blog/typical-process-involve…
0 votes Thank Flag Link Tue Aug 17, 2010
Of course everyone is going to say you need a Realtor - we're all Realtors. However, what we do is more than just find you a home, the hardest part of the job starts from the moment we submit your offer. More than anything you need someone who is working for you and has your best interest at heart. Someone who works day in and day out with buyers and sellers, full-time, representing them --- an attorney will get you closed, but won't be able to dedicate the time you need to fight for your sale price, get you through an inspection, bug your Lender, and negotiate details (that he or she might be aware of) that have more to do with market conditions than legal matters.

You wouldn't ask your babysitter to do your taxes, a Realtor to represent you in court, or even a pediatrician to perform heart surgery. Most of us have a very good grasp on what we're doing. Let us do our job!

If you have any additional questions or concerns, don't hesitate to contact me!



Sarah Turner
Realtor
sarah.turner@yourownsanctuary.com

Sanctuary Real Estate, Inc.
300 North Highland Avenue Suite B | Atlanta, GA 30307
T: (404) 688-3363 | F: (404) 688-3372 | M: (404) 323-9976
http://www.yourownsanctuary.com
0 votes Thank Flag Link Tue May 27, 2008
A,
the fact that you asked the question implies that you know that agents do more for their clients than a real estate attorney would. We are there to represent you at the property with the condo representative, through the negotiations, inspections and walk thrus and to help you understand closing.

Agents, you can reach by phone at least 10-12 hours a day, try that with an attorney! We, REALTORS offer you all of this expertise at no cost to you. The seller pays agent fees in Georgia. What are you waiting for? Call a REALTOR! If you need more assistance, I can be reached at 404-429-9244. Good Luck.
0 votes Thank Flag Link Tue May 27, 2008
You, of all people A, don't need a market savvy Realtor, do ya?

Just show up at the attorney's office as soon as soon your circumspect and thorough due diligence is complete, and your termination timing is exhausted. The attorney will handle everything else.

Get 'er done. Save money - you'll need every ounce of equity out of that condo eventually.

Or...hire a pro - don't be penny wise and pound foolish.
Web Reference: http://intowninsider.com/
0 votes Thank Flag Link Tue May 27, 2008
When I was getting my GRI designation the real estate law section was taught by an attorney and he gave me a concept that I really like. He asked "Why are you, the agent, worth the brok,erage fee when an attorney could do the transaction for much less?" Then he answered it with becasue we do more than the attorney we create the TIC "Totally Informed Client". I realized that was exactly the way I worked and it has continued to be the way I work.
Keeping my clients out of court is only one aspect of what we do.
0 votes Thank Flag Link Mon May 26, 2008
Jed Lane, Real Estate Pro in San Francisco, CA
MVP'08
Contact
Hank's right; you should have a Realtor.

Look: Real estate agents are good at some things, such as following all the paperwork through the system, knowing the values of properties, and offering negotiating strategies. They're not good at other things. They don't practice law and, while some of them are really pretty knowledgeable on legal issues, that's not their role; that's not their strength.

Meanwhile, lawyers are good at some things. They know (or should know) the law. They know how to read contracts and write contracts. They understand how to protect their clients from litigation, and to defend them when they're subject to litigation. But lawyers aren't good at other things. A lot of them aren't particularly good with minor details. (You want a current copy of the condo's bylaws? A real estate agent will get it to you for just the cost that the condo association charges. The lawyer probably will charge $250 an hour, plus 25 cents per page copying costs. Or you might get a break and the legal assistant only charges $85 an hour.) Some lawyers are good at negotiating, but many aren't. Their view, understandably, is adversarial. And if you want to figure out whether the condo is reasonably priced, and what your offer should be, do you really think the attorney is the best one to provide that information...and at $250 an hour?

I'm not criticizing attorneys. I'm just pointing out that, based on education, experience, and career choice preference, they have their strengths and their weaknesses. In the case of a condo purchase, you definitely need a Realtor. And, yes, you would greatly benefit by having an attorney do what he/she does best: review the paperwork and provide appropriate legal guidance.

Hope that helps.
0 votes Thank Flag Link Sun May 25, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
I recommend that anyone purchasing property should be represented by a buyers agent in order to make sure that you are protected and that nothing falls through the cracks. As was mentioned in the other posts, there is no cost to you. An attorney will make sure everything is legal....an agent will make sure everything gets done and that the transaction goes as smoothly as possible.

If you are dealing with a new condo community, the onsite agent represents the builder/developer and they come across as having your interests at heart....but they don't.

Additionally, an agent can be instrumental in helping you offer a good price based on comps and help you negotiate the best deal.

You can't go wrong having an agent.....I highly recommend it and i know a good one!!
Please feel free to visit my website ...click on "Services" .....click on "Buying your Home". Theres some good information on there regarding why you would want to use an agent.
0 votes Thank Flag Link Sun May 25, 2008
Hank is 100% correct. Before I became a Realtor I purchased a property and thought I was making a smart decision by not using a Realtor, and I worked for a real estate attorney at the time who helped me with paperwork, etc. I was wrong. Using an experienced agent is worth much more than the commission we make, which is not paid by the buyer. The condo market can be really tricky if your not very familiar with it. Use an agent. I would be happy to give you a free consultation, feel free to call me anytime.

Alex Wilkinson
Phone:678-776-0135
0 votes Thank Flag Link Sun May 25, 2008
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