In CA, all of this is done with boilerplate forms - I suspect over half of which are specifically required by law (Does the seller know if anyone has died on the property)
? Are there oil tanks/have there been oil tanks?.
If the Title/Escrow company can provide those, your ability to write legalese becomes moot.
Additionally, (again, in CA) lawyers have books of forms - depositions discovery, etc… I wouldn’t be surprised if offer/acceptance contingent removal were all in there.
If all else fails, check the Web - start with Nolo - a font of legal knowledge.
If you are in a “lawyer required”, you can negotiate, maybe?
If your are in a Realtor -infested state, a lawyer is cheaper than 6% of $500.000.
“He web” is a gamble. Do you want to gamble with a half-million dollars? Can you afford to do so? Is your font of legal knowledge equal to an experienced agent and/or lawyer?
Do you work with those “boilerplate forms” everyday? Do you know what they mean? Do you know the good parts and the bad ones? Are you willing to risk $500,000 on your (imagined) knowledge?
Why do you buy insurance? It’s a gamble – maybe your house won’t burn down, and you can save the premium. Most people don’t want to take that chance. If you do, I wish you the best of luck.
Meanwhile, I’m off to get my sellers a good deal – we agents love to deal with your type – the ones who get screwed, but don’t even know it.
Never trust a valve until you see it work. This place is as cheap as it is possible while still (mostly) meeting (most) code.
The closet and lavy valves are one-piece things with the filler line integrated into the valve.
And he interior doors are cardboard.
And the main shut-off doesn’t work. Yes. Not only is the valve on he outside (and the front, at that) where anybody can shut it off, but it doesn’t work. Until the city (yes, really) got around to installing water meters a couple of years ago, there was no way to shut off the water. Now, all I have to do is lift the concrete cover and take a wrench to the valve there.
Exactly how much do I need to know to fill out a form in which all blank spaces are labelled?
“Address of Property” - umm, gee, I wonder what property it wants? I’d better pay someone $30,000 to fill out this complicated form!
List contingencies here? If you don’t know what a contingency is, there are ways to find out which cost WAY less than $30,000.
When $50,000 would buy a mansion (most places in the US until about 1970), a good agent was worth 6%.
When I sold, I paid 4.5% and got a contract within 2 weeks. And I was seriously under the gun.
Buyers! That bullshit that the commission is paid for by the seller is crap - YOU are the only one putting money into the pot. Any money that comes out of the pot is YOUR money.
Agents are as sleazy as you let them be.
And SURPRISE we have one here who is using bullshit scare techniques to protect his 6%.
Exactly how much do you need to know about courtroom procedure to file a lawsuit? Defend yourself in court on a criminal charge? Lawyers charge big bucks, my friend, and you could save a bundle. What’s a murder charge, anyway? Nothing but words! Why pay for experts when you can do it yourself? What could possibly happen?
Would you like to pit your knowledge of real estate against my training and 15 years in the business? Can you pass a real estate broker exam? It’s only words!
I would use a realtor, but I would think most realtors would work for less than 6% in this sort of situation. You’ve already found the house. That saves hours or weeks or even months looking for the right place.
As a seller, I’d be more comfortable dealing with a professional.
Thanks, everyone, for your input. We’re going to give it a try, because really, what have we got to lose? I’ll be sure to keep you posted if we get a response.
We might indeed have a shot. According to the public records we can find, all of the homes in question (they’re on one specific block) have had the same owner for 15-20 years. Most haven’t changed hands since they were built. And because we pass by these houses often, we’ve noticed that a couple of the owners (we assume, since we see them doing yard work, getting the mail, etc.) are older folks, probably in their 70’s at least. So… maybe.
We ultimately decided to have the letter come from our realtor, for this reason. And especially considering that some of these folks may be older, we don’t want to look like the stereotypical “Scammers Preying on the Elderly!” But we’re also including our family name in the letter, along with a few brief details about why we like their house in particular, to make clear that the realtor is not just randomly drumming up more potential sales.
That is a very good point, and one I hadn’t considered. We’d definitely be able to cover a certain amount more than the appraisal, but how much more really depends on what the appraisal is. If it appraises at the very top of our pre-approved price range, then we’re looking at a much smaller overage - I’d say 10% is about the best we could do. We’ll just have to see.
I know, right? I feel so bad for these folks when I see listings where the asking price is well below what they paid just a few years ago. But since the houses we’re interested in were last sold 15-20 years ago, we can be reasonably sure they’re now worth two to three times what the owners paid.
See? Thinking of moving! Perfect! Sadly, you’re not exactly in our neighborhood.
And another! Are you, at very least, somewhere in the continental U.S.?
You could put me down as one homeowner who would be more interested if a letter like this came directly from the buyer, or maybe their lawyer, and not a realtor. If it came from a realtor and didn’t specifically say the buyer will pay all their fees then I would probably toss it as junk/scam. That said I’ve bought property before using a lawyer only, no buyer’s agent, and I trust him to keep us covered. Or at least I trust him more than someone else’s realtor.
States may vary, but in my state, an agent cannot act on behalf of a buyer or a seller without a prior agreement with one or the other (a listing contract, a buyer agency or both). Such document will, absolutely, spell out who is to pay the commission, how much, and any other related details. Agents don’t work for free.
I guess an agent (and keep in mind that a licensed agent is not necessarily a Realtor[sup]TM[/sup]) could send a letter inquiring about a property from a prospective Seller without mentioning commission, but it’s more likely to be a Purchase Offer, which will spell out all details, including commission payments, if any, and if the Seller is responsible for such.
Something to keep in mind - my parents are considering moving - and the townhouses they are interested in downsizing to are not cheap. Yeah, they’ll get four or five times what they put into the house, but they need to turn around and put most of that right back into a townhouse.
My mother in law spent years making the same mistake. She has a cute house in a desirable neighborhood and has gotten many drive by “offers” over the years. She gets really excited about how much her house will get her and assumes she’ll be able to move into another house for what she paid for hers 30 years ago with a huge profit. Drove her realtor (who is a friend of mine) nuts for five years.
-infested state, a lawyer is cheaper than 6% of $500.000.
