How to find a good real estate lawyer

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Anonymous_IHB

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<p>Ok, after reading the Buyers Agent thread (<a href="http://forums.irvinehousingblog.com/discussion/130/1/buyer-agent-thoughts/">http://forums.irvinehousingblog.com/discussion/130/1/buyer-agent-thoughts/</a>), I'm starting to think when we eventually buy, it might be a good idea to skip the buyers agent and just get a lawyer to look over the paperwork for offers, loans, etc. instead.</p>

<p>How do you go about finding a good real estate lawyer? Do you just call builders and ask who their lawyers are figuring they must be somewhat good? Or what?</p>
 
<p>Builder's attys might be ok, but probably not. They know more about creating HOAs, commercial loans, building and zoning, etc. See if you can find a lawyer who owns a title company maybe. The title cos took at the work away from attys in California years and years ago, so good real estate attys might be thin on the ground. You can try the yellow pages, but I aways wince when somebody gets to me that way. I could be anybody.</p>

<p>Word of mouth is the best way. Say, maybe you could ask a realtor!! For the atty who gave them the hardest time. . . </p>
 
<p><em>"Say, maybe you could ask a realtor!! For the atty who gave them the hardest time. . ."</em></p>

<p>Xsocal, NIR ? Maybe you might have an idea. (Don't think you can whisper though, too many Anony's) </p>
 
<p><em>"Say, maybe you could ask a realtor!! For the atty who gave them the hardest time. . ."</em></p>

<p>The atty who gave the hardest time may be perceived as "difficult" by the seller; therefore, may not be able to negotiate a contract for buyer. Buyer gets no home </p>

<p>Many RE attys specialize in RE laws and not in RE sales. He/she might try perform the RE sales function with the right fees paid by buyer. To collect commission from seller, this atty has to be licensed by the DRE and having to pay all kinds of fees.</p>

<p>I know of one RE atty who is doing RE sales; however, I am not sure how good he is in sales. He has not sold any in 2 years.</p>

<p>Regardless, asking for referrals is a way to go!</p>

<p> </p>
 
Hi Trooper



Most re attorneys I know work with builders. They are top Newport Beach types and bill 400-750 per hour. I doubt if ANON wants those guys. If they just want someone to review paperwork then maybe look in phone book for re attorney.



Like NIR says most won't negotiate but will review paperwork that is brought to them.



I don't have any in mind.



ANON



Exactly do you want them to do? What area are you in? Who is generating paperwork for review?



Regards
 
Basically, we the buyers would figure out which house to buy and how much to pay. But then lacking experience with the paperwork/calif. law, we need someone to help look over/draft the offers and read over the paperwork to make sure everything is kosher. Seems like paying 3% to someone who's not a lawyer seems like a lot. Rather get a lawyer to actually read it & help draft it and pay them by the hour. Buy would likely be either from an owner or REO listing, the usual MLS stuff.
 
Anon



REO and short sales take a lot of work. Usually 2 or more lenders to deal with. Often 2-3 months to get answers and a deal closed.



Please post if you find an attorney to do this for you other than acting as a broker which an attorney can do in Calif. Also let us know the hourly rate they quote.



Regards
 
<p><em>"REO and short sales take a lot of work. Usually 2 or more lenders to deal with. Often 2-3 months to get answers and a deal closed.





Please post if you find an attorney to do this for you other than acting as a broker which an attorney can do in Calif. Also let us know the hourly rate they quote."</em></p>

<p>It does not appear that anyone on this thread who is thinking of acting as their own agent in a real estate transaction is suggesting that they hire an attorney to act as their real estate agent or broker. And to imply that representing oneself would lead to large hourly attorney fees is disingenouous and more realtor scare tactics. I have read the above posts and everyone is clear that they would hire an attorney to look over the paperwork to protect their interest; nothing more.</p>

<p>My experience is that the selling agent and the escrow company initiate all neccessary paperwork and an attorney is needed only to make sure the language in the paperwork is standard does not put the buyer at unneccessary risk.</p>

<p>Have a great afternoon.


</p>
 
Not me. Over my head and experience. But, I wouldn't trust an agent to know how to protect my interests in that circumstance. I would find someone who had experience and their status as an agent would be irrelevant. Just because someone is a real estate agent does not mean they can or will do the best for their client.
 
<p>I know somebody who did. The bank had the property on its books for 4 years and the individual went straight to the guy who handled asset disposal. He bought a home for 380K that the bank took back for 1.1m and held for four years (this was 1997). In the era of CDO's, I'm not certain that will be possible anymore.</p>

<p>Making offers (in this current enviroment) on REO's is like hitting your head against a concrete curb. It only feels good when you stop. If they don't like your price, without fail they come back and say "we have a higher offer, would you like to counter?" and the house mysteriously never goes into escrow. </p>

<p>I've never done any RE transactions in a hot market. ALL of the realtors I've ever known or done business with were fine folks of upstanding professionalism. Yeah, yeah, I know nobody believes it because all realtors are Realtards but I'm telling you that they aren't all bad. In two years the ones that are left will likely all fit my description, because it's impossible (going forward) to make a living as an agent in a down market and be a do nothing piece of shit. It may be like that already.</p>
 
<p>What's up with this "trust an agent" crap?</p>

<p>I had an otherwise qualified Harvard trained attorney tell my father in law some advice that, had he followed through with it, would of resulted in a foreclosure of his business. Against the advice of the attorney he went differently and achieved a different result .</p>

<p>I don't trust anyone if what they say doesn't make sense.</p>
 
<p><em>"What's up with this "trust an agent" crap?"</em></p>

<p>Just rebutting the idea that hiring an agent will somehow protect your interests any better than not hiring an agent. No one said that all agents were bad, but it fallacious to think that just because someone is an agent, they will represent your interests any better than yourself or have knowledge on the particular deal you are involved in.</p>

<p>xsocal asked <em>"Has anyone here actually purchased either a short sale or REO with or without an agent? "</em> which implies that having an agent will help in a short sale or REO. That is nonsense. How many agents have experience with short sales and REOs? Being an agent is irrelevant in that circumstance. Experience is relevant, no matter if the person is an agent or not.</p>

<p>Why is it that any time anyone questions the need for a real estate agent, they are misrepresented as saying that all agents are bad?</p>
 
<p>"How many agents have experience with short sales and REOs? "</p>

<p>At least two that I know. The world is different in REO. I've never sold RE before, but I have foreclosed on somebody.</p>
 
awgee



I don't understand your hostility towards all agents. I think it is shortsighted in a way. My remark was alluding to the time and complexities of short/REO sales which the poster referenced. I myself do not like to do those because dealing with a multiple banks is a pain and takes a long time. In that time period often the buyer gets frustrated and bails out. Not a scare tactic but reality. The banks drag their feet because they are ovewhelmed and have laid off so many people that often you do not get a response on an offer for up to 30 days then they want thier own apprasial, another 2 weeks before they even counter. If you are dealing with multiple lenders then you may have a 4 to 5 month period in which the people at the bank change and you start all over again.



I have a friend who listed a short sale in Oceanside last May got an offer in Aug and closed it earlier this month. Most buyers do not have the patiance for that time line. The property had $770,000 in loans and closed at $520,000.



My views are based on real life current market transactions not just idle chatter on the blog. I hope some people here get some facts from them as I get tired of anything that doesnt agree with your views being called a "scare tactic". I know you are smarter than that.



Regards
 
<p><em>"I don't understand your hostility towards all agents."</em></p>

<p>This is misrepresenting what I said. All I said was that you were inferring that if one did not have an agent represent them in a short sale or REO, that they were somehow disadvantaged and I am pointing out the fallaciuosness of that argument. Misrepresenting me does not detract from the validity of my statement. Why is it that when someone questions the necessity of having an agent, that person is accused of being hostile towards all agents? It is an ad hominem attack and quite beneath you.</p>
 
<p><em>"My remark was alluding to the time and complexities of short/REO sales which the poster referenced"</em></p>

<p>Your question infers that having an agent will somehow lessen the complexities.</p>
 
<p><em>"I get tired of anything that doesnt agree with your views being called a "scare tactic". </em></p>

<p>I am not the one who keeps on inferring that without an agent, one will have a more difficult transaction. It is not my views. It is your statements.</p>
 
<p>Why are the REO's more complicated? If there is an REO property listed at MLS at reasonable price $X - then why is it difficult? Isn't the property already owned by one REO owner at that point that picked it up at auction? </p>

<p>Now a short sale or an auction, I could see why that would be difficult. And fraught with all kinds of novel risks.</p>

<p>Finally, if you buy an REO listed on MLS, what protections do you lose over just buying from an individual owner on MLS? Is it just the disclosure form isn't filled out as completely, because the bank doesn't know, not having lived there? If so, can't just a good home inspection pretty much cover that?</p>
 
<p>I don't think you'll find a bigger bear on this board than me (okay, maybe one or two) but the hostility toward realtors is sorely misplaced.</p>

<p>There are two people on this thread who have done REO before - XS as a realtor, myself as a lender. He and I are in agreement. And you're free to disagree. </p>

<p>I don't go to my accountant when my tooth hurts, and I don't call my florist when it's time to put tires on my racecar. If you want to do your own dental work or mount your own tires, it's a free country, go for it. I'm all about DIY. But even cheapskate me farms stuff out from time to time and to pidgonhole all realtors as a waste isn't only unfair, it's dumb.</p>

<p>I don't think I have anything else to add here. I realize I'm not going to change your mind. Awgee, my friend, you are (IMO) out of line.</p>
 
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