Let's say you just happen to find a home you are interested in buying. Let's say it is not listed with a real estate agent. It is For-Sale-By-Owner. Let's say you talk with the seller and come to an agreement on the price. What do you do next?
Do you call up a real estate agent and ask him to put the deal together for you? Now I love real estate agents. Throughout my career, they have buttered my bread. On the other hand, if you have found a property you want to buy that is For-Sale-By-Owner, you do not need a real estate agent. Real estate agents are for marketing. You and the seller did the marketing. You need legal services.
An agent is going to want to pencil himself into the deal for a fee of 1% to 3%. He will generally ask the seller to pay that fee. The seller might not be interested in paying that much. It will reduce what the seller is going to net.
On the other hand, my fees for putting a residential deal together start at $1,000 and rarely exceed $1,500. The difference is that you pay me whether or not the deal closes. With the agent you only pay if the deal closes.
If you want to consult with me regarding buying a FSBO property, I am available to advise you. My minimum fee is $375 and that covers 1.5 hours of my time. My hourly rate thereafter is $250 per hour.
I will also ask you if you are open to receiving a mortgage quote from me. I own and operate Deal Mortgage Corporation. If you are open to a quote from me, and if you accept a mortgage from me, I would be inclined to give you a credit for the amount you paid me in legal fees.
Whatever you do, bear this in mind: Do not buy property without consulting with me or some other real estate attorney. My fees are modest compared to the high cost you may face if something goes seriously wrong.
I look forward to being of service to you.
Call me at 425-774-6611 or 888-999-2022 for further information. Or e-mail me. The fax number is 425-776-8081. Click here to sign up for our e-mail messages, our printed mailings, or to request a call back. For details about how to apply for a loan with Deal Mortgage go here.Copyright © 2008 James Robert Deal.