They say you will not know what forms to use or what to put on those forms in order to Protect Yourself and that if you use a Realtor, a member of the National Association of Realtors than you will have better protection. Folks, this is far from the Truth.
The Realtors cannot protect you, nor are there really elements in place to offer you, the Real Estate Consumer protection in your Real Estate transaction.
Even if you use the REALTOR forms (which are designed to protect the Realtor from You) then you still NEED to know what to write in and what to look for to protect yourself. No One really has your back and no one really cares about you BETTER then you do.
People ask if they have their own buyer should they use a Realtor? First of all that is not legal to my understanding. I understand as a Real Estate Broker owner that if I am not advertising a property and do not have a listing, and a buyer and a seller walk into my office and ask me to Write up a deal, then I am Illegally Acting as an Attorney without the license to do so.
Yet many places on the web ask the questions, “We have a buyer for our house - should we use a realtor?” and many Realtors will write a deal when the buyer and seller walk in, HEY Easy money, it could not be easier, especially if the agent is NOT the broker owner, then they are not even taking on liability and especially if that Real Estate Agent is a Member of the National Association of Realtors, thereby protected under their self governing system and the current system that the E and O insurance Companies operate under.
Next, if you do find your own buyer and decide it is best to give some random Realtor 6% (which is Standard EVEN though we are NOT suppose to say that) for doing nothing then fine, I guess I can’t stop you, however, know this, Using a Realtor to Write up your “real estate deal” offers you no better protection then doing it on your own and in fact may very well offer you less because the Realtors are looking out for the Realtors and they are NOT looking out for you. Even if the agent that you choose wants to do right by you, they don’t make the laws, they do not design the contracts and when everything hit’s the fan and its your neck or theirs… well….
So if you are a FSBO, or you have a buyer walk in and make you an offer, and your NOT listed with a REALTOR (which you should NOT be) then call a Real Estate Attorney and Write up the deal, however, NEVER assume that this will protect you either, you still need to know how to protect yourself in your real estate contract. I am not a Real Estate Attorney, nor am I trying to give you legal advice.
Yes the Real Estate Attorney knows MORE about real estate law and contract law then the Realtor but that really is NOT saying a whole lot when a Realtor goes to school for one week and we are NOT taught law, contracts or really anything legally useful to the real estate consumer.
You still NEED to know what kind of words need to be included in your Real Estate Contract, I have seen Real Estate Attorneys who are clueless as to what really goes on between Realtors, the Title Company and the Real Estate Consumer.
I have seen Real Estate Attorneys who assume way to much, trust seller way to much and brag about how bad they did in property law in college. I have seen Real Estate Attorneys write real estate contracts that are so simple it is as if all that jargon that REALTOR puts in their forms never sees the Real Estate Attorneys eyes, because they don’t seem to use any of it.
Standard Forms at best seems to be what they use. No problem, jus tmake sure you know how to protect yourself and insist that certain things are written in. You are still way BETTER using a Real Estate Attorney and NOT using a Realtor to write up your real estate transaction when you find your own buyer. STOP giving your money away and Really getting NOTHING in Return.
I have also seen Real Estate Attorneys so clueless at contract law that they represent a buyer in suing a Seller For Specific Performance, which is to Sue the Seller to Make them Legally perform on a contract, and the contract was NEVER even signed by the buyer, the title company was set to close, the mortgage broker committed fraud, and the Seller wanted to take a step back to legally protect their best interest and the Real Estate Attorney representing the buyer threatened specific performance.
No Legal Description on this supposed binding contract, no Address, and no buyers signature on top of the obvious white out that the Mortgage Broker used to “Change the Terms and Conditions”. Yet the Attorney threatened the Seller, scared the Seller into thinking they had a binding Real Estate Contract.
So a lot can happen, and it Does so protect yourself with Knowledge. Go to www.SavvyBroker.com and sign up for my Paid Subscription, members only Real Estate Whistleblower Blog and get tips on what to look for in your real estate transaction. Find out option to write into your contract to protect yourself in the future and remember, after they all Get PAID.. You sign the deal it REALLY is all over but the crying and they really do take the money and run. Their duty to you is over at closing, so KNOW before you sign.
selling without a Realtor
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