Today I was listening to the radio, and there was a commercial talking about a couple purchasing a home. It was a re-enactment of a true story, and it went something like this:
They had bought their first home, were planning to close on a Monday, marry on the next Saturday, and move in after their honeymoon. So far, so good......then the problems started....After their mortgage broker had their loan package for 45 days, he called on a Friday to say they could not close on the following Monday. He called his fiancee, and she told him to call a real estate attorney. After the call, the problem was resolved by the lawyer, and they closed on Monday.
The commercial then encouraged listeners to call a real estate attorney when purchasing a home. ........Wait a second.........
1. The mortgage broker had the loan package for 45 DAYS and couldn't close on the scheduled date?!?! A seasoned real estate agent can work with reputable, experienced mortgage brokers and can close a transaction in mere days----some as quickly as 48 hours.
2. Where was the real estate agent?!?! Why hire a lawyer and pay a lot of money (remember, lawyers cost at least $200+ an hour)? A Realtor can insure that the mortgage will be ready for closing, and as a buyer's agent, does not require the buyers to pay a dime!
3. Also, the lawyer was called once there was a problem....where was the experienced person who can help you find a good deal, negotiate an incredible price, and can take you through all the necessary steps to buy a house....was an inspection done? Does the house have termites? Mold? A good real estate agent is experienced to handle all kinds of problems, and has the contacts to insure they are handled properly.
Now, I am a lawyer and can appreciate the need for legal representation. A real estate attorney is on retainer by our brokerage----we do not practice law. However, why pay legal fees when you can get greater service for no cost?
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