What’s the difference between the two?
My neighbor is selling his property and is willing to seel to me before he puts it on the market. If I’m buying directly from the owner which of the 2 professionals do you suggest and why?
I want the 5 acres, but I don’t know the market very well since our street is mainly mobile home owners with a few houses. So far the values appreciated in this small town due to the Carr fire.
Interested in the property because 5 acres of land is great to have in this agriculture town and I’d purchase WITH the mobile home, not seperately.
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Real estate attorney. You and the seller have the outline of an agreement. Most agents don’t know Jack about land.
Real estate attorneys can give you legal advice about a home purchase. They can assist with the required paperwork and will typically charge you a lot less.
Real estate agents can give you practical advice about a home purchase. Unlike an attorney, they can help you pick the right property, determine a competitive offer price, and more. A real estate agent cannot give legal advice, but they can guide you through the process. They typically charge more than attorneys as they give you more assistance.
In some situations, both are warranted. This is especially true if you have a tricky transaction with legal issues and need both legal and practical guidance. Some states also require an attorney to review the contract. If you know which home you want to buy and know the price you are going to pay, an attorney is a cheaper and better choice. If you need guidance finding a property and determining how to make a competitive bid, an agent is a better choice.
Note that good real estate agents are few and far between. If you hire an agent (I strongly recommend first time home buyers use one), interview a few before picking one. If you are a veteran home purchaser (i.e. not someone who has bought 1-3 primary residences in their lifetimes), skipping an agent can make sense.
In your situation, no agent is fine. You can use an attorney to assist with the transaction. You and your neighbor should work out things like price between yourselves. The transaction will be a lot cheaper and a lot of what an agent does will not be necessary.
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Lawyers are cheaper. They do the paperwork and keep you from doing illegal stuff.
Realtors cost more, but a good one will guide you through the process, make recommendations, and is more intimately familiar with common issues that arise in escrow.
In theory land is really easy. In reality, figuring out utilities, permits, and endangered pocket gophers is a pain in the ass.
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An experienced real estate Attorney. Negotiate a flat fee. Not hourly.
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An attorney won’t be able to tell you what the value of the property you’re purchasing is worth. It could be worthless or it could be worth market value. Attorneys are great for legal stuff, but they have as much market knowledge as the next layman.
In a land deal, you’ll need to find an agent/broker that has executed land transactions in your town in order to understand the challenges you’ll face with ownership as well as give you an approximate market value. The market value is the important item here and why you should consult a broker/agent. If you don’t know the property’s value, what’s to say that your not paying way more than the property is worth (or maybe you’re getting a screaming deal and you should jump on it).
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