Posted by Long Beach Ed on October 24, 2003 at 11:06:06:
VP,
Expect what you are willing to demand. I’m sure some attorneys will argue that two days is more than reasonable, but you are the customer, and the attorney is working for you. If you wish your offer to be made today, tell that to the attorney. If he can’t accommodate you, consider looking for someone who can.
Just expect to pay him a premium for his immediate attention.
You may also consider learning how to do this yourself, thereby avoiding the expense, coordination and wait.
When I bought my personal home, at the time I was ready to make an offer, my agent wrote it up, and it was submitted that day. Now as an investor, when I’m ready to make an offer my lawyer says she will always need a minimum of two days and it will be sent after we’ve approved her draft. Is this time frame what I should expect, understanding that investing is time sensitive?
Re: Question for investors who use RE attorneys - Posted by Brent_IL
Posted by Brent_IL on October 24, 2003 at 20:15:41:
I agree with the others, but I wanted to post slightly off-topic to point out that your query is similar to other posts that ask about performing or paying for some action.
The purpose of a purchase contract that?s contingent upon anything is to narrow the topic of negotiations. It doesn?t eliminate negotiation. Until contingencies are removed, and negotiations are finalized, you don?t have a deal.
If you don?t have a deal, you don?t need a lawyer, you don?t need to order title insurance, you don?t need to form a corporation or an LLC or any other legal entity, and you don?t have to give the real estate broker 10%, or whatever, earnest money.
In some eastern states, lawyers write the contracts. But the terms of the offer should be mutually agreed upon before you pay for an attorney.
A basic tenet is to use outside services when they are needed. Sometimes legal services are used preemptively in advance, as in approving an addendum for use in your state, but not always.
Phil is so right that by the time you get the written offer back from the lawyer any good deals will be gone. I like rm?s idea to pick-and-choose among pre-approved addenda to make your offer.
Re: Question for investors who use RE attorneys - Posted by Randy (SD)
Posted by Randy (SD) on October 24, 2003 at 15:56:45:
As with the other replies? Make the Offer!
If your uncomfortable with any part of it add the clause ?This offer is subject to approval of the ?Buyers Attorney?. Problem solved. I agree it?s probably overkill because most likely your attorney will suggest changes (to justify his fee) even if s/he wrote the original draft and you just copied it.
Re: Question for investors who use RE attorneys - Posted by phil fernandez
Posted by phil fernandez on October 24, 2003 at 14:51:15:
You don’t really need an attorney when making your offers. This is a quick paced business with alot of competition not only from other investors but also from the home buyer. If you wait around for your attorney to review every offer, you will lose many of the real good deals out there. And if you are like some of us who make numerous offers, you won’t have the time to let your attorney review each offer.
If it makes you feel better, you could always put in your offers that they are contingent upon your attorney’s approval.
Re: Question for investors who use RE attorneys - Posted by chris-atl
Posted by chris-atl on October 24, 2003 at 13:17:26:
There’s no reason you need an attorney to make your offer. Just write it up on your own contract and submit it directly to the seller. Now if it makes you feel better to have your attorney look it over 1st, that’s your choice. But you can do this on your own.