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Would Real Estate attorney have reason to push/pressure closing?
I am in the process of purchasing a property, but carefully evaluating it during inspection period. Some items have come up.
It's not an expensive property or an investment property, and I feel my real estate agent and real estate attorney are pushing me to purchase it. They attorney is basically telling me it's a good deal/this/that and it seems to be biased. I PERSONALLY feel the attorney should be neutral and alert me to red flags and lay out my options.
I 100% understand why my real estate AGENT would push me, so ... I 100% get that, no questions there.
But I don't understand why the attorney would. I do believe they are getting paid regardless at this stage. They may get a little more if the property closes, but it's not a lot of $.
Does anybody have a comment? 1) I'm curious, and 2) I'm trying to decode their statements.
#1 All Forums Contributor
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@Barry Taggart
What have you they specifically done to make you feel pressured?
Quote from @Chris Seveney:
@Barry Taggart
What have you they specifically done to make you feel pressured?
Just pumping up the deal and defending the seller (who has been late on a few things).
Just wondering what reason they would have.
#5 General Real Estate Investing Contributor
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#5 General Real Estate Investing Contributor
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Desperation shows no shame sometimes.
Stick to your gut homie. If you feel these red flags are irreparable, ask for concessions or tell them to peace. If you feel any pressure, ask them to bear it themselves or keep the trim.
One of the most important lessons you'll learn in life is resisting the fear of missing out and the pressure to say no to things just cause of the environment you're surrounded in. This isn't me saying, say no to the deal. This is me saying doing your diligence and a no is as viable as a yes.
Why do you think an agent would pressure you but not an attorney?
Quote from @V.G Jason:
Desperation shows no shame sometimes.
Stick to your gut homie. If you feel these red flags are irreparable, ask for concessions or tell them to peace. If you feel any pressure, ask them to bear it themselves or keep the trim.
One of the most important lessons you'll learn in life is resisting the fear of missing out and the pressure to say no to things just cause of the environment you're surrounded in. This isn't me saying, say no to the deal. This is me saying doing your diligence and a no is as viable as a yes.
Why would a real estate attorney be desperate to close?
Quote from @Russell Brazil:
Why do you think an agent would pressure you but not an attorney?
It's a hefty commission if they close, nothing if they don't in this state.
The attorney gets paid either way, and it's not a lot either way
Quote from @Barry Taggart:
Quote from @Russell Brazil:
Why do you think an agent would pressure you but not an attorney?
It's a hefty commission if they close, nothing if they don't in this state.
The attorney gets paid either way, and it's not a lot either way
Why does the attorney get paid either way? You're cutting him a check if the property doesn't close?
Quote from @Russell Brazil:
Quote from @Barry Taggart:
Quote from @Russell Brazil:
Why do you think an agent would pressure you but not an attorney?
It's a hefty commission if they close, nothing if they don't in this state.
The attorney gets paid either way, and it's not a lot either way
Why does the attorney get paid either way? You're cutting him a check if the property doesn't close?
Yes, not sure what %, but it will be something.
Attorney may be getting pressure from the seller, Could be a lot of reasons. You have to what's best for you.
Yes, not sure what %, but it will be something.
Thats a red flag right there
#2 Starting Out Contributor
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#2 Starting Out Contributor
- Flipper/Rehabber
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it's difficult to tell anything from what you shared. can you share more?
for example... what state is this in? Is it off market or on? do you have a title company or are you dealing directly with an attorney? did your agent bring the attorney in or did you find them? is it your first purchase, sixth, 100th? who are you getting advice from on the inspection items?
those types of information will get you a better response.
In NJ a lot of real estate attorneys don't get paid if the deal doesn't close (at least on the residential side). They have motivation for closing.
#1 Rehabbing & House Flipping Contributor
- Flipper/Rehabber
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Quote from @Barry Taggart:
Quote from @V.G Jason:
Desperation shows no shame sometimes.
Stick to your gut homie. If you feel these red flags are irreparable, ask for concessions or tell them to peace. If you feel any pressure, ask them to bear it themselves or keep the trim.
One of the most important lessons you'll learn in life is resisting the fear of missing out and the pressure to say no to things just cause of the environment you're surrounded in. This isn't me saying, say no to the deal. This is me saying doing your diligence and a no is as viable as a yes.
Why would a real estate attorney be desperate to close?
Sure sounds like $ has something to do with it. Just like VG Jason said, do your own due diligence, trust but verify and run your own business.
Hey @Barry Taggart from my professional experience pushing a close isn't a big red flag-- especially if it is a good deal. This market is so volatile, one minute something is available and the next its sold and the closing documents are signed. If you trust in this property, the inspection comes back all clean and its truly something you want then there is no harm. I think the rush is just the scarcity of the market-- its making people in the industry having to act fast. As for the attorney I would ask him if he sees any red flags (and then get a second opinion just incase). Its his job to look out for your best interests. Although Im only an insurance broker, I work closely with the homebuying industry and the stress is real! Trust your instincts and you can always back out of the deal if its not for you!