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RubberStamp

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Reply with quote  #1 
I feel like such a rookie...  even though I've bought and sold many, many properties.  I'm in the process of selling an investment property and the agent is telling me I need an attorney or title company on my side for the closing.  I've always dictated it when purchasing..  but somehow I've never been aware of ever selecting representation when selling. 

Do we often use the same closing attorney for buyer and seller?  And if so, was there a charge for my representation as the seller even though I maybe did not read through enough?  Or is there a discount..  or is it even necessary?

Wow..  shows how much I trust my agent.   I know they like to push business to their connections and I've completely been caught of guard. 

That said its only about $400 or so..  but if it is an unnecessary fee I'd obviously like to avoid it. 

Can anyone shed some light?

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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nogava

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Reply with quote  #2 
I've never been involved in a transaction with two different closing attorneys.  The closing attorney is agreed on by all parties.  Title work is part of the closing attorney's fee.  Not sure why the seller would need a separate title company.

But that's Georgia.  May be different where you are. 

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RubberStamp

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Reply with quote  #3 
I hear you.  I did most of my selling in GA and my experience was the same as yours.
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #4 
Sounds like your agent is what they call ... A dumbass.
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treskirkland

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Reply with quote  #5 
I've sold a few properties for cash, both personally and as an agent representing the seller and we never had a separate attorney.  
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BillDing

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Reply with quote  #6 
Sounds like someone's getting greased.
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MEP

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Reply with quote  #7 
You didn't mention the sale price...a commercial property may have more potential issues...I bought a MH with a QCD...sold it FHA...a clean title should get er done
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RubberStamp

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Reply with quote  #8 
This is a gutter home .. under $100k
This is my first time using an agent.  It's been interesting.. but my lack of trust is off the charts.  When they've got a lot of experience like this guy I can tell they do not like to keep the power in anyone's hands..   so they are always trying to get you to concede areas where you could potentially squeeze the other side.   I guess this is all an agent pow wow.   But I did get full ask.  In  2 days.  And I'm over priced.  So the myth of agents snubbing FSBOS appears real in my book based on my experience. 

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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pnalley

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Reply with quote  #9 
I have been an Associate Broker for 24 yrs. I have never heard of the seller needing a closing attorney. The closing attorney is agreed upon by both parties. He represents the loan company. Not the buyer or seller. Might want to see how long your agent has been licensed. If he deems it necessary let him take it out of his commission. Again this is Georgia. If you are in another state things may be done differently.
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Meatloaf

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I bought a foreclosed lot once.  The seller had an arrangement with an attorney in atlanta... I had the option to use their attorney or to also hire my own for an additional fee.  The seller's attorney was so busy, I had to take a number when we got to the closing... there were about 75 people in line ahead of me closing deals... it was insane.  I should have hired my own and paid the extra money.
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BillDing

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Quote:
Originally Posted by Meatloaf
I bought a foreclosed lot once.  The seller had an arrangement with an attorney in atlanta... I had the option to use their attorney or to also hire my own for an additional fee.

What about the option of "no thanks, I'll be representing myself"? How can they force you to have an attorney?

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Meatloaf

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Reply with quote  #12 
Seller wouldnt' sell to me without their representative.  I had the option of getting my own attorney and closing at my attorney's office but to do that I would have to pay for my attorney and their attorney.  It was in the contract.  They paid the closing costs which were only about $500.  There was no lender involved.

I forget the name of the closing attorney but the seller was wells fargo

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treskirkland

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Reply with quote  #13 
Quote:
Originally Posted by Meatloaf
I bought a foreclosed lot once.  The seller had an arrangement with an attorney in atlanta... I had the option to use their attorney or to also hire my own for an additional fee.  The seller's attorney was so busy, I had to take a number when we got to the closing... there were about 75 people in line ahead of me closing deals... it was insane.  I should have hired my own and paid the extra money.


If it was a foreclosure, I'm sure the seller had already paid their attorney to do title work etc...  
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Meatloaf

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Reply with quote  #14 
Quote:
Originally Posted by treskirkland


If it was a foreclosure, I'm sure the seller had already paid their attorney to do title work etc...  


Yeah, I think that was the case.

Here is the issue though... I was allowed to buy title insurance but only an amount equal to the purchase price of the lot.  The lot was worth about twice what I was purchasing it for and I was planning to construct a house worth significantly more than the purchase price.  I could get a title policy AFTER closing in any amount I wanted, but not before closing or at closing.

So.... Its kinda like buying a new car and being told you can insure it tomorrow after you drive it off the lot.

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