Self-representation

[spdrun]

I find it hard to believe that people would buy a condo (unless it’s under $25k or something) without doing due diligence on the financials, pending lawsuits, etc. But if it does happen, that’s cool, just not my thing.

Not a masochist here 🙂

[sdrealtor]

HOA docs are $200 to $500 here and no one wants to pay in advance until they know they have a firm contract. They also need to be current so if you order them and some time passes before the transaction is set to close they may have to be re-ordered for additional expense. If you want them in advance as a buyer you most likely will have to pay for them yourself. Where CA is different is the protections for the buyer are likely unparalleled across the country. Deposits are more refundable here than anywhere else I have ever heard. Once in escrow you can review the docs and if you dont like what you see you can cancel and get 100% of your deposit back. Simple as that.

You seem to be one of those buyers I run into from time to time who think they know it all and are smarter than any real estate agent so I wont bother to tell you anything more. You already know it all.

[Coronita]

[quote=spdrun]I find it hard to believe that people would buy a condo (unless it’s under $25k or something) without doing due diligence on the financials, pending lawsuits, etc. But if it does happen, that’s cool, just not my thing.[/quote]

Just ask folks that bought a condo convert if they thought about the potential HOA underfunding…. What? Folks really think that there wouldn’t be a problem there?

Pending lawsuits are interesting. Because if you have a loan contigency, most likely it would be flagged then.

To be fair….There are people on this board that would swear that condos or any attached community is a horrible “investment” as a blanket statement too, for your aforementioned reasons….

Piggies on this board, as we are so called, like to think we’re smarter then the average people…Well, with the exception of maybe me…I like to be pretend I’m dumber than most people. Because then I surprise myself and surprise everyone else when I exceed expectations, and then I can feel good about myself.

[spdrun]

HOA docs are $200 to $500 here and no one wants to pay in advance until they know they have a firm contract.

The basic documents — recent meeting minutes and annual financial statements — are not provided to unit owners for free on an annual basis? If it’s a short sale, one would assume that the unit owner could provide them to the listing broker. But perhaps I’m wrong.

You seem to be one of those buyers I run into from time to time who think they know it all and are smarter than any real estate agent so I wont bother to tell you anything more. You already know it all.

No – I’m asking questions and attempting to educate myself. And I admit that I do find some things odd. No need to be a d’bag to someone whom you don’t even know, bigshot.

[sdrealtor]

Nice! You from Jersey? I’m from Jersey. Its a whole nother world out here and it aint easy. Learn for yourself or get good help. Real estate is a full contact sport here and the waters are full of blood thirsty sharks. Some very bright and some not so bright. Enjoy the ride.

FWIW I have closed about 100 short sale listings and not a single one was to a buyer who came direct to me. I have been approached numerous times and tried to work with some seemingly good buyers but they never work out. I try to avoid buyers like that. Would much rather deal with a buyer that comes in with an agent they are loyal to than one who approaches me directly because I know they are doing the same thing over and over again. BUyers like that are a dime a dozen around here so be prepared to get in line with the rest of them just like you.

[spdrun]

Yep, from NJ originally.

It does seem like a full-contact sport — the problem is that players seem to be a lot worse organized than on the other coast, as well as being not very bright in some cases and generally less straightforward.

[sdrealtor]

All of that and more. It really is the wild west out here in RE.

BTW, its funny that I can just tell when someone’s from Jersey like me. What exit? Exit 4 here.

[spdrun]

Up north. I guess exit 14 would apply, but quite a bit west of that at first, then east across a large river 🙂

[sdrealtor]

Got it. Went to school up North then worked in one of those two tall buildings that used to be across that river.

[UCGal]

[quote=spdrun]Yep, from NJ originally.

It does seem like a full-contact sport — the problem is that players seem to be a lot worse organized than on the other coast, as well as being not very bright in some cases and generally less straightforward.[/quote]
I was also thinking NJ.
IIRC NJ mandates that you have an attorney for closing. I have friends/family in NJ and Philly. sdr is originally from Jersey.

[spdrun]

Both NJ and NY require attorneys. I have less of a problem working with one just before closing (after I satisfy myself of everything) than dealing with a buyer broker for months on end!

Atty fee is actually cheap as compared to a broker commission. Yeah, yeah, seller pays, but everything eventually gets passed to the buyer!

[njtosd]

[quote=spdrun]Both NJ and NY require attorneys. I have less of a problem working with one just before closing (after I satisfy myself of everything) than dealing with a buyer broker for months on end!

Atty fee is actually cheap as compared to a broker commission. Yeah, yeah, seller pays, but everything eventually gets passed to the buyer![/quote]

Don’t know about NY, but NJ doesn’t actually require an attorney. In order to protect themselves, NJ agents always put a requirement for “attorney review” in the offer/acceptance. It’s of very little value. The review is basically a rubber stamp (how much repeat business is an attorney going to get if s/he nixes the deal?) and the attorney’s pay is so low (about $1000 per closing) that all the work gets done by paralegals (who may or may not be qualified). When we were trying to close, the opposing attorney added in the requirement for a “quantitative three part pump test.” After googling that phrase and getting ZERO hits we asked repeatedly for the requirement to be removed or explained and got no reply. Since this meaningless requirement seemed like a built in method of getting out of the contract, we told the buyer no deal which led to them having to get a different lawyer, more $$$ for them, etc.

The bottom line is: only way you get a real attorney review anywhere is for each party to pay by the hour rather than a flat fee – we ended up paying about $5000 but saving ourselves a little over twice that much, so it was worth it.

[sdrealtor]

[quote=spdrun]Both NJ and NY require attorneys. I have less of a problem working with one just before closing (after I satisfy myself of everything) than dealing with a buyer broker for months on end!

Atty fee is actually cheap as compared to a broker commission. Yeah, yeah, seller pays, but everything eventually gets passed to the buyer![/quote]

You are comparing apples and oranges. In NJ/NY which use attorneys there are still agents on each side. IN CA the attorney is comparable to the escrow company which is cheaper and less adversarial than an attorney.

[spdrun]

You are comparing apples and oranges. In NJ/NY which use attorneys there are still agents on each side.

For sale by owner is relatively common, as are buyers approaching the seller’s agent directly and not having a broker of their own. In CA, agents looked at me like I had three eyes when I approached them directly.

[njtosd]

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