From: Tony Sivori 
Newsgroups: misc.consumers.house
Subject: Re: How much for a lawyer when buying a house?
Date: Wed, 09 Aug 2006 04:03:16 -0400

Natalie Munro wrote:

> Tony Sivori (TonySivori@yahoo.com) writes:
>> This is one of the reasons I definitely don't want to sign a contract
>> with a buyer's agent.
> 
> This could turn into a big and costly mistake for you.
[...]
> 
> In a case where you are not in a buyer agreement with a realtor and you
> want to buy a listed property, the listing agent is required to hold the
> interests of the seller in priority.

Of course.

> This is not to say that he/she will be out to screw you, but they would
> be under no obligation to represent your interests by say, telling you
> about true market value of the property.  I have a client who did this
> exact thing on his last purchase and his property still isn't worth
> nearly what he paid for it 3 years ago.

Which is why I'll be paying for an inspection and appraisal.

> Now if you end up wanting to buy a FSBO from a seller who won't pay
> commission, and you've thought to alter your Buyer Representation
> Agreement to exclude that type of purchase, then you're into the same
> kind of position - no-one is representing you and things like fair
> market value, future uses of abutting land/buildings, etc. are not going
> to be researched or explained to you.

I'm capable of checking setback ordinances, and I intend to have a survey,
certified to me.

> 
> Whatever money you may think that you're saving on a commission (which
> is generally paid by the seller) could turn into peanuts quite quickly.

Well, maybe. But I remain unconvinced.

-- 
Tony Sivori