Hello all. I became a member on June 30th and I am on Chapter 10 of "Your Town". I have done alot of work in the short time so far. I am looking at a FSBO at 66,000 (already have a local realtor doing a CMA for me. I am also looking at a nice commercial building in town that is listed at 69,000. It has one space rented at 600.00 a month taxes are 2000 a year (they pay utilities) and the other space is vacant. The agent tells me the owner will hold paper. The 2 floors above need extensive work according to the agent. I plan on looking at it to see how many thousands it will take to rehab the upper floors. I have met with 2 local banks.
My questions on attorneys is this.
So you know I have an associate brokers lic. and have sold a few homes in my short career working for a broker. This game is new.
I have worked with many attorneys and all of them charged my clients a flat fee of some dollar amount.
When I talked to this attorney he said he used to charge 1 percent of the selling price regardless of who he was representing.
He then told me he does not have this price structure any more. He now charges $200.00 per hour.
The difference in 1 percent to 200.00 an hour is huge.
He also told me that he charges this fee regardless if the deal closes or not.
I do not like this picture.
I would like to read how you work with your attorneys and how they charge you for their service.
John A Musco -
You see, in life, lots of people know what to do, but few people actually do what they know. Knowing is not enough! You must take action.