{"id":872,"date":"2012-02-03T14:43:26","date_gmt":"2012-02-03T14:43:26","guid":{"rendered":"http:\/\/blog.topbev.com\/?p=872"},"modified":"2012-02-03T14:47:59","modified_gmt":"2012-02-03T14:47:59","slug":"the-cash-buyer-needs-an-attorney","status":"publish","type":"post","link":"https:\/\/blog.topbev.com\/?p=872","title":{"rendered":"The Cash Buyer Needs an Attorney"},"content":{"rendered":"

The conventional process of buying a home is being avoided by many buyers. Recent reports indicate that one-third of all sales of homes are to cash buyers. One of the reasons for this is based in the lenders’ tight credit standards making the loan process even more complicated and time consuming than what it has been in the past. Because of this credit worthy buyers are opting to use their own funds to buy the properties as opposed to financing the transaction. The buyers are being buoyed by the fact that they are purchasing properties at bargain prices. Home prices nationally are down 33 % from the peak of the market.
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It is more important in these cash transactions for the buyer to employ counsel to represent them. The buyer that finances the transaction often uses the lender as a safety net to protect them. They feel that their interest and the lender’s interest run parallel to one another and therefore they will be protected. Without this safety net the buyer has to rely on someone else. That has to be the competent real estate attorney. The attorney must be able to coordinate the entire deal for their buyer. It has to start at the offer stage and continue up to and after the closing.
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There are events that occur in the process that must be completed by a date certain and if they are not met they may be waived and can significantly harm the buyer’s position in the transaction. The attorney will monitor these dates and make sure that they are dealt with properly. The attorney will have the title to the property examined so that it can be ensured that the property is conveyed properly and free of liens. Deeds must be reviewed so that the correct party is conveying the property and that they are executed properly. Adjustments must be made for numerous items, such as rents, taxes, utilities, heating oil, condominium fees and many others. If the property is an investment property the coordination of the security deposits is crucial. These are all done to protect the buyer and if not done properly the buyer’s great investment can turn sour in a hurry.
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The real estate attorney you select as the buyer is crucial to the success of your transaction. The attorney cannot guarantee that the property will appreciate in value but he or she can make sure that your investment is not compromised by something that could have been avoided. The cash buyer walking the transaction tight-rope needs the safety net that the experienced real estate attorney provides.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The cash buyer walking the transaction tight-rope needs the safety net that the experienced real estate attorney provides.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[40,3,1],"tags":[],"class_list":["post-872","post","type-post","status-publish","format-standard","hentry","category-closing","category-real-estate-law","category-uncategorized"],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":380,"url":"https:\/\/blog.topbev.com\/?p=380","url_meta":{"origin":872,"position":0},"title":"How to get an offer accepted? Use a Realtor!","date":"July 9, 2010","format":false,"excerpt":"This is an extremely sensible approach to REO practice. I do a lot of REO work for Lenders, and I would like all my sales agents to have this material. Via Endre Barath,Jr. (Beverly Hills,CA.310.486.1002 Coldwell Banker): How to get an offer accepted? Use a Realtor! Many buyers are asking\u2026","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":242,"url":"https:\/\/blog.topbev.com\/?p=242","url_meta":{"origin":872,"position":1},"title":"The $8,000 First Time Home Buyer Credit–If Your Clients Have Already Closed on their Purchase, They Can Get the Credit Back from Uncle Sam Right Away","date":"June 29, 2010","format":false,"excerpt":"For all of you who have clients who qualify for the First Time Home Buyer Credit, there is great news from the IRS. According to IRS Commissioner Doug Shulman, \"this special tax feature can put money in their\u00a0 (the \"Buyers\") pockets right now rather than waiting another year to claim\u2026","rel":"","context":"In "Marketing \/ Communication"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":248,"url":"https:\/\/blog.topbev.com\/?p=248","url_meta":{"origin":872,"position":2},"title":"The pampered Buyer–Things we can still do to get the deal done","date":"June 29, 2010","format":false,"excerpt":"With all the commotion about the First Time Buyer Tax Credit, and doom and gloom news from our newspapers and TV stations, it is no wonder that the Buyer now believes he or she is in the driver's seat. No request is unreasonable; after all, most of the Sellers are\u2026","rel":"","context":"In \"educating your buyer\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":207,"url":"https:\/\/blog.topbev.com\/?p=207","url_meta":{"origin":872,"position":3},"title":"Short Sale Shenanigans–Do not get involved; Do not let your clients get involved!!!","date":"June 29, 2010","format":false,"excerpt":"It was bound to happen. Short sales, the new salvation for an inconsistent real estate market, have too many characteristics which facilitate fraud. One party, the Lender, is being asked to take a \"hit\" for immediate payment on a delinquent mortgage. Another party, the Buyer, is getting a great deal\u2026","rel":"","context":"In "Short Sales & Foreclosures"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":194,"url":"https:\/\/blog.topbev.com\/?p=194","url_meta":{"origin":872,"position":4},"title":"Virtual Homes—Take a look at the future world of Buyer transactions","date":"June 29, 2010","format":false,"excerpt":"I need to start this post by saying that I do a lot of legal work for the realtors at Virtual Homes, and I am extremely friendly with some of the principals of the Company. One principal, Lynda Longmire, and I have been friends and business colleagues for more than\u2026","rel":"","context":"In "Marketing \/ Communication"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":752,"url":"https:\/\/blog.topbev.com\/?p=752","url_meta":{"origin":872,"position":5},"title":"The Senate approved a measure to extend the First Time Home Buyer Tax Credit","date":"July 1, 2010","format":false,"excerpt":"The Senate approved a measure to extend the First Time Home Buyer Tax Credit until September 30, 2010","rel":"","context":"In "closing"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=872"}],"version-history":[{"count":2,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/872\/revisions"}],"predecessor-version":[{"id":874,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/872\/revisions\/874"}],"wp:attachment":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}