slippers2k
New Member
My jurisdiction is: Pennsylvania, United States
Hello and good evening.
I am trying to figure out what's in my best interest for my very first home purchase. However, conflicting points of view mean that one side of my family doesn't think that legal representation is a requirement, and another side of my family doesn't negotiate transactions of this magnitude WITHOUT a lawyer present.
Here's my deal:
1. Found a townhome for sale in my local area.
2. It's my first home, and I qualify for the $7500 tax credit.
3. It's my first home, and the seller is willing to do a "seller's assist" program.
4. The seller is paying approximately 95% of the closing costs. I have a relatively small amount of money that I need to come up with prior to closing.
5. One side of my family has already made purchases like this in the past with no legal representation.
6. Another side of my family does not make purchases of this size without a lawyer.
7. I have already experienced the feeling of being burnt on rentals and a car purchase in the past, and have no interest in being burned on a home deal. Based on my experience with the realtor and mortgage financier, however, both of these folks seem like stand-up professionals. (However, I have been tricked before.)
8. Last point: I have no money to be able to swing for legal representation right now. ZERO. It would be utterly awesome to find a free attorney that could help me review the final contract prior to closing, but (a) it's probably not going to happen, and (b) that might make the seller turn tail and drop the deal like a hot plate at a diner.
What should I do? It feels like this is a great offer... but again, I have been burned before. I also have no funds to obtain legal rep at this point.
Comments helpful, and timely response is DEFINITELY appreciated!
Hello and good evening.
I am trying to figure out what's in my best interest for my very first home purchase. However, conflicting points of view mean that one side of my family doesn't think that legal representation is a requirement, and another side of my family doesn't negotiate transactions of this magnitude WITHOUT a lawyer present.
Here's my deal:
1. Found a townhome for sale in my local area.
2. It's my first home, and I qualify for the $7500 tax credit.
3. It's my first home, and the seller is willing to do a "seller's assist" program.
4. The seller is paying approximately 95% of the closing costs. I have a relatively small amount of money that I need to come up with prior to closing.
5. One side of my family has already made purchases like this in the past with no legal representation.
6. Another side of my family does not make purchases of this size without a lawyer.
7. I have already experienced the feeling of being burnt on rentals and a car purchase in the past, and have no interest in being burned on a home deal. Based on my experience with the realtor and mortgage financier, however, both of these folks seem like stand-up professionals. (However, I have been tricked before.)
8. Last point: I have no money to be able to swing for legal representation right now. ZERO. It would be utterly awesome to find a free attorney that could help me review the final contract prior to closing, but (a) it's probably not going to happen, and (b) that might make the seller turn tail and drop the deal like a hot plate at a diner.
What should I do? It feels like this is a great offer... but again, I have been burned before. I also have no funds to obtain legal rep at this point.
Comments helpful, and timely response is DEFINITELY appreciated!
