Last week I researched an investment condo. I did a lot of homework and soon learned that it is not the price of the condo that is expensive, it is the closing costs, interest expense, and condo fees that add up. As a result, I decided not to bid since the costs were too high.
The research was time consuming, but I learned lots of things. I interviewed a real estate lawyer, and he was not for me. Instead of protecting the client, he was only protecting himself. He gave me very poor advice, and I quickly told him that we could never work together. He asked for an outrageous fee for a P and S ( Purchase and Sale Agreement). In fact there is no required amount by law and any amount would work. The money would go into his escrow account with no interest. I have a valid real estate license , and I am glad that I know the law. There are a lot of scams in real estate even right now.
Fancy Nancy says: Do your homework before you buy! Research pays off.
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Were you blogging in the middle of the night, Miss Nancy? (me, too)
ReplyDeleteHope your R.I. home stayed above water...