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Todd H.

writes:

I am about to begin the closing on a new home purchase. A friend of
mine who has closed on 3 properties in the past is recommending that I
dont waste any money on an attorney, as he will be happy to go over the
numbers for me.

This is a brand new development and we used a standard contract
downloadable from the MLS website.

Does anyone think it would be a big risk not getting representation?

I've done transactions both ways. In Texas, real estate attorneys
were hardly ever used. In Illinois, they're quite often used, despite
very standardized forms.

Having a knowledgeable attorney in your corner at the closing table
who can speak authoritatively to things is very very nice, as is
having someone who doesn't get paid via a commission of the sale is
nice too. Here they can be had as inexpensively as $300 for a
transaction, though better folks are $550 or so. I've never regretted
that money spent that's for sure. They've always added value and
assurance to the transaction, especially in negotiation of repairs if
needed, and kept whatever finance folks were being used to eliminating
bullsh*t fees, etc. Also were a huge help when I sold a home myself.

If the transaction goes smoothly you'll feel like you saved money. If
you hit bumps or strangeness, you're gonna regret not having one.
Like many things in life, you can get by both ways, but for a few
hundred bucks, it's a very nice service to have. Realtors are okay,
but you have to keep in mind that even if they're on your side of the
closing table, a) they don't get paid unless the transaction occurs
and b) they don't have a law degree.

--
Todd H.
http://www.toddh.net/