Providing my layer`s and banker`s contact information

[Nir]

I`m a new investor. The real estate agent I`m working with offerred to contact my lawyer and banker for me for every transaction. Should I agree or is it actually important that I do communicate with them personally in order to build stronger relationship with the banker and lawyer? In other words, is it a mistake to let your real estate agent do that work for you or actually a good idea (when just starting as an investor)? THANKS.

 

[mikecunning]

QUOTE (investmart @ Dec 10 2007, 07:57 AM) I`m a new investor. The real estate agent I`m working with offerred to contact my lawyer and banker for me for every transaction. Should I agree or is it actually important that I do communicate with them personally in order to build stronger relationship with the banker and lawyer? In other words, is it a mistake to let your real estate agent do that work for you or actually a good idea (when just starting as an investor)? THANKS.


I guess the questions that comes to mind is...Why?

It is important that you know what is going on...what are the hang ups and snags...this will help you become a better educated investor as opposed to having someone else do it for you.

 

[Nir]

THANKS!

 

[navaz]

At the begining of each transaction, I let each of the parties know each other -that way if there is a snag and they cannot reach me, they have an alternative phone number and some of the issues can be sorted out amongst themselves.

 

[CarlaJohnson]

Our agent, property inspector, mortgage broker & lawyer all know each other and it works really well. They work very hard to make each purchase as smooth as possible for us. They all call each other as necessary and save us an enormous amount of time. It really frees us up and you can bet we will call on each of them for our next purchases.

If you have people willing to work hard for you, let them. You hire experts for their expertise. You are the investor and that`s your expertise. It frees you up to work on your business not in it.

Cheers!

Carla

 

[Nir]

Thank you Carla. I guess it makes sense at your stage as a more experienced investor and after you have already bulit good relationship with all team members. However since I`m only looking into purchasing my first investment property (put an offer couple days ago by the way), i guess I`m not there yet and should still communicate with each team member myself. However, I will definitely keep your prsepctive in mind in the future once a strronger relationshiop is built with each member. Regards.

 

[CarlaJohnson]

Keep in mind that they do this all the time and you are new to the business. Your involvement in the communication could potentially slow things down. We actually set this up with our first purchase, but you need to decide what works for you.

The best to you.

Carla

 

[TorontoRealtor]

I think it is important that all of your advisor`s know and deal with one another, keeping YOU in the loop on all significant correspondence. Changing a minor detail in an Agreement of Purchase and Sale is better handled by the lawyers and real estate reps as they both have a fiduciary duty to you as their client with some pretty stiff penalties for NOT looking after your best interests. Having said that, you really do want to know what changes have been made and what discussions have taken place even though you need not necessarily participate in them. A cc: may be sufficient if they are solid, upstanding and trustworthy.

Just remember "due dilligence".

ML