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And while all those who are so intelligent that they would NEVER get caught in such a situation are reading this I'd like to offer a little insight of what you, as a superior being, should look out for: I recently sold a house, I acted as my own selling agent. I received a copy of the settlement statement 24 hours before closing, the first time I had ever seen a statement before going to the table to sign, and there were numerous errors on it. The amount of the errors: $3000+ So let the sellers beware too.

OH MY GOD! You label anyone here that says the buyer should beware, should have legal representation, should read the document clearly, fully, several times as some kind of snobby elitist. Then you bitch about how enticing the lending companies advertise and how the current lending companies are on par with loan sharks. Horse hockey. Some bad loans were made but more often than not the borrower lied about their income/ability to pay. Then you admit that you acted as your own council in selling a house a noticed numerous errors. That is you were aware enough to catch some errors but still seem to cling to the idea that legal representation is unneccessary.

Since you were the seller how were you not chiefly involved in the creation/finalizing of the closing documents?

Overall your post is both self-defeating and puzzling.

Are you serious? You've really read all the documents presented to you at the closing of a home loan? How much time did that take you? You must be a lawyer. Or spent the night at the closing company.

As far as legal representation, it is not required nor encouraged where I live, other than a title opinion and title insurance which is handled by the title company.

And would you deny that the loan companies are not enticing unwary and uneducated people with such inducements as no verification of employment, self certification of income, low introductory interest rates, cash back, 125% financing etc.? Do you think these inducements are not effective? Do they not gently suggest the borrower not worry about ability to repay? And what about the investors, is the lender really living up to his responsibility to them?

It should be obvious that the companies, who spend millions on advertising and mailers, are getting significant payback from these efforts. And not from sophisticated buyers represented by “council”.

I think your dismissive attitude of how I handled my business is based on laws that exist where you live. Every state has different laws regarding real estate sales and transfers. What you view as a necessity is not always what is viewed as necessary in other places.

I certainly did not think of myself as acting as my own “council”, I am smart enough to get legal council when needed. I acted as my own real estate agent. I did submit expenses to the closing company but the errors I discovered were placed there by the closing company, not by the selling broker and not by me.

Sorry if I confused you, but we're even now as your post puzzled me too :^)