What is the objective of a real estate/short sale attorney?

Asked almost 2 years ago - Staten Island, NY

I am looking to purchase a home and would be a first time home buyer. I've been searching for houses and came across a short sale property that my family and I really like. Will a experienced short sale attorney be able to negotiate An offer for me with the lender and spped up the process? Will the attorney also take me through closing and examine all legal docs? Basically I want to know what is the Function for an real estate attorney. How much would the legal fees be?

Attorney answers (3)

  1. Robert A. Stumpf

    Contributor Level 19

    1

    Lawyer agrees

    Answered . Yes, this is actually the sort of work I do, I am a lawyer of course and a Real Estate Broker on SI. A "short sale attorney" would guide you though the process of having the bank approve your request. This can take a bit of time and back and forth, as banks are not anxious to lose money on properties, even though it is often in everyone's best interest that the properties do change hands. Like most other real estate fees, it's a percentage of the sale price, but is negotiable.

    This is AVVO, a place for users to obtain general legal information to general legal questions. I am glad to help... more
  2. Eric Edward Rothstein

    Contributor Level 20

    1

    Lawyer agrees

    Answered . A real estate attorney helps you negotiatioe the sales contract, does the legal due dilligence on the house, and represents you at closing.

    I am a former federal and State prosecutor and now handle criminal defense and personal injury/civil rights cases.... more
  3. Matthew Scott Kam Tannenbaum

    Pro

    Contributor Level 12

    Answered . In most cases the attorney representing the Seller will negotiate the terms of a short sale with Sellers lender. You would need to retain your own attorney to represent your interests. You would be best served by retaining an real estate attorney w/ experience in buying and selling short sales. A word of caution, short sales can take a very long time to get approved. I am currently working on one that has been in contract since February and we only just got approval from Sellers lender. Most successful SS purchasers are buying "all cash" w/ no financing contingencies. Also be prepared for a very short period of time between SS approval and closing dates (30 days), so you will need to have all your ducks in a row even if SS approval has not been issued yet. Your should review the contract of sale ( make sure it has a "drop dead" clause which will allow you to cancel the contract and receive your contract deposit back after a specified period) Also in most short sales the buyer should put down a very low contract deposit (1-2% of the purchase price) b/c of the length of time it takes to get approval. Also it is best remember that the Seller is not allowed to get any money from the sale so any "condition" problem wit house become your headache. Most contracts are drafted this way with no representations made regarding condition, C/O's etc.
    After contract your attorney will order a title search and work with Sellers attorney to clear title exceptions. As closing approaches he will communicate with you about how much money you will need to close and at closing he will review and explain all the documents including any loan documents from your lender if you are obtaining financing.

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