5150 Tamiami Trl N, Ste 603, Naples, FL 34103..... (239)325-4070
He handled a recent deal for me which successfully closed and is absolutely a fantastic wealth of knowledge which can make all the difference in the world. Due to his success in the last closing I am now using him for an additional contract on a short sale and can not imagine having not. His rates are reasonable and in the big picture of it, isn't it nice to have someone to turn to when you don't have the answer? Hope it works out or has worked out...Don't ever hesitate to go with your gut. A real estate attorney is a SMART choice.
However, If I were a Buyer, and I was paying CASH for a condo, I may be likely to hire an attorney to review the contract, the HOA docs, and the Title Commitment. If I were a Buyer and I was getting a mortgage, I may feel somewhat comfortable that the mortgage underwriter would likely identify issues that may not be readily visible. If you haven't seen a Loan Commitment lately, (they are far and few between, lol! ) there are a million (being dramatic) items that the underwriter wants clarified.
Please note that in my experience, an attorney usually can not change anything in the mortgage document, unless it was interest rate or term (length of the loan) error. I do not think having an attorney review the mortgage and note would likely result in a change in the documents. Be sure that you check your interest rate and terms of the loan at the closing.
I hope that helps you with your decision. If you need a good attorney, email me and I will send you a few names.
Broker, Florida WestShore Realty
Usually our clients from the northern states have a strong belief in using attorneys. Not all title companies have attorneys on staff but there are quite a few attorneys that offer title services (ie: Frank Aloia Jr in Fort Myers is attorney and has a title company too).
The title company will not be able to get you closed unless all liens are released. The bank holding the mortgage could be one, a secondary loan such as an equity loan is another, plus more than likely the Home Owners Association has also filed a lien. If for example the HOA and the attorney's title company disagree on the amounts owed on the HOA fees, interests, their atty's fee's etc. then this could end up in court for weeks or months. The seller's bank will want to keep expenses down to a minimum in order to get out of the short sale as cheap as possible so the HOA expenses could fall into your lap. The sellers bank is probably already using the attorney's they have on retainer and since they are now regulating the process of short sales and foreclosures more closely, you probably have a greater comfort level than 2 years ago.
You can also talk to your title company doing your closing and tell them of your concerns and let them do the convincing or explain worst case scenarios of the short sale world. Good luck to you and so glad to hear of your purchase.
Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2011"by Gulfshore Life Magazine
Website Access to MLS:
Charles Rutenberg Realty
Congratulations on your new home. Estero is a lovely area.
Please see my blog with tips and advice on buying a short sale