Home Buying in Portland>Question Details

Pdxer09, Home Buyer in Portland, OR

Does any one know how much approximately it will cost to hire a real estate lawyer to help me buy a foreclosure condo.?

Asked by Pdxer09, Portland, OR Wed Feb 5, 2014

I have acquired all the paperwork about the condo from the county records from the time the previous owner walked away in 2010 to the present...But I need a lawyer to look at them and advice me if I should make a bid for it or not. The condo failed to sell in 2010 in an auction, and now it is being sold again in another auction for a different judgement...Long story...Since I will have to pay cash, I want to make sure I have cash for both the purchase and the lawyer's advice...Any suggestion for a good real lawyer in Portland, or is there a public real estate lawyer whose fees are affordable...Thanks

Help the community by answering this question:

Answers

6
If this is a legitimate "foreclosed" property, by adding legal fees you may be duplicating services and running your bill up unnecessarily. Most foreclosed properties sell in very much the same manner as a regular transaction, with the buyer's needs not exceeding normal contingencies, a title search, inspections and closing fees. If the property has been foreclosed and is listed for sale on the local MLS your purchase should be nearly as standard as a normal transaction.

Bill
1 vote Thank Flag Link Wed Feb 5, 2014
this one looks more complicated, it fails to sell at a courthouse auction back in 2010, when the lenders initiated the auctions once the owners walked away. But this time around it the HOA that is initiating the auction after winning the case in court to collect unpaid dues...HOA contacted the lenders about the unpaid dues and the possible law suit, but the lenders did not care. So it is being foreclosed on to be sold in auction, but I am not sure if the lenders still would come bak for it...Thus the need for a lawyer, or I am just forgetting about it.
Flag Wed Feb 5, 2014
You need to get into the property to see condition and what reapirs are needed. I think you talked about before the condo has be vacant for a few years. You need to know present value and cost of repairs before you want to buy anything along with judgements and liens. Call me and I will give you a lawyer cost is going to be $300 and up but an attorney can not tell you the condition and what repairs the property will need? Tom Inglesby, Broker RE/MAX equity group
1 vote Thank Flag Link Wed Feb 5, 2014
Most attorney's that are worth their weight are around $250 per hour.
1 vote Thank Flag Link Wed Feb 5, 2014
I recommend Ben Knaupp at (503) 846-0707. It is always enlightening to talk with a real estate attorney. He has a very reasonable consult fee. I would also add that it would be good to work with a real estate agent, we do these types of transactions for a living.
1 vote Thank Flag Link Wed Feb 5, 2014
Ben has done some work for some of my clients as well. They were very happy with his advice.
Flag Mon Feb 10, 2014
I am not sure if a lawyer is absolutely necessary. If you question is about value, then getting a Broker's Price Opinion from a Realtor or a drive-by appraisal may be a better, and more reliable, option. A BPO generally costs $100 and a drive-by appraisal a little more.

Another option is to order a title search on the property from a local title company. This will tell you who else has an interest in the property. For example, if the foreclosure is on a second mortgage, the first mortgage runs with the property. The first mortgage holder could turn around and foreclose on the property for the balance of their loan. If the new buyer does not pay that, they could lose their purchase price. A title search will identify these problems. This also costs around $100 and the attorney is going to order it anyway.

I would recommend starting here and then if you are still nervous you can get an attorney.
1 vote Thank Flag Link Wed Feb 5, 2014
I am surprised. All these people will have you pay for these services- I had no idea how many people will have a piece of one sale, if you let them.

You have the paperwork, call the association and find out how much is owed in HOA- it is part of the debt and will have to paid.

Get reasonable paid attorney to get the papers ready but only after you see what is damaged.
Then either your offer is accepted or not.

Forget all these "opinions" you can roof failing down or broken toilet yourself.

However if you are getting a loan, than a county certified appraiser is needed to get one. That person will find all there is wrong with it.
0 votes Thank Flag Link Sat Feb 15, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer