I did forget to mention that I give 3 attorney names to a client.. This ensures buyer can call each discuss pricing and the office practice.
Same as I do for home inspectors and Mortgage People..
Because I know that the attorney I use will be responsive to your needs during attorney review, answer all your questions and have a good staff that supports him /her.
The last thing you want is to get involved with an unresponsive, slow moving attorneys office, this can bring you to a disadvantage when negotiating during attorney review.. like inspections issues and such. Unresponsive / uncaring attorneys can break a deal in a heartbeat. Like anythig else, where there are good and bad.
99% of my clients used the attorney I suggest.
Yes, it is common for a Realtor to suggest someone that will work in your best interest. Especially if this is a short sale and your Realtor is aware of your attorneys prior short sale negotiations and practices. Go with the Realtor reccomendation.
If you trust your Realtor and find that after the Attorney interview that the Attorney is not right for you, then tell your Realtor you do not feel comfortable with his referral and look elsewhere. The RE agent is there to help you and has your best interest in mind.
Remember, it is your right to chose your own Attorney, however sometimes a referral can connect you with some of the most competent practitioners available in your area.
Interview the Attorney because he will be interviewing you as well.
Attorney? What shall you ask of him or her?
What is it they can tell you? Why would you see an attorney at all?
For maintaining integrity with respect to the offer? To assist you in closing?
With respect to all [but one here] I had to write this brief analysis in hopes of flushing out the regular one or three
Admirers waiting to lay siege with the usual baseless rhetorical counter attack â€“ There are likely less than 20 attorneys per state on average in the United States that comprehend the horrific mess and Chaotic situation that has befallen the private label secondary and mortgage asset backed securities sector of Real Estate.
There is mounting pressure on the parties to the loan (as there is no true lender) and absent holder in due course under these structures.
I am versed and published on the subject and fall back on verifiable case studies (been there and done it) and have countless examples of
willful negligence and deceptive practices. Before you see an attorney gauge what you are up against.
A collateralized security owned by the pass thru cert holders who are managed with a bias for the lender and against the note holders.
They will rely on a master servicing agent to administer the collections and recovery from the sub servicing agent who represents the
Originator "lender" who is not a lender but called a "Depositorâ€. That party you all call a lender has solely an interest in the paper called â€œrecourseâ€
Or pay me back for the bad loan you made (solely upon early prepayment and default).
EVEN IF THERE WAS A PREPAYMENT PENALTY AND A FULL PRICE OFFER THAT PARTY LOSES MONEY! That means if a loan stays current or pays off at CPR (term) . . . no problems. If foreclosure is involved itâ€™s insured in a recovery and stands to make something under the Cash for keys â€œFake a Saleâ€ .
I should stop hereâ€¦reallyâ€¦What? Continue???
Okay - nothing else, short sale or modification will work. ..Nothing. Last month its was the No Note Show on 60 minutes (11 months of attacking the messenger on that one). Sometime around fall and Christmas is when the next revelation will be announced on some prime time news program....short sales and modifications are wrongfully offered where lenders have no motivation to see these deals to fruition!
GET AN ATTORNY TO COMPEL THE SALE â€“ ITâ€™S YOUR RIGHT!
The only person who wants your transaction to close as much as you do is your Realtor. If you do not have faith in that, then you have the wrong agent. Short sales are very challenging for all involved, so as an agent I try to refer the professionals I know from experience will do the job best for my clients. Remember- we rely on your referrals after we provide you with the best service we can to facilitate your deal and keep you as a client forever.
I wouldn't hesitate to use one of their referrals. Make the calls, interview the people they've given you, ask about fees, availability, how the process works.
If you don't trust your Realtor's referral, then you don't trust your Realtor, and in that case, you should get a different Realtor. It's truly that simple.
As agents, we often provide several names of resources, attorneys, inspectors, etc. but those come as a courtesy only. We are careful not to present them as recommendations - because in the end each and every resource involved is working for you and it is up to you to select resources that have the experience you seek, and with whom you feel comfortable.
But with a short sale, let me stress again - an attorney that specializes in Real Estate and has specific expereince in short sales is a must.
Search and connect at http://www.feenick.com
It is a very good question.
First of all, all attorneys are independent, even if a Realtor recommends them.
An attorney works for you, represents you. If you will find out that an attorney is not honest with you, and working just to "please" a Realtor, you always can file a complain against him/her, but no one attorney in clear state of mind will do it.
As a real estate professional I always give my client a chance to hire an attorney who I recommend (usually 3-4 names) or who they know, or who is recommended by someone else. And in 95% my clients are ending up by hiring someone who is recommended by me.
I think you should hire an attorney, recommended by your Realtor in THIS PARTICULAR CASE of a SHORT SALE deal, if of course you have 100% trust in your Realtor.
Back about 10 years ago, I worked for a firm whose advice to the AGENT was to make a recommendation of at least three people for every task, so we would not be seen as steering to just one. The philosophy was that if we offered only one recommendation and it turned out that they had goofed something up, we might be sued for recommending them. Talk about the shoe being on the other foot; that's about 180 degrees from what you've been told!
In point of fact, an inspector or a lawyer is responsible for his or her own actions and, unless one could make a case for conspiracy, there should be little difference in accepting a Realtor's single suggestion, rather than one of three.
On the other hand, a good Realtor has worked with a lot of professionals and may be able to recommend one who has shown more diligence and competence than others that he or she has worked with. Do you have experience with any professionals? If not, you are experimenting and serving you apprenticeship "under fire," so to speak.
My advice is simply that, if you don't trust you Realtor, don't trust his or her advice. If you do, use their expertise to the maximum advantage.
Consider checking out the following website: http://www.linkedin.com
It a website for professionals that provided people with recommendations from their previous customers. It's a good resource for any number of purposes.
I usually reccommend the attorney. I have 3 different attorneys that I reccommend. I believe my clients should feel comfortable with whomever they choose so I tell them to call each one and talk to them. A lot of times you can get a feel for a person from your conversation.
The job of any attorney is to act in the best interest of their client. Bob, that would be you. Not me. We recommend based on past experience with them. You want someone that is responsive to your needs. The three I recommend have cell phone numbers on their cards so yes you can get them when you're in a state of panic and need an answer on a Saturday night that can't wait until Monday.
Hope this helps:))
As already stated, the attorney and REALTOR must work closely to get a short sale to the closing table. Why not ask the REALTOR if any of his/her other clients have used this attorney? Good luck!
Keller Williams Atlantic Shore
I concur with all of Susanna's input. To add that, I find that using an attorney with which I have a previously established relationship ensures a smooth transaction as it is important that an attorney and Realtor work closely in ensuring that all contingencies are met and resolving any other issues that may arise during the closing process.
It is normal to ask for multiple references and in the case of a short sale deal asking for references is adviseable since many attorneys are scrambling to become short sale "experts". In the end, you must feel comfortable with those with which you choose to do business.
Francesca Patrizio, Realtor
Thanks for the reply - my Realtor recommended this attorney because she specializes in short sales, and she and my Realtor have worked together in the past. She sounds great, but I'm a bit concerned about any possible conflicts of interest though. Should I be? Is it normal to ask the attorney for references?
Negotiating short sales can be such a struggle. It's entirely possible your realtor is simply trying to help you by referring you to an attorney who has a proven track record with short sales. I'd first ask your realtor why he/she recommended this attorney. If there's a track record, feel free to ask to talk to some of your realtors other clients who used this attorney, and even ask the attorney for references. With any professional resource, it's important to "shop" and talk to at least 2 or 3 resources yourself. On our island, many attorneys are so busy they don't even refer calls. Often the only way things get done is through referrals. Good luck with your negotiations!
Susanna Kunkel, RA
Hawaii Life Real Estate Services