Kim, Home Buyer in Port Charlotte, FL

We are buying a foreclosure home in Port Charlotte, paying cash. Should we have a realestate attorney to complete this transaction? Risks?

Asked by Kim, Port Charlotte, FL Thu Jan 17, 2013

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8
Terry Farnsworth’s answer
Hi Kim,

If you are purchasing a home, and you find yourself asking if you need an attorney, or if there are any risks involved.......then that is precisely the reason that you need an attorney or real estate professional to handle the transaction for you.

I'm not trying to be funny - It's one of the biggest investments you'll ever make. The lender most likely has a team of real estate agents and attorneys protecting their best interests - and you should as well.
0 votes Thank Flag Link Sun Jan 20, 2013
NO, YOU DON'T NEED AN ATTORNEY BUT I SUGGEST A REALTOR
0 votes Thank Flag Link Sun Jan 20, 2013
NO, YOU DON'T NEED AN ATTORNEY BUT I SUGGEST A REALTOR, TO DO A CONTRACT AND A GOOD TITLE COMPANY.ONCE YOU HAVE TITLE INSURANCE, THEY ARE THE ONE'S RESPONSIBLE FOR ANY RISKS THAT MIGHT OCCUR. 941-628-3396.
0 votes Thank Flag Link Fri Jan 18, 2013
Hello Kim, You do not need to have an attorney to close a foreclosure for you, but some people find comfort in doing so. 

I urge you to do what you feel is best. I know that some of the banks addendum's can at many times seem very intimidating with the advanced verbiage as well as the strict orders they cast upon the buyers. In most cases the bottom line is that the bank wants to make it very clear to you that you understand they will not be held accountable for anything.

Besides that, make sure you seek out a Realtor who is SFR certified. They will have the knowledge and experience in dealing with the banks and routines of Foreclosures and Short Sales. For example, I myself am SFR certified and have dealt with many bank owned properties and they are not as "scary" as people portray them to be. Also on a side note, remember that an "AS IS" contract does not always mean As IS. Many times it comes right down to negotiating. Terms and conditions can be worked into the deal if it is within reason to contract. I have had banks sign addendum's to treat termites, fix a pool, price reductions, repairs of internal and external components of the home, replace an entire pool pump system, and even at one time I got one bank to buy back our inspection report for defective drywall after we backed out of the deal. That last one is very rare to make happen, but it can be done. 

Again it all comes down to you "the buyer" being comfortable with the course of action you will take along with an experienced agent to back you up and keep things running smooth along the way. 

Oh and By the way, I would like to recommend a phenomenal real estate attorney here in town. His Name is... Michael Rooney and you can reach him at 306 East Olympia Avenue Punta Gorda, FL 33950 
(941) 639-2591 is the telephone number for his office. 

Thanks again for asking your question to the community. If you need further assistance or just have a question feel free to reach out.
0 votes Thank Flag Link Thu Jan 17, 2013
It is always prudent to have legal representation when purchasing property. In the scheme of things the amount you pay pales in comparison to potential risk.
0 votes Thank Flag Link Thu Jan 17, 2013
A Realtor can write the contract for you. You can hire an attorney to review the contract for you if you have concerns. You should hire a local Real Estate attorney and not an out of state attorney. Some recommendations are Farr Law Firm in Punta Gorda, Richard Rosenbaum Law, and Olmsted and Wilson in Port Charlotte. Your Realtor should also be able to give you a recommendation. Most foreclosues are handled by a title company that the bank uses. They will do the title search the closing. The bank usually has their own bank addendums on top of the As Is Residential Contract for Sale and Purchase.

Tammy Hayes, Realtor
Green Lion Realty
tammyhayesre@gmail.com
0 votes Thank Flag Link Thu Jan 17, 2013
Hi Kim, Use an attorney to help you when purchasing a home.
0 votes Thank Flag Link Thu Jan 17, 2013
You don't need to use an attorney to close but surely can have them review the contract with the understanding the bank usually WILL NOT change their addendums if your attorney doesn't like them. You can use an attorney here locally that also does closings/title work. The bank addendums are usually to state they are not responsible if anything goes wrong with the home after closing, they took ownership by foreclosure have no knowledge of the property etc. Buyer beware, make sure to perform any and all inspections,(home, termite, septic (if applicable) that is what is covering you on an as is contract. Many nice homes can be had whether it be bank owned foreclosure, short sale, or regular sale but in ALL cases do your due diligence.
0 votes Thank Flag Link Thu Jan 17, 2013
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