Home Buying in 30720>Question Details

Joycelanyon, Home Buyer in Dalton, GA

how long and should i have an attorney to buy a foreclosure?

Asked by Joycelanyon, Dalton, GA Thu Apr 12, 2012

paying in cash

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You have the right to choose your attorney but the bank will insist on using theirs & that will control the hud usually. This would make it advisable to try to negotiate some closing costs in your offer. Generally, the banks want the buyers to pay all closing costs but may negotiate anyway.
0 votes Thank Flag Link Thu Aug 23, 2012
The time need it to close the transaction will depend in how soon the seller can deliver free and clear (insurable) title on the property.
Always use your own, local real estate attorney, and make sure you get "Title Insurance".
A REALTOR can guide you.
0 votes Thank Flag Link Sat Apr 14, 2012
Great input Octavio, title insurance is a must! To further the point, your lender will have title insurance but it only covers the lender - make sure you get "owners title insurance"!
Flag Sat Apr 14, 2012
A real estate attorney will be required to close any real estate transaction.
0 votes Thank Flag Link Thu Apr 12, 2012
I like to use my own attorney to close any house I purchase because I know he's looking out for my best interests and not the seller. You have the right to choose the attorney, but most foreclosures are owned by banks or Fannie Mae/Freddie Mac and they usually provide an incentive to use their attorneys. It may cost you a few hundred dollars more to choose your own, but sometimes it's worth it.
0 votes Thank Flag Link Thu Apr 12, 2012
How long what?

Some of my clients who buy foreclosures hire an attorney ( they are usually incorporated entities) but most do not.
Web Reference: http://Intowninsider.com
0 votes Thank Flag Link Thu Apr 12, 2012
It is not necessary, Joycelanyon, but if you need a lawyer we know a couple of good ones. Good Luck!

Michael Hammond


0 votes Thank Flag Link Thu Apr 12, 2012
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