Foreclosure in Herndon>Question Details

Homebuyer2009, Home Buyer in 20166

question regarding Closing:

Asked by Homebuyer2009, 20166 Thu Jan 1, 2009

Do I need to consult an attorney seperately in addition to a settlement company especially when dealing with foreclosures ? Thanks for the help

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9
not to sound like an attorney..but it depends! Are you using the seller's title company? Many are reputable but some are not. I have listed/sold almost 50 foreclosures in the last 15 months without incident. You may want to choose your own title company or just have your own attorney look out for you.
0 votes Thank Flag Link Tue Feb 24, 2009
Homebuyer... you'll find LOTS of information on the blog posts referenced below... more than many agents know. I do work in the 20166 zip code. If I can assist you, please don't hesitate to contact me - vchrisner@kw.com 703-779-1373
http://therealestatewhisperer.blogspot.com/2008/08/reos-ever…
0 votes Thank Flag Link Thu Jan 1, 2009
I feel your question is answered correctly Here is little chunk for further consideration-
1. Please read the addendums - usually it is a good idea to make an addendum to addendum if you need a change a term or condition in original addendum :) Assest manager likes it that way and it is clearer that cutting over.
2. Make sure to buy Buyers Title Insurane to cover you. We had 3 cases this year where on Bank owned homes title companies (reputed ones) missed the liens and covered our buyers since they bought Enhanced Title Policy.

Monika
Web Reference: http://www.RealtyGeeks.com
0 votes Thank Flag Link Thu Jan 1, 2009
If I receive bank addendums after the initial purchase offer, should I consult an attorney to go throgh those fine details, even if I have my agent ? Thanks for your help....
0 votes Thank Flag Link Thu Jan 1, 2009
In Virginia, the settlement attorney represents the transaction contract as both parties agreed to and not the individual parties to the contract, so they shouldn't be giving guidance to either party. I agree with Mike that this question is best answered by you based on your experience & comfort level. Cindy is also correct in that you could do split settlement using your attorney or another settlement company, as you are purchasing the Title Insurance policy.

Good luck!
0 votes Thank Flag Link Thu Jan 1, 2009
The one thing to remember with a foreclosure that you can still by Virginia Law have your own settlement company. You are not forced to use the recommended title company that the "owner of record" suggests. You do not need a separate attorney. If you are not working with an agent then you should have an experienced buyers agent experienced working with foreclosures in our market to be working with you.
Web Reference: http://varealestatetalk.com
0 votes Thank Flag Link Thu Jan 1, 2009
I am in NY and in NY working without an attorney is UNHEARD of, but judging from some of the things that can come up, I can't imagine NOT having an attorney working with you.
0 votes Thank Flag Link Thu Jan 1, 2009
Also, take a look at this post on my broker's blog ....

Buying A Foreclosed Virginia Home? Beware of Bank Addendums & $3,000 Hidden Fees
http://blog.franklyrealty.com/2008/02/buying-foreclosed-virg…
0 votes Thank Flag Link Thu Jan 1, 2009
That depends on your level of comfort with the transaction ... and the bank addenda. I have personally bought bank owned properties in the past and I have not used an attorney for any of them. However, when working with clients, I let them make up their own mind. If you're not sure about the language in any of the bank addenda and you want to be absolutely sure about what it means then you should consult a lawyer.

Btw - a Realtor cannot give you legal advise. This a hazy area as many agents attempt to interpret contract language for their clients.

Hope that helps.
0 votes Thank Flag Link Thu Jan 1, 2009
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