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Foreclosure in 95136 : Real Estate Advice

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Activity 1
Thu Oct 9, 2008
Deborah Madey answered:
Your actual question was how to find an attorney to handle a short sale start to finish. Herein, I try to provide suggestions for your search. My prior post addressed why I believe the best course of action is a Realtor for marketing and negotiations, with an attorney for legal review.

My recommendation will be to find a Realtor who is experienced in short sales and has worked as part of a team with an attorney to finalize the transaction.

The bank will want to know that the highest price and best terms have been achieved with the proposed contract. An experienced Realtor can speak to market conditions, comparable property sales, and marketing that was provided to secure a contract.

These are a few suggestions for finding experienced Realtors or attorneys:

1) Google for the keywords, Realtor, real estate, short sale, loss mitigation and include words to key to your county or town.

2) Track the foreclosures that did not go to auction, but were privately sold. Info is available through the county offices. Who handled these sales? You can also search foreclosures on Trulia for the properties that are actually listed with Realtors. If a Realtor is listing foreclosures, they might have short sales experience. Shortlist these individuals and have a conversation with them about their experience.

3) Phone bankruptcy attorneys and ask them for referrals for Realtors who they know work with short sales.

4) Phone the broker/managers of real estate brokerage offices and ask the manager who in their office has experience with short sales.

Ask the Realtors if they work in conjunction with attorneys. Why or why not? Ask which attorneys they recommend.

The above suggestions will probably lead you to other avenues for potential representatives; both Realtors and attorneys.

Good Luck
Deborah Madey - Broker
Peninsula Realty Group - New Jersey
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