Foreclosure in Algonquin>Question Details

Abigail Buss…, Home Buyer in Oak Park, IL

I am in the process of buying a foreclosure. The counter offer I received from the bank asked that I waive the attorney review period (5 days)

Asked by Abigail Bussard, Oak Park, IL Tue Sep 20, 2011

My agent is telling me not to waive this contingency, but I dont want it to mess up the deal on the house. Should I listen to my agent? Is this normal with foreclosures?

Help the community by answering this question:


If you waive your right to an attorney review, you basically have no recourse. You are basically waiving your rights, should anything come up. 5 Days for an attorney review is not a lot of time. If the bank is unwilling to allow your attorney to review your contract, "Buyer Beware."

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294 direct
0 votes Thank Flag Link Tue Sep 20, 2011
This is not normal with foreclosures and you should listen to your Realtor.
Web Reference:
0 votes Thank Flag Link Tue Sep 20, 2011
You agent is looking out for your best interest, kudos to him/her . In my experience, the banks present these riders/addendums and want you to act immediately. I have been in situations where this same request comes up, and I would suggest you contact your attorney, explain the level of urgency and have her/him read and review asap. Also be prepared, the bank may have additional riders that will follow that they require the same quick response. It has also been my experience that even if the attorney reviews the documents, the bank does not change their documents. Good luck!
0 votes Thank Flag Link Tue Sep 20, 2011
It is unusual, but it can happen, especially if it's through an auction company. Get the contract to your attorney and see if he can review it before you sign. Then you get your atty review done and you can accept their request.
0 votes Thank Flag Link Tue Sep 20, 2011
I think your agent is giving you very good advice. In some states having attorneys involved is a standard practice, others it is not. You could also just get a contingency period for the inspections of the home to protect yourself. Ask your agent if you do waive the attorney time and give yourself an inspection time, would the bank look at that as more acceptable? Either way you would be protected.
Best of luck to you!!
0 votes Thank Flag Link Tue Sep 20, 2011
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