Call this a continuation of my story about my house in MD...I have a 3rd party addendum to my ratified

Asked by Racquel, Washington, DC Wed Mar 26, 2008

contract on a Short Sale/ Pre-foreclosure that I made an offer on. Contract says that 3rd party has up to 4/4 to approve my offer. My agent suggests that I should get an atty experienced with Pre-foreclosures. I want to ask him why because I thought he would be able to handle things. If bank accepts my offer, I have my lender write the check. As it is, this deal may fall through, bank may not accept my offer and house will go to foreclosure and be up for auction. What do you think? Am amazed that my Agent now suggests I get an atty. Thank you.

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Don Tepper, Agent, Burke, VA
Wed Mar 26, 2008
Realtors have it pounded into their heads (correctly) that they aren't lawyers and shouldn't practice law. Their brokers tell them the same thing. And, though I'm not a lawyer, I'm amazed at how little law even some experienced agent know.

So your agent's suggestion is not only good, but may be imperative. The trick is to find an attorney who really has experience with short sales and pre-foreclosures. Even the typical real estate attorney may not.

Here are a couple who've been recommended to me. I've never used any of them, and so can't really recommend them myself. But they may offer a starting point:

M. Arnold Politzer: 410/494-8433 (Towson)
Kunnigunda Biener: 301/231-8200 (Rockville)
Gary Fuller: 703/938-6915 (Vienna, but I believe he or his firm provide service in Maryland)

Hope that helps.
1 vote
Nervous, Home Buyer, 02215
Thu Mar 27, 2008
I'm currently a buyer in the final stages of a short sale and I didn't have a lawyer and regret it a bit. I don't know how much it would have cost but I think things would have gone smoother and that I would have felt more comfortable if we had hired one. The agents, both buyer's and seller's are doing the best that they can but theres just alot of places for these types of sales to hit snags. Good luck!
0 votes
Bob Carney, Agent, McHenry, IL
Thu Mar 27, 2008
I have to agree with Megan. This is only for your protection. Banks have been known to let properties go to foreclosure for the hopes of a higher yield.

One thing to remember even with an atty looking at your contract, it is not going to force the bank to make a different decision. They are still going to look out for their best interest. In these cases you want to make sure if things fall apart that you come out unscathed. Good luck
0 votes
Hi, , Virginia
Wed Mar 26, 2008
attorney's are better

they know the laws

and they are not that much

anyways

good luck
0 votes
Megan Mcgoni…, , North East, MD
Wed Mar 26, 2008
My guess is that you are using the banks contract and not the MAR contract? If that is the case it sounds like your agent is suggesting you have attorney look at the contract since all bank contracts are different than the contract that we use and she is not all to familiar with it. This is just a guess.
0 votes
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