Do I need an attorney besides real estate agent to make an online offer on foreclosed properties?

Asked by Aaisha, Champaign, IL Sat Mar 9, 2013

I am trying to buy a foreclosed house that is available for online offer. My realtor told me that I need to hire an attorney that will assist me to make an online offer for the foreclosed property. Do we need to hire attorney? Please Help!

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4
Chris Diana, Agent, Champaign, IL
Sat Mar 9, 2013
Aaisha,
An attorney is not required for a home buyer in Illinois, but it is usually wise to have one for a transaction of that size. Foreclosures are usually complicated enough that you want to work through a Realtor, and with all the expertise you can assemble.
I do those transactions regularly, so call me if I can help! 217-766-6099
1 vote
Thank You for the wonderful advice Chris!
Flag Sun Mar 10, 2013
Cindy Yim, Agent, CHAMPAIGN, IL
Sat Oct 26, 2013
Yes, you will be glad to hire the attorney for your purchasing.
Good luck~!
0 votes
Darnell Cox, Agent, Champaign, IL
Sat Mar 9, 2013
Aaisha,

Thank you for the great question. It is not required to have an attorney for a Real Estate transaction however it is highly recommended. Below are some of the services that an attorney will provide for you.

- Review the contract and contact the Seller's attorney to ensure the Title Commitment (which discloses all liens & title issues existing on the property) is reviewed.
- Review all documents prepared by the Seller's attorney for the closing, including the Deed (which conveys the title ensuring that the Buyer takes title in the form best suited for them).
- Review & verify all closing figures from the Seller's Attorney. These figures will include all expenses concerning the sale & satisfaction of all liens & encumbrances on the property, so that the Buyer obtains clean title to the property.
- Provide legal advice in any post-contract negations, including negotiation of inspection issues.
- Contact UCSD (or the applicable sewer tax entity) to obtain a proration through the closing date.
- Obtain the most recent tax information to prepare closing figures & provide said figures to the closing agent.
- Provide information on the most recent tax assessment for the property & advices on the method & documentation needed to reduce the assessed value (if current assessment exceeds the property purchase price).
- Remain available through email, phone or scheduled meetings to answer any questions throughout the closing process.
- Attend the closing & review all documents presented to the Buyer at the closing.
0 votes
Really appreciate the information you have provided Darnell. It is very helpful. Thank You!
Flag Sat Mar 9, 2013
Jennifer McL…, Agent, Champaign, IL
Sat Mar 9, 2013
Dear Aaisha,
It is obvious, here, that you have not provided enough information for me to truly understand the situation fully, thus, I must make sense of what is given. Absolutely, you should hire an attorney to represent your interests on any "legalities" that arise during this transaction. There may be pitfalls with the property that are legal issues and a Realtor is not licensed to practice law...only real estate! I am puzzled why you would not allow your Realtor to handle the bid and all the paperwork for you? It sounds like you are trying to do it on your own. A Realtor's advice and guidance during any transaction are invaluable! It costs you nothing to have a Realtor represent you on a purchase transaction. The few hundred dollars that an attorney will cost, is well worth the expense, to save you from potential problems that can arise during the transaction.
0 votes
Yes, you will be glad to hire the attorney for your purchasing.
Good luck~!
Flag Sat Oct 26, 2013
Thank You Jennifer for the invaluable advice. I did ask my Realtor to handle the bid and foreclosure paperwork, but the Realtor told me that the paperwork can be complicated and that I still need to hire an attorney to assist me in bidding.
Flag Sat Mar 9, 2013
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