Do you need a lawyer when buying a foreclosed house?

Asked by Sue, West Palm Beach, FL Tue Aug 12, 2008

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Deborah Lon…, , Torrance, CA
Tue Aug 12, 2008
You can purchase a foreclosed home with the aid of a good REALTOR(R); an attorney is not required. If you wished to have your paperwork reviewed by an real estate attorney, that is your option to choose. If you need a referral to an excellent REALTOR(R) to help you with your home search or the escrow process, please contact me & I'll be happy to connect you with someone in your area! Good luck!
Web Reference:  http://deborahlondon.com
1 vote
Laarni G. Om…, , Orange County, CA
Tue Aug 12, 2008
Hi Sue,
In California, you don't unless it is a very complicated transaction. You are being represented by a Real Estate Agent (hopefully, a Realtor) and in Southern California- the documents, after the offer was accepted, are handled by a third-party escrow company. In Northern California, the papers are handled by the title company.
Best,
Laarni
1 vote
Joe Chang, , Paterson, NJ
Wed May 27, 2009
I'm a real estate attorney in New Jersey and it would be very foolish not to have an attorney represent you on these REO or Lender/Bank owned properties. The contracts I've seen are very, one-sided, flagrantly seller protective and they sometimes refuse to accept changes to a contract. There is a lot of fine print that can definitely hurt you.

*Please note that this is general information only, and not to be construed as legal advice, if you would like a consultation please feel free to call and make an appointment"
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0 votes
., , Los Angeles, CA
Sat Aug 16, 2008
Anything in Real Estate can benefit from the use of a lawyer and REO is different from a pre foreclosure. There is so much contingent liability wit California appearing to have the only Buyer Beware right of redemption that can continue on indefinitely. You better be buying cheap. Each property carries its own exposure
Web Reference:  http://borrowerhotline.com
0 votes
Dot Chance, Agent, Burbank, CA
Tue Aug 12, 2008
You do not need one in California. However, the way some of the banks handle the REO paperwork you may want to obtain an attorney for peace of mind.
Web Reference:  http://www.DotChance.com
0 votes
Don Tepper, Agent, Burke, VA
Tue Aug 12, 2008
No, not any more than when buying any house. That means that in some cases it's advisable. It won't hurt. If you use a lawyer, just make sure it's a real estate lawyer with some experience in assisting buyers of foreclosed properties. You don't want to pay for his/her learning curve, and you don't want questionable advice simply because the lawyer is unfamiliar with what's going on.

But, specifically, no, you don't need a lawyer.
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Aug 12, 2008
GREAT QUESTION: most instances no some buyers will do so for comfort. Realtors are trained regarding contracts terms and conditions. All contracts are standard approved by state. Most real estate attorney may charge a minimum retainer of $2k or more.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference:  http://www.lynn911.com
0 votes
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