Hi Tara and Gary,
The seller has hired a law firm in Florida to do the short sale. I am representing the buyer. Just wanted to know if the banks will speed up things if a law firm is used?
Ismael
I've asked the attorney with the South Carolina Association of Realtors about Realtor's liability in negotiating short sales. His response was to have an attorney do it. However, I haven't yet found an attorney in my area that negotiates short sales. There are a few third party negotiators in the area, but most short sales, that I'm aware of, are being negotiated by the Listing Agent.
Gary
Think about it. A lawyer has someone step into his office, he pulls out the same sheets for inheritance or civil lawsuit or whatever and gets $100/hr, $300/hr or some such handing this to some assistant to fill out. Or, he can be on the phone 1/2 hr per day or every other day for an account for 3 months and get how much per hour for that? Are we above the $1/hr level there?
I think you can look through this forum and others and find a lot of complaints about unresponsive law offices when asked about "where is my short sale?" Well, it is handed off to some phone person to call once a week to see if the bank is still solvent or has suddenly come up with a deal.
The other side of this is that the lawyer can be intimidating and if so will frequently slow down a short sale (as previously mentioned) as things are triple checked so that the bank doesn't mis-step. Now, when you see the bank do something really bad, and I have not thought about the number of times that BOA has NOT done something illegal or just clearly wrong on a file (hmm.. I might have actually had a file which was not abused by BOA...don't know), an attorney can get quick attention to correction. It is a good thing to have an attorney in the BOA mix at those times, but not at the $$ which will come out of a short sale to pay the attorney for his time.
I haven't looked at it, it makes sense that your FL atty simply has a room of people doing short sales or does the same thing that some lawyers do with us - just hire us to do all the work. People feel better that a lawyer will do the right thing and the best thing for them, so, a lawyer as a front for a short sale shop looks good. The ones with a professional setup and dedication will do well for you. The ones that are doing it to pick up some money do a poor job of short sales. It just depends..
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.