QUESTION
As a home buyer of a short sale, who represents me at closing?
Asked on Jan 01st, 2013 on Residential Real Estate - Florida
More details to this question:
I am deciding to purchase a "short sale". I have been told that the seller is a real estate agent in Miami. I have also been told they are current on their mortgage payments. Furthermore, I have been told that the mortgage holder is the only lien holder and they are a private investor. The selling agent told me I do not need an attorney as they will make certain all legal aspects are complete and will protect me.
1 ANSWER
Dear Mr. Cornelius,
You are correct to be concerned. No one in the facts you posed represents you. I have many clients who have purchased real estate in a short sale and they have hired me to represent them in connection with their purchase in a short sale. It is peace of mind and smart to protect your interests. Typically I review all the documents for my short sale buyer clients and the title commitment to make sure that the title co. addresses all of the outstanding title matters before closing. I would definitely recommend that you engage an attorney to represent you in your purchase even though it won't be your attorney acting as the settlement agent. It is typically handled by someone/a title co. chosen by the seller. If you would like to discuss this with me, I will be happy to speak to you. Please call me at 305.854.0500.
With regards,
Cheryl Julien Kaufman, Esq.
Answered on Jan 14th, 2013 at 9:26 AM