How to find a good real estate lawyer

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<p><em>Why are the REO's more complicated? If there is an REO property listed at MLS at reasonable price $X and you offer $X exactly (no lowball) - then why is it difficult? </em></p>

<p>Because REO's are <strong>never</strong> fairly priced on the MLS. Further, they are as is properties and are never in perfect shape, thus requiring a discount that thier full list prices don't reflect. They are priced as comps in the neighborhood, which are usually not as is and usually in much better shape.</p>

<p>Even if you submit an offer at full price, it will often take 60 days to get an answer back, if you get one at all. The CDO deal has made it worse because you have to get multiple parties to agree - no one entity really holds title. It's a goat screw.</p>
 
<p>awgee</p>

<p>Nowhere did I mention that someone needed an agent to represent them nor do I think most agents do justice for their clients especially in Short/REO transactions. My response was that REO/Short sales are pretty convaluted and time consuming even for someone with experience. That is a fact and unless one has attempted to recently deal with a short/REO then I don't believe they have much credibility on that subject. </p>

<p>I do think that an aget experienced in short/REO sales will do better than an agent who does not do these sales or a person who has little or no experience dealing with lenders.</p>

<p>Based on the posters question I would think that he/she was not experienced and to get an attorney to spend hours dealing with mulitple banks would be expensive. Or is the poster planning to deal directly with the bank?</p>

<p>I was actually interested to see if anyone had recently worked through the REO/Short maze with or without an agent. More listings appear to be short or bank owned so it will be necessary to become experienced in that line for any agent who remains in the business as No_Vas said.</p>

<p>My partner and I are still waiting for an answer on one in south OC that we offered on almost a month ago. It is near a million dollar offer and they recently did an inhouse apprasial and we still do not have a counter. </p>

<p>What if Huckabee is elected and they abolish the IRS. Enrolled agents may go the way of realtors. </p>

<p>Enjoy!</p>

<p> </p>

<p> </p>

<p> </p>
 
<p>no_vas - Huh? Don't understand that middle sentence. For example, this (<a href="http://redfin.com/stingray/do/printable-listing?listing-id=1433863">http://redfin.com/stingray/do/printable-listing?listing-id=1433863</a>) is an REO, looks pretty nice. If the trend continues and large portion of the homes for sale are eventually REO listings ... how could they all be dumps and not fairly priced? That doesn't make much sense.</p>

<p>I'm just trying to learn here. Does anyone have an example (or name a book I can go get) that describes the process in buying an REO? So I can learn about it and see what it involves? I don't really care about the timeline (ie. speed of return on offers) or the pristine condition (if the price it right, I'd actually prefer a fixer upper to get my property taxes down).</p>

<p> For me this isn't a who is better argument - it's just about value for money. If someone can explain to me why an RE agent with expertise in Y would be worth the 3% due to the number of hours required (and break those hours down into detail), even after the buyers have done the work to go see the properties, pick one, and then decide on and offer a fair and reasonable price that is likely to be accepted, then I wouldn't have a problem with the 3%.</p>
 
<p><em>"What if Huckabee is elected and they abolish the IRS. Enrolled agents may go the way of realtors"</em></p>

<p>I was unaware that Huckabee wants to abolish the IRS. I am aware that Ron Paul wants to abolish the IRS.</p>

<p>I am not hostile towards real estate agents. I am hostile towards the IRS and it would be fine with me if Enrolled Agents and audit representation were unnecessary.</p>

<p><em>"Nowhere did I mention that someone needed an agent to represent them nor do I think most agents do justice for their clients especially in Short/REO transactions. My response was that REO/Short sales are pretty convaluted and time consuming even for someone with experience. That is a fact and unless one has attempted to recently deal with a short/REO then I don't believe they have much credibility on that subject. "</em></p>

<p>If that is all you are saying then we are in agreement.</p>

<p><em>"I don't go to my accountant when my tooth hurts, and I don't call my florist when it's time to put tires on my racecar. If you want to do your own dental work or mount your own tires, it's a free country, go for it. I'm all about DIY. But even cheapskate me farms stuff out from time to time and to pidgonhole all realtors as a waste isn't only unfair, it's dumb."</em></p>

<p>No one pidgeonhoed all realtors as a waste. Your accountant has been trained in accounting, and has a degree and an internship to prove it, and his method of billing does not conflict with your interests. The same with your dentist and the numerous other professions for which you and I require. What percentage of real estate agents would you say are trained adequately to represent their client and will do so given the current commission structure. xsocal says, "nor do I think most agents do justice for their clients especially in Short/REO transactions.", so xsocal, a real estate broker thinks less than half do justice for their clients. If I have taken xsocal out of context, please feel free to correct me.</p>

<p>I am pointing out that having a real estate agent represent you in a real estate transaction does not guarantee you any better representation than representing yourself, based on the fact that they are a real estate agent. If one is thinking of entering into a short sale or REO, and one needs help, which I certainly would, it is a mistake to think that just because someone is a real estate agent that they would protect your interests any more than you would. Being a real estate agent does not by itself display integrity, experience, or even competance, and if you ask around, I think you will find that real estate agents have a reputation for just the opposite. Now, don't go putting words in my mouth and saying I said all real estate agents were liars, unexperienced, and incompetant. That is not what I said.</p>

<p>If you need help with a short sale or an REO, you need the advice of someone who is experienced in such matters, and having a real estate license speaks nothing of that experience. If you need help negotiating a real estate transaction, you need the advice of someone who is an experienced negotiator, and having a real estate license speaks nothing of that experience.</p>
 
>I was unaware that Huckabee wants to abolish the IRS.





Awgee, Huckabee supports "the" (not "a") fair tax. As a consumption based tax system, there would be no need for the IRS. While this is one of the few things that I admire about Huckabee, the hurdle needed to get to the fair tax is onerous. You'd have to repeal the 16th amendment and get another amendment passed.





You can call me paranoid if you like, but I simply wouldn't trust any politician who sold a consumption tax BEFORE the 16th amendment was repealed.
 
<p>awgee,</p>

<p>Hello. There are good apples and bad apples in any trade. When I pick a doctor. I try to determine if this guy will ruin me, or make me better.</p>
 
<p>I refuse to take on any REO work here in Florida unless I am paid a lot ahead of time because the lenders are impossible to deal with.</p>

<p>In the case cited, the bank wasn't willing to let go of the property at a reasonalbe price for 4 whole years. I assume the best reattor would be helpless in the face of such cluelessness. Maybe some common sense will prevail. But as long as the business model is downsize and outsource you are not gonna have anybody to deal with who has enough brain cells to understand what is needed to sell a house.</p>
 
<p>I think we may all be somewhat on the same thought here. </p>

<p>LL and No_Vas have experience in these dealings and I think they support my original thought that this type of transaction is frustrating and time consuming for someone with experience and would probably be very unsatisfactory for someone without that experience. </p>

<p>If the buyers goal is to save money I am not sure that would be the end result. Best way in my opinion would be to have a buyers agent with proven short/REO experience represent you. </p>

<p>The banks often negotiate most of the commission away during the process and it usually states in the MLS that "all commissions are subject to bank approval". </p>

<p>Banks usually require a full loan approval for offered amount along with current credit report and proof of down with the offer or they won't even respond. Many have their own contracts with disclosure exemptions to protect the bank from being in chain of title and taking on liability. Buyer beware is the word.</p>

<p>This article states the basic premise of <a href="http://abclocal.go.com/kgo/story?section=news/business&id=5923275">time and frustration involved in these transactions</a>.</p>

<p> </p>

<p>Regards</p>
 
" He/she might try perform the RE sales function with the right fees paid by buyer. To collect commission from seller, this atty has to be licensed by the DRE and having to pay all kinds of fees."



Attorneys do not need a license as long as they are acting for a client.



Anon., try calling the Orange County Bar Association and get the names of some real estate attorneys from their referral list.
 
<p>anon</p>

<p>"<em>If someone can explain to me why an RE agent <strong>with expertise in</strong> Y would be worth the 3% due to the number of hours required (and break those hours down into detail), even after the buyers have done the work to go see the properties, pick one, and then decide on and offer a fair and reasonable price that is likely to be accepted, then I wouldn't have a problem with the 3%."</em></p>

<p><strong>Expertise </strong>may be the answer to part of your question. Education can be expensive and as a novice buyer dealing with REO department you would not be represented at all. Their job is to get as much money from you with as little liability as possible for the bank. They do this all day long so they have an advantage.</p>

<p>You may want to find an experienced agent to work for you on a flat fee. </p>

<p>Odds are that the bank will not pay 3% by the time negotiations are finished.</p>

<p>I hope this helps you a little.</p>

<p>Caliatty</p>

<p>You are correct they can represent clients in the clients needs. </p>

<p>Also an attorney can pass the state test and get a brokers license issued and act as a broker and receive commissions.</p>

<p>Good advice to anon about referrals from local bar assoc.</p>

<p>Regards</p>
 
<p><em>no_vas - Huh? Don't understand that middle sentence. For example, this (<a href="http://redfin.com/stingray/do/printable-listing?listing-id=1433863">http://redfin.com/stingray/do/printable-listing?listing-id=1433863</a>) is an REO, looks pretty nice. If the trend continues and large portion of the homes for sale are eventually REO listings ... how could they all be dumps and not fairly priced? That doesn't make much sense.</em></p>

<p>Even if you offer full asking price it'll take them six to eight weeks to get back to you, and they will likely grind you with "we have another offer".</p>

<p>No offense, but your first mistake is you're trying to make sense of the situation. Stop now. It's a bank and they play by a different set of rules (reference - Liz's post above). It's insanely stupid.</p>

<p>They want $400 a foot for that joint! It's not fairly priced! It is nice. The bank will likely chase the market down to the bottom, but by that time, the place will have been vacant for a couple of years. At that point, you will find that's fairly priced, and it will be a dump compared to the comps in the area.</p>
 
I was reading this thread and realized that nobody ever answered the question.



Does anyone know a good real estate attorney? Is anyone on the board a real estate attorney that will give curbside advice?



Please pm me if you can help.
 
[quote author="Maltese" date=1249645036]I was reading this thread and realized that nobody ever answered the question.



Does anyone know a good real estate attorney? Is anyone on the board a real estate attorney that will give curbside advice?



Please pm me if you can help.</blockquote>


Unfortunately, this is probably the only guy who would give curbside advice:



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