Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Buying a short sale - Attorney?
We just submitted an offer for a short sale property and my realtor is optimistic that the bank will move fast since there is only 1 lien and this particular house has had multiple offers and one was accepted and then fell through. She did suggest we get a lawyer that specializes in short sale transactions.
Does anyone have any idea if the cost is similar to a regular sale? And what was that cost?
TIA!
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Re: Buying a short sale - Attorney?
My house was in short sale and my realtor never said anything about an attorney. I don't know what they would do anyway because the short sale process seemed pretty straight forward to me. The bank said our offer had to be 88% of the homes assessed value. We put in an offer, they had an assessor come in and countered with 88% of the assessed value. We either took it or walked away.
Also with short sales the house is not completely owned by the bank yet so the original owner is still involved. With my house the original owner was completely uncooperative and it took us 3 months to close on our house after putting in the offer.
I cant say for sure if all short sales are set up the same way, but I never had a need for an attorney.