Important News and Techniques for Today's Real Estate Market

Most foreclosed properties require that you use a specific closing attorney.   Even though the seller is stating that you use "their attorney", the closing attorney will not necessarily be REPRESENTING the seller. (Attorneys are most frequently selected because a.)they have expertise specific to foreclosure closings and b.)they already did the research and title work that was done to move forward with the original foreclosure.)

At least in Georgia, the closing attorney represents neither the Seller nor the Buyer, except in situations where the deal is an all-cash transaction. That's because the closing attorneys here represent the LENDER, per our standard Georgia Purchase and Sale Agreement.

You can always hire your own attorney, even though they won't be the official closing attorney. A good agent would also be most helpful in this situation...they won't be able to completely eliminate all risks in the transaction, but they can eliminate many of the pitfalls and will most certainly be able to inform you of where your risks lie, allowing you to make an educated decision on whether and how to proceed.

Good luck,
Jackie Campbell
The Campbell Team at RE/MAX Results
Your Biggest Investment is Our Biggest Concern

Posted by Jackie Campbell on March 18th, 2009 4:24 PMPost a Comment (0)

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