So you are getting ready to buy a house or sell a house and you are wondering if you need an attorney? The simple answer is yes you need an attorney, but we decided to ask interview Mike Cook, on our radio show and ask him about short sales and when exactly homebuyers and homesellers should be talking to a real estate attorney.
When selling a home
The homeseller wants the contract to be as binding as possible because you want predictability. A seller should talk to an attorney very early in the process to discuss listing agreements; good real estate brokerage offices will encourage homesellers to talk lawyers about the timing of the listing and obligations to be fulfilled.
When buying a home
For a buyer the most important time to talk to an attorney is when you make an offer because you want that contract to be flexible in case you make an offer and something comes up. There was a time when buyers could make an offer and withdraw it or enforce it in a different way but in recent years the courts have ruled that an offer is a binding contract. So even if you have not executed the purchase and sales agreement, what you submit in writing is still valid in court; so unfortunately you cannot withdraw the offer unless there is a valid reason like the home inspector found that the basement get water every time it rains. A good lawyer will make sure that your acceptance offer takes into account the unpredictability of life such as home inspections.
The interview focused on short sales and REOs, you can listen to the rest of the interview below: http://www.podbean.com/home/podcast-directory-play.php?eid=3885102
Image by Flickr user Rennett Stowe
