Loans, Debt & Credit - View Single Post - Attorney negotiation vs. Realtor negotiation?

Enough Already · 11-08-2009, 08:51 PM

Hi jdgin,

We consulted with a real estate attorney, but once we decided to try for a short sale it became evident that we didn't really need to hire an attorney.

What we needed was a realtor with plenty of short sale experience, and success with getting them negotiated and closed. The realtor we hired also works with a title company, and has a negotiation team. We were also lucky enough to have been referred to him by some friends.

One of the perks of going with a realtor is the bank pays their commission, so if they don't negotiate a deal that you and bank find acceptable, and the house does not sell as a result they don't make a dime. That being the case the realtor has plenty of incentive to make it happen.

It's very important though, that you get someone who has successfully negotiated and closed these types of sales (not just one or two, but several). Find out how many they've done. Do they seem confident etc. This short sale thing is new ball game and not everyone knows how to play yet.

It seems that a lot of attorneys have suddenly gone into the real estate business. They see there's money to be made, so why not? An attorney gets a retainer from you, and (if successful) also gets a commission from the bank at the close of the short sale.

However, before you do anything I would advise that you talk to a real estate attorney (and an asset protection attorney if applicable) to make sure you've covered all of your bases.

Good luck!

11-08-2009, 08:51 PM	#9 (permalink)
Enough Already Senior Member Join Date: Jan 2009 Location: FL Posts: 527 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Attorney negotiation vs. Realtor negotiation? Hi jdgin, We consulted with a real estate attorney, but once we decided to try for a short sale it became evident that we didn't really need to hire an attorney. What we needed was a realtor with plenty of short sale experience, and success with getting them negotiated and closed. The realtor we hired also works with a title company, and has a negotiation team. We were also lucky enough to have been referred to him by some friends. One of the perks of going with a realtor is the bank pays their commission, so if they don't negotiate a deal that you and bank find acceptable, and the house does not sell as a result they don't make a dime. That being the case the realtor has plenty of incentive to make it happen. It's very important though, that you get someone who has successfully negotiated and closed these types of sales (not just one or two, but several). Find out how many they've done. Do they seem confident etc. This short sale thing is new ball game and not everyone knows how to play yet. It seems that a lot of attorneys have suddenly gone into the real estate business. They see there's money to be made, so why not? An attorney gets a retainer from you, and (if successful) also gets a commission from the bank at the close of the short sale. However, before you do anything I would advise that you talk to a real estate attorney (and an asset protection attorney if applicable) to make sure you've covered all of your bases. Good luck!