Pay atty to look at addendum--waste of money?

[Bienes Raices]

From what I understand, the addendum can't really be changed if you want the bank to accept your offer. So would it be safe to just have your RE agent review it rather than paying your atty?

[Scott Hubbard]

Battle of the contracts. REO lenders are notorious for submitting seriously seller-centric contracts. Welcome to the real world.

The problem is your point of reference. REALTOR'S contracts are broker-centric and are really neutral because the only party they protect are the brokers themselves. So when you compare a lender REO addendum to a typical broker contract, it can seem like they are looking for a pound of flesh.

The bottom-line is performance, if you have the ability to close, have a a 7 day due-diligence period, and have a finance contigency, you should be allright. Most asset managers want the property of their books and do not have the time to hold your hand, so if you get a good price and do your homework you should be fine.

Hiring an attorney is a waste of money because he/she is simply going to err on the side of caution and tell you to not sign. Asking your agent will also get you nowhere also, Lenders rarely will cowher to a real estate agent either.


Good Luck!