Orlando, FL · Member since 2009 · 2k+ posts · 282 votes
Here's the way I look at it:
--The initial as-is contract is the generic one used by state realtors & is always the same, so no need for lawyer to look at it.
--The bank addendum, although long, is usually pretty understandable for a layperson. In any case I've heard that the banks usually won't allow them to be changed.
--So I am paying the lawyer $250 to spend a few minutes looking at a a HUD, which is just numbers & understandable by me, and a title commitment.
So am I really getting $250 worth of value by using a lawyer for an REO transaction? Is there something I'm missing here? What do other people here do?
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
16y
If you understand the PSA and bank addendums and are confortable with the provisions (as-is, etc) no attorney is needed. I have NEVER used an attorney to review a PSA and addendum for an REO purchase. I don't see the need, but in the case of a beginner, it may be a comfort for some legal eyes looking out for them.
That said, it is your agent's job representing you in the trabsaction to also look out for your best interests.