Did you utilize your attorney review period?

[Tyler Holzer]

I have an accepted offer for a duplex in Pennsauken, NJ. It’s a bank owned property that we’re using a 203k loan for purchase and rehab. I am wondering what others’ experienced have been with utilizing a lawyer for the attorney review period? Did you use one? Why or why not? And was it worth the price?

I know I know, no one would ever advice against getting a lawyer, and it’s good to play it safe, but in practicality do you think it’s worth it?

Thanks in advance for your response!

[Joseph DiNardi-Mack]

I agree with @Jessica Zolotorofe, while I never closed a bank owned property I always use a lawyer for my closings. While most of the time it is a standard closing and I could have skated by without one, there have been several occasions where my attorney has spotted definite deal breakers and has gotten me out of potentially costly clauses. I can only imagine how much more complex a bank owned closing is, and who knows what else the banks lawyers try to slip into the contracts to protect themselves at your potential expense.