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Old 12-21-2013, 02:46 PM
 
5 posts, read 6,504 times
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The seller accepted our offer yesterday. Now is the time to get mortgage done. My mortgage broker said he would recommend a lawyer whom they are using a lot, and the lawyer will provide free service. Does this sound right? My agent is also recommend a lawyer and he will charge me. I need advice from you guys, which lawyer should I use? or somebody can recommend one for me?

The house also needs remodel, It will be highly appreciated if anyone recommend a good remodel company.

Thanks a lot!
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Old 12-21-2013, 02:52 PM
 
Location: Massachusetts
6,301 posts, read 9,585,524 times
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The mortgage company's attorney should be able to provide everything you need. I see no reason for two.
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Old 12-21-2013, 03:10 PM
 
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Thanks for the fast reply! I am excited and very nervous about the remodel now. Need bless!
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Old 12-21-2013, 03:15 PM
 
Location: Massachusetts & Hilton Head, SC
9,918 posts, read 15,482,556 times
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The mortgage company (or bank) will have a closing attorney. You need a separate one to do the P & S. They will protect your own interest.
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Old 12-21-2013, 04:01 PM
 
Location: Needham, MA
8,525 posts, read 13,906,155 times
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Different lenders work differently. Some lenders will insist that their own attorney perform the closing. Depending upon the attorney, they may or may not be willing to represent you as well. In these circumstances, sometimes people will hire their own attorney to represent them throughout the process.

Being that your mortgage officer recommended an attorney but did not insist that you use them, I imagine this lender is willing is to let you choose your own attorney who will not only represent you but will also represent the lender and perform the closing. So, it looks like it's up to you to choose the attorney.

Some lenders will offer to set you up with an attorney who will do your closing for "free." I put it in quotes because no one works for free. The attorney will make a commission from the title insurance company and possibly they'll charge you to review your P&S should you hire them to do so (and I would recommend it). As an experienced real estate agent, what I've seen in this industry is that people regardless of what service they offer be it agent, attorney, or inspector who charge less often do less or are less skilled. It's a definite "you get what you pay for" industry. That's not to say it's impossible to find someone who good and cheap but the majority of people who charge less do so because otherwise no one would hire them. The other thing I would add about attorneys is with a variance of a couple hundred dollars they all charge about the same thing. The one that does the closing for "free" will likely charge more for other services which will even things out.

The best advice I can give you is to talk to both attorneys that have been recommended and find out which will do a better job for you. You can also ask them for closing costs and fees that you will be charged along with their fee structure for P&S review so that you can get an idea of what your total costs will be. Don't be drawn in by the fact that someone says they'll work for "free." This is the largest financial transaction you've probably had in your life. This isn't the time to cheap out and save a couple hundred dollars when so much is on the line.

Lastly, congrats on getting this far in your home purchase. What type of renovations are you looking to perform on your house? A new roof? New heating/cooling system? New bathrooms? New flooring? A total rehab?
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Old 12-21-2013, 05:00 PM
 
417 posts, read 729,425 times
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Congrats! We just moved to Sharon too. We used an attorney recommended to us for the realtor who also closes for the bank we used. So it was free (but in reality its not free, but worked into your closing costs by the bank) and then he only charged for the P&S write-up. He was great and I highly recommend him- PM me for his name if you'd like.
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Old 12-21-2013, 09:01 PM
 
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Thanks MikePRu! Thank you for taking so much time to explain the difference. I will double check with other attorneys as you suggested. I need to change most all flooring, redo all bathrooms and the kitchen. Anyone good you know? I have been search on both Yelp and Angie's list.
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Old 12-21-2013, 09:04 PM
 
5 posts, read 6,504 times
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Quote:
Originally Posted by SpringMom3 View Post
Congrats! We just moved to Sharon too. We used an attorney recommended to us for the realtor who also closes for the bank we used. So it was free (but in reality its not free, but worked into your closing costs by the bank) and then he only charged for the P&S write-up. He was great and I highly recommend him- PM me for his name if you'd like.
Congratulations to you too! please check your PM. Thanks!
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Old 12-22-2013, 05:17 PM
 
Location: Columbia SC
14,198 posts, read 14,559,798 times
Reputation: 22004
If I was working with a loan officer, I would be kissing their precious ass to get my mortgage approved. Mr. Loan Officer, you suggest I use so and so. I am more then willing to do this if this will help the process. Sounds better then, OK I will bend over and grab my ankles for you.

After the mortgage gets approved and in place, you can then tell the loan officer to.....never mind....LOL
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Old 12-22-2013, 11:16 PM
 
Location: Needham, MA
8,525 posts, read 13,906,155 times
Reputation: 7908
Quote:
Originally Posted by johngolf View Post
If I was working with a loan officer, I would be kissing their precious ass to get my mortgage approved. Mr. Loan Officer, you suggest I use so and so. I am more then willing to do this if this will help the process. Sounds better then, OK I will bend over and grab my ankles for you.

After the mortgage gets approved and in place, you can then tell the loan officer to.....never mind....LOL
It's not as easy to get a loan as it was 10 years ago, but who you choose to use as your attorney is going to have no impact on your loan approval.
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