CC use our lender and our attorney? (real estate, foreclosures)

[Wanna Leave Penciltucky]

What is with this statement on nearly every listing?
First off I have a lender, using the same one again because hey they love us and we love them. Attorney is that standard practice that you use someone else's attorney for your closing?
Realtors please chime in. I am needing clarification on the use our attorney thing. That just seems shady to me.

[leighbhe]

Originally Posted by Wanna Leave Penciltucky

What is with this statement on nearly every listing?
First off I have a lender, using the same one again because hey they love us and we love them. Attorney is that standard practice that you use someone else's attorney for your closing?
Realtors please chime in. I am needing clarification on the use our attorney thing. That just seems shady to me.

Realtor here.........and this is a pet peeve of mine. The sellers are making more money (supposedly saving you money) because they are basically doing it "in house". So, my thoughts are if the lender and the attorney are provided by the seller, then who do they have their alliances toward. I am not saying ALL situations are like this, okay, so no flames. I just know that you have to be very careful in those situation.

My advice is always to work with a lender that you have a good relationship with, period. The attorney, ask your agent, they tend to have a list of ones they have had excellent relationships with. The attorney is there for you, the buyer.

Soapbox over.
Leigh

[MikeJaquish]

Originally Posted by Wanna Leave Penciltucky

What is with this statement on nearly every listing?
First off I have a lender, using the same one again because hey they love us and we love them. Attorney is that standard practice that you use someone else's attorney for your closing?
Realtors please chime in. I am needing clarification on the use our attorney thing. That just seems shady to me.

Nothing shady.
You don't have to use these services if you don't want to.
You can certainly pick your own attorney and lender.

I have seen some foreclosures where the bank is mandating their attorney, and I question that practice, but foreclosures are indeed a shady side of real estate.

One very credible reason to offer incentives to use known professionals is the confidence that the work will get done properly without delaying closing. People who get steady work from a source tend to take care of that account.

Another reason is the vast epidemic of internet lending incompetence and ineptitude. Buyers going to the internet to shop for money often get meaningless pre-approvals, shoddy service, and have no recourse or means to spur execution from the lender.
The lending world is not perfect anywhere, but the failure and ineptitude level of internet mortgage brokers far eclipses that of any other lending venue.

Bottom line: Use a lender and attorney with whom you are comfortable.

[leighbhe]

Originally Posted by MikeJaquish

Nothing shady.
You don't have to use these services if you don't want to.
You can certainly pick your own attorney and lender.

I have seen some foreclosures where the bank is mandating their attorney, and I question that practice, but foreclosures are indeed a shady side of real estate.

One very credible reason to offer incentives to use known professionals is the confidence that the work will get done properly without delaying closing. People who get steady work from a source tend to take care of that account.

Another reason is the vast epidemic of internet lending incompetence and ineptitude. Buyers going to the internet to shop for money often get meaningless pre-approvals, shoddy service, and have no recourse or means to spur execution from the lender.
The lending world is not perfect anywhere, but the failure and ineptitude level of internet mortgage brokers far eclipses that of any other lending venue.

Bottom line: Use a lender and attorney with whom you are comfortable.

Mike, I do agree with you, but I guess I caution people when they see situations where it doesn't seem so on the up and up. Where the sellers of a neighborhood are simply trying to get people in homes and close out their inventory and they offer the use of their attorney and lender which, for someone who has not done their homework, could end up in a bad situation with a crazy loan, higher rates, etc

I just encourage people to educate themselves about the lending process, so that they know what lenders are telling them, and they can gauge the accuracy of it.

Leigh

[MikeJaquish]

Originally Posted by leighbhe

Mike, I do agree with you, but I guess I caution people when they see situations where it doesn't seem so on the up and up. Where the sellers of a neighborhood are simply trying to get people in homes and close out their inventory and they offer the use of their attorney and lender which, for someone who has not done their homework, could end up in a bad situation with a crazy loan, higher rates, etc

I just encourage people to educate themselves about the lending process, so that they know what lenders are telling them, and they can gauge the accuracy of it.

Leigh

Right you are, Leigh.
Like I said:
"Bottom line: Use a lender and attorney with whom you are comfortable."