difference between a short sale real estate lawyer and a regular real estate agent who can handle short sale properties? (negotiation, sales)

[olecapt]

Originally Posted by TexasHorseLady

No real estate attorneys in Utah? Most deals are handled here in Texas by agents, but we DO have real estate attorneys available to handle the more complicated or troublesome issues.

Read what was written. I do not think you will find Lawyers that specialize in short sales in Utah or Nevada or AZ or CA. Maybe in TX as I don't know the TX system.

We do have RE Attorneys who specialize in complex or difficult matters. A short sale is neither. So if you hire an RE Attorney you are likely going to end up with an Attorney coming up to speed on your dime.

Note that by now the deal has gotten complex with procuring cause having raised its ugly head. The OP may not be able to find an agent in UT that will take the task on.

[olecapt]

Originally Posted by MikeJaquish

Hey....
What can I say?

Interestingly in the west the Agent muck with the contract language. We actually practice law by eastern standards. What we do would get you in big trouble in most of the east.

One result is that the Attorneys here are mostly confined to the complex or difficult. They have only limited experience with the normal transactions.

[Silverfall]

Originally Posted by hueimo

thanks for your help.
What if I have a family member who used to be a real estate agent at ‘another state’ and could guide me through what to watch out for and will look over our contracts? He won’t be representing me officially, but just at the background telling me to watch out for what to ask…the forms are the standard real estate forms when submitting an offer which the seller’s agent will prepare

Real estate is different from state to state.
1) I highly caution you about using someone from another state.
2) The buyer should prepare their own offer.
3) There is something called implied agency. This is when an agent takes actions that indicate that an agency relationship has been formed.

You have asked a lot of questions on this forum. What is clear is that you need help. Get some good LOCAL representation.

[MikeJaquish]

Originally Posted by olecapt

Interestingly in the west the Agent muck with the contract language. We actually practice law by eastern standards. What we do would get you in big trouble in most of the east.

One result is that the Attorneys here are mostly confined to the complex or difficult. They have only limited experience with the normal transactions.

Yep, it is different state to state, region by region.

Like I said in my rep note: We probably ought to have a clue as to location when slinging advice. I'm working on it.
"Are you working with an agent" isn't asked enough, although this poster made it abundantly clear he isn't.

That said, I was absolutely spot on that the OP needs representation, I think.

[hueimo]

Originally Posted by olecapt

Sorry guys...but now you can explain to the OP why there are likely no Attorney's in Salt Lake City who specialize in Short Sales and that he actually needs an agent not a lawyer.

You have to remember it is different in the west.

how do you know that there's no short sale Attorney's in Salt Lake City? so will a regular real estate agent who had short sale purchasing experience be good enough? I have found one who closed over 100 short sale units for the past 8 yrs, is that good enough of a experience? does it have to be specifically selling OR purchasing experience for the clients? thanks for helping.

[hueimo]

Originally Posted by Silverfall

You have asked a lot of questions on this forum. What is clear is that you need help. Get some good LOCAL representation.

yes, but I'm trying to find out what kind of rep I need to find for a short sale unit, if I can't find an attorney here in Utah, will a regular real estate agent who has short sale properties experience be good enough. thanks.

[hueimo]

Originally Posted by olecapt

So if you hire an RE Attorney you are likely going to end up with an Attorney coming up to speed on your dime.

so, the Attorney doesn't get paid via the commission of the sale price as a real estate agent? is the fee something extra? thanks for your input.

[olecapt]

Originally Posted by hueimo

how do you know that there's no short sale Attorney's in Salt Lake City? so will a regular real estate agent who had short sale purchasing experience be good enough? I have found one who closed over 100 short sale units for the past 8 yrs, is that good enough of a experience? does it have to be specifically selling OR purchasing experience for the clients? thanks for helping.

Utah runs RE about the way NV does. Common way in the west.

Get an RE Agent who has done a few short sales. There is nothing magic about it. On the buyer side it is just same old RE with big delays. Your agent can tell you if you are getting into the area where a lawyer might be required.

Western lawyers don't do "short sales" or "REPOs" or any such. They do screwed up deals mostly. They normally do not get involved in regular sales whether short or not.

If you feel better about it you can likely do the deal with an RE Attorney. They generally cost more than an Agent but can be expected to do a good job. In most western states they are licensed agents as well as lawyers.

Talk to a couple. Find someone who practice is mostly real estate.

[Silverfall]

Originally Posted by hueimo

yes, but I'm trying to find out what kind of rep I need to find for a short sale unit, if I can't find an attorney here in Utah, will a regular real estate agent who has short sale properties experience be good enough. thanks.

Yes.

No offense, but short sales are a boatload of work. My company attorney charges me $258 per hour. I assume attorneys fees in your area are probably more. The last short sale I did I spent about 40 hours working on it. You do realize that you will personally pay the attorney out of your pocket. If an agent represents you they will work that into the contract and only get paid if it closes.

[Gretchen B]

difference between a short sale real estate lawyer and a regular real estate agent who can handle short sale properties?

Answer: About 8 inches.

Seriously, though. Read Silverfall's response carefully. You will probably be paying hourly attorney fees, and those could add up quickly, especially in a short sale situation. Plus, not all attorneys (or real estate agents, for that matter) are experienced in short sales. That can be a very complicated animal and in the end very few short sales actually close escrow, so you could be out a lot of money upfront in attorneys fees and still not have a home in the end. On the other hand, any agent that handles this transaction will be paid via commission when the home closes. This isn't to say that you might not want to get an attorney's input on certain aspects of the contract, but in many states (such as AZ), the real estate agents usually handle the entire transaction from start to finish without the aid of an attorney.

Please make sure you understand what costs you might incur and what type of professional assistance you will need in your particular state. Otherwise you might end up spending a lot of money and not getting a home to show for it.