Is it necessary to have a Real Estate Attorney in buying short sales or Bank Owned properties?

Question: I am getting ready to place an offer on a property that is bank owned. Is it necessary to hire a Real Estate Attorney for a transaction such as this?

Response by Pratul Lakhotia: Short sales and REO property sales are becoming more common in the current state of the Real Estate Market. These types of Real Estate transactions are quite complex and have provisions and time constraints that can be difficult to understand. Many real estate agents may not even be fully prepared to handle such a transaction. Hiring an attorney would ensure any money put in escrow would not be completely lost, and would also ensure there are no discrepancies in the transaction.

Related Article: The benefits of hiring a Real Estate Attorney for transactions

If you are planning on or already in the process of purchasing either a bank owned property, contact a Real Estate Attorney to ensure a smooth and safe transaction.

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