We got a call from a potential short sale seller....Her lawyer told her...
- She will never owe the bank anything in a short sale
- The house is pricced high enough to avoid any shortage to the bank
- The house is priced over 30% above the current assessment in a market where no house has sold for the
assessed value.
- This divorcing couple has not paid the mortgage for months
- The lawyer said, that's OK...the bank will take whatever they get
The realtor says...the lawyer shouldn't practice real estate.
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
Oh, my God.
And how much did this attorney charge them for this ill advice??
Wow! Thanks for the post Sally and David. Who knows how many people are unnecessarily facing foreclosure due to inaccurate advice like this.
Well Ralph...it's all part of a divorce "package"....and because the house is now listed at this ridiculous price, we cannot talk with the seller.....and the attorney...oh well.
Gotta wonder Michael and Stacy....how many attorneys contribute to the foreclosure rate .
Hi Sally & David:
I keep hearing this also...
I just don't understand where these attorneys are getting their logic from.
I am starting to think that attorneys and logic....are like lenders and logic...two words you shouldn't use in the same sentence.
This attorney is not up on how short sales really work - neither are lots of agents either. One of these days I will take all my formal and informal short sales studies and go for it. I do want to do it correctly and do what is best for my clients.
Mrs. Seller 's(soon to be ex-Mrs.) got tons of information on short sales...which she told us and her client was very impressive....but she knows that the market commands a higher price...oh yeah...know what you don't know....leave the ego at the door !
Well said! In this uncertain time, all we need (NOT) are people pretending to give knowledge that they don't have....poor advice indeed!
Lawyers are "above" realtors of course...and they know...they know...they don't know what they don't know !
Scary.... I think in my state lawyers can practice real estate by virtue of their lawyerhood. I would hope most don't if they are not qualified...
that whole divorce thang is so stressful to begin with... even without this kind of real estate market. Ick.
Haven't been divorced...but watched it from afar a lot....misunderstanding and misinformation only makes the whole thing MORE stressful....grrrrr...
That attorney should keep his bad advise to himself. I just love your site and look forward to reading your blogs. You have done a very nice job on your page.
Thank you...our profile page was a lot of work...the design wizard is a wonderful man who also does websites, collateral etc. and is working on our new site as new Keller agents...see Dave Daniels at FlyerstoYou.com..he IS the man !
I don't understand why people continue to over reach with clients. I hope they didn't pay for that advice.
They want to believe that people that are mascarading as professionals and they are paying handsomely, know what they are doing....oh not.
That brings up a point that has always puzzled me. Just because one is licensed to practice law, all 50 states allow that licensee to practice real estate, even if it's been 50 years since that licensee was in law school. I'm with you. The only attorneys who should be practicing real estate are real estate attorneys. All others should pay attention to their own speciality and seek outside help when the question is outside their branch of knowledge.
Agreed...applause...applause...but I would add to that...some attorneys who add real estate to their lengthy list of "I do everything"...and even some who pretend to specialize in real estate...still can't spell short sale...scary...be afraid...be very afraid...they do things like tell a financiallly crippled seller to just pay the interest...