In the Short Sale classes I teach for real estate continuing ed, I am constantly reminding the Realtors to always refer their homeowners who are in financial distress to an attorney for legal counsel. Attorneys can do things that real estate agents can’t, like give legal advice. Real estate attorneys know the state laws that govern what lenders must do and must not do when it comes to the foreclosure process. Each state has its own Deed of Trust laws and Foreclosure laws. Since each homeowner has facts that are unique to his or her own situation, referring homeowners to an attorney has many good consequences. Doing so is in the best interest of the homeowner and referring to an attorney has an added benefit of reducing liability for the real estate agent.
I’ve been on the lookout for an attorney who is interested in serving the short sale and preforeclosure homeowner market.
Realizing that many homeowners in financial distress often do not have access to thousands of dollars to pay for an attorney, I believe that a flat fee arrangement for homeowners to receive a set, minimum number of hours of an attorney’s time is a good idea.
Now someone’s done just that. Craig Blackmon and Marc Holmes are offering a document review service for short sale homeowners at a flat fee of $300.