Legal Question in Real Estate Law in Massachusetts

investment

i want to invest in foreclosure property and wanted to know what the estimated cost would be for a lawyer to give

me the proper documents i need to deal with the homeowner and bank can i do it on my own do i need a lawyer

should i use a buyers agent i hear all kinds of things like dont waste your money on a lawyer you can do it all on your own i just want to be safe and legal

thanks bill


Asked on 4/13/06, 7:37 am

1 Answer from Attorneys

Re: investment

You do not need a Buyer's agent or attorney to buy property at auction, but you should consult an attorney so you understand the process and title issues. You also need to know if you are buying property subject to additional liens or not. For instance, a second mortgage holder may foreclose a property and if you buy it at auction you will still have to deal with the first mortgage holder.

There is a difference between buying property in foreclosure and at a foreclosure auction.

If you are buying property from a bank as part of their REO assets, then I would retain my own attorney.

If you have questions, you can call me without obligation.

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Answered on 4/13/06, 10:11 am


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