Mar 3, 2009

Tip 1-2008: Foreclosure Contracts

Regarding foreclosure contracts where the foreclosure lender is the Seller:

Make sure that the contract states that Purchasers have the option of choosing their own attorney. Recently, our Real Estate Department discovered that many lenders have a clause in their sales contracts requiring Purchasers to use the foreclosure lender-selected attorney for their closings. In a foreclosure situation, I find it best for each party to select his own attorney.

If you should have any questions, please feel free to call me at my direct number 434.951.0858 or my cell number 434.981.1946 or email me at

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