Every once in a while I hear of an investor or homeowner who receives advice from their lawyer not to do a short sale.
For example, I just received a copy of this letter from an investor who had received it from a seller. The letter was written by the seller’s attorney advising the seller not to enter into the transaction proposed by the investor.
The letter is a great example of a lawyer trying to help her client while at the same time throwing her client over the cliff onto the rocks below because of what she doesn’t know.
Because there’s so much good stuff to learn here, I thought I’d address the letter point by point. First review the letter – and then see my reply to each numbered excerpt…
1. I do not believe that it is in your best interest to sign the documents that were presented.
Don’t freak out here! The lawyer is not saying “DON’T DO IT!” Rather the lawyer is simply “doing her job” – she’s saying I wouldn’t do it as presented . . . let me give you my two cents, justify the money you are going to pay me for my time, and allow me to make some recommendations. This is what lawyers are paid to do and she is not out of line at all in making such suggestions to her client. Just because the lawyer says “don’t do it as presented” does not mean that the lawyer would have the client not do it at all after some changes are made.
Dealing with lawyers who don’t understand the Short Sale business doesn’t have to be deal-breaker. At our live Breakthrough training we’ll show you how to keep these deals alive and profitable even after someone suggests otherwise!
I have a reply for each of the highlighted points in the letter. Check back tomorrow for my comments on Number 2.
