Switching lawyer while in contract?
Started by keepnitreal
about 12 years ago
Posts: 16
Member since: Jun 2013
Discussion about
Does anyone here have any experience w switching lawyers while you're in the middle of the loan process? Would like to hear your story
No but have worked with 3 different RE lawyers in the area and all kind of suck. Unless the current guy is a real crook, doubling up on fees to get somebody not much better (and who will need to start from scratch) may not be worth it.
Not recommended especially if the contract has already been negotiated and signed. Is there a specific issue you have with your current attorney that would make you want to switch midstream?
ugh. in general I dislike real estate attorneys too -- and the most charitable interpretation I would offer is that you get what you pay for, and a couple thousand bucks often doesn't get you much.
I agree with Freebird that you'll probably have to pay your current attorney so you are doubling up on fees ... but I would suggest going forward that you might pay a little more than standard rates for an attorney who will pay attention to you.
Ask your friends, and see who they've used that they like.
ali r.
DG Neary Realty
if only you could get what you pay for when a broker is involved...
But, from experience, if you dont like a lawyer, I would get a new one regardless of where you are in the process.
I see...I just feel that they're not on top of things and been slacking off. I can't afford any slacking off while my loan is processing.
Problem is, most attorneys can make more money doing other things than the time spent on residential closings.
Unless your fortunate to have a business relationship with attorney, then they view your personal home closing work as a gift or courtesy and keep the attention on it.
Like the $30 NYS inspection fee for your car, its a nuissance unless they can get a repair out of it.
Just be proactive on all the other issues, bug the brokers for the things you need.
I have a great attorney who handles all the issues. Please contact me.
What gcondo said.
We switched while in the middle of contract, but stayed with the same firm, so there were no additional fees. But if you're unhappy with your lawyer, or you don't trust him/her, get a new one regardless of where you are in the process. That's the only thing that makes sense.
Come to think of it, that makes sense for anything.....lawyer, broker, plumber, doctor, etc.
if you're in contract already, what do you expect your attorney to do except come to closing?
they are not involved in the mortgage process except for a few pieces of paper the secretary files.
ab, I don't know what OP's situation is, but let's imagine this hypothetical:
OP is a buyer who has a pre-qualification from one of the big lenders, a firm that is aggressively marketing itself in NYC. Makes an accepted offer on a co-op. A contract is written that provides for a board application to be filed with a specific time clock, dependent on the loan commitment.
Big lender, now with OP on the hook with a contract, is suddenly demanding 20 extra pieces of paper. They aren't things OP necessarily has to hand, and some of them must be gotten from the building's managing agent, who is trying to supply them on this deal ... and every other active deal in the building. (They aren't necessarily things this lender would have wanted two years ago, so it's a surprise).
Sellers, who want to buy something else, start to be beside themselves. What's taking so long? The brokers keep saying that everything is moving along ... but who trusts brokers?
In this scenario, it's good client service for the attorney ought to step up to the plate, communicate across the table why things are moving slowly, and keep the other side from freaking out. Pour oil on the waters. But many many don't.
That's just one scenario; I can imagine others.
ali
ali: You are trying to explain a realistic situation(s) to ab.
He has already proven himself to be short-sighted and uninformed while posting comments outside his range of DIY-ism.
Ali, what is going on with lenders these days?
I'm the Treasurer and de facto managing agent for my small building. A unit in my building just turned over, and I swear I spent 20 hours or more dealing with all of the bank requests. I filled out form after form, and I was getting requests for information at least twice a week for five weeks. In total, I think I scanned and sent this bank over 1,000 pages of documentation, including the co-op's complete tax returns (which I've never been asked for previously by anyone). All for a $500k 30-year loan, 80% LTV, buyer with 800+ credit score in a very simple building with clean financials. (No sponsor units, no sublets, good reserves.)
This is the fifth loan I've been through as Treasurer (and third with this particular bank), and this was so far above and beyond anything I've experienced previously. In the absence of red flags, I can only assume this is some type of a new policy.
If lawyers and professional managing agents are dealing with this same crap, they're probably working for minimum wage.
lad, in my experience it's one bank in particular -- but yes, they're doing it to everyone!
My attoney never reply my email or phone call in the same day, also I feel she is not polite in the email, but we already have contract, what can we do?