Should I get a real estate attorney involved in my short sale transaction (im the buyer)?
We’ve been involved in a short sale since late December. All along the seller’s agent has led us (through our realtor) to believe things were moving right along, that appraisals were done (BPO), terms accepted by both banks (2 mortgages involved). In what we were told were the final days and that verbal acceptance was granted, we would merely be waiting for a written acceptance by both banks and we were good to go. But no sooner had we locked in an interest rate than we were informed through our realtor that the first mortgage company did another appraisal, $50K higher than our accepted offer, and that we were being expected to counter. I know short sales are mind-maddening as it is, but we were already led to believe an appraisal was done and accepted and our bid was accepted a month and a half earlier by the bank. We really love this house and truly believed we were just about ready to head toward closing. Now we don’t know if we should throw in the towel or get a lawyer. Advice?
