We're close to closing on a REO, so not quite a short sale. But, knowing what I know now I'd recommend hiring a real estate attorney if you haven't already. Yes they cost $$$, but you can be sure that they'll be your advocate from start to finish. And that they'll help you navigate a potential minefield.

Your sellers agent might start to feel more loyal to closing the deal rather than supporting you as the closing day -- and that finish line -- approaches.

good luck 

Anon, excellent question.    

Hi Anon-- I didn't have an attorney but I wish I did. My original closing date was tomorrow but the seller still needed to make repairs to the flooring (something that was agreed to in writing). As the date was approaching I'm concerned the seller is going to do a sloppy job with the "repair" and just put a band-aid on it.

 The point: as the closing day approached, I was feeling pressure from my own agent to keep the day. Maybe it was for my own good, maybe not. 

 Now, there probably are some downsides to having an attorney. They might phrase contracts to protect you, but it'll spook the other party.,, 

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anon wrote:
for our edification, please tell us more about your process buying the REO with a real estate attorney.  besides pushing things along (phone calls?) what exactly did he/she do for you?  thanks!

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We are ready to pack it in! Bid on a short sale in March. Here we are the end of July still waiting for the bank to give us the thumbs up. They have postponed four different times since the offer was submitted. Does California want to clear their books of bad debt or not?????