A short sale attorney will protect your interests when buying or selling under foreclosure conditions
A short sale is the sale of property where the net proceeds are not enough to cover the debts against the property. Eannarino Law is short sale attorney and can help you avoid common mistakes when selling or buying a foreclosure home. If you plan to sell or buy a short sale home in Boca Raton, Boynton Beach, Delray Beach, Palm Beach or West Palm Beach, you should seek the help of a short sale attorney. What might seem to a buyer like a bargain on the surface might turn out to be more of nightmare down the line. What might seem to a seller like a good way to get out of debt, might not be so good after all.
A short sale basically means the lender does not get all the money back. There is a shortfall. The lender therefore must agree to the sale. A short sale can happen when the value of property drops or when there is a foreclosure. There are many risks when selling or buying a property on a short sale basis. You will be better of navigating these turbulent waters with the advice of a short sale attorney.
If you plan to sell a home as a short sale you need to be sure you released from personal liability for the shortfall. Banks can also try to attached the seller’s personal assets to recovers the shortfall. Banks don’t like writing off money and even of your bank agrees to a short sale, does not mean they not going to come after you for the shortfall. A short loan attorney will ensure that does not happen.
There are some definite risks when buying a short sale home. Property damage is a big risk. The people who stayed there before most likely did not want to leave their home. Often people who face foreclosure will damage the property as a form of revenge. Homes that stand empty after a foreclosure will suffer neglect. If you plan to buy a foreclosure home, you need factor in the cost of renovations and repairs.
Other potential problems may relate to insurance and legal matters. Are there any building code violations? Is the property located in a flood plain?