Contact a Massachusetts Lawyer Regarding Home Foreclosure or Short Sales
Today's volatile real estate market spells T-R-O-U-B-L-E for many homeowners, and O-P-P-O-R-T-U-N-I-T-Y for many buyers and investors. Homes selling today for much less than they would have gone for just a year or two ago entice many would-be buyers.
Please be aware that along with tremendous potential for financial rewards and instant equity, there is significant risk involved when you place a bid on a short-sale home or a home in foreclosure. You need an experienced real estate attorney to review the contract before committing yourself to the purchase. Call or e-mail LoConto, Burke & Madaio, P.C., to schedule a consultation.
Short Sales: We Assist Buyers
If you are interested in purchasing a short-sale or bank-owned home, we encourage you to contact an experienced residential real estate attorney. Our real estate lawyers have dealt with many short-stale home purchase sales agreements.
There are many things that you need to know to complete a purchase of a home being sold in a short sale. In a short sale, a seller lists a house for less than what is owed on the current mortgage. If the seller's lender gives its third party approval, the seller and the bank agree to accept any loss in the sale. It is not enough for the buyer and seller to agree to this type of transaction with out the bank's OK. A purchase-sale bid, then, should be written contingent upon the bank's approval. A bank's approval of a short sale may take longer than 30 days, which is longer than what many buyers of residential real estate expect.
Learn what you need to know. Maximize your opportunity to take advantage of opportunity while you minimize risk. Contact an experienced real estate lawyer to schedule a free initial consultation.
We Advise Purchasers of Homes in Foreclosure
You may be interested in buying a house that is in foreclosure or will soon be in foreclosure. LoConto, Burke & Madaio, P.C., assists buyers making bids on bank-owned properties. There are too many pitfalls for a property purchaser to navigate wisely on his or her own.
Title Issues
Title problems can occur in transactions arising out of foreclosure. Our law firm helps ensure that our clients receive clean titles when buying homes that were in foreclosure.
Inspection and Repairs
It is helpful to have an attorney's advice on practical matters related to buying a house in foreclosure. For example, keep in mind that the seller is financially distressed and you will most likely need to buy the property "as is," without the usual repairs that homebuyers often state as a condition of purchase. A home inspection is a good idea as always, but it will be more informative than useful in negotiating the purchase, since requiring repairs will not be an option.
Documents to Sign
You will be asked to sign lengthy documents at the time the offer is made which will invariably be unilaterally in favor of the lender. Some documents are non-negotiable, but an attorney can provide valuable information as to what the terms are and what to expect. Be aware that the bank can terminate your purchase contract at any time for any reason, such as a title problem or an inspection problem.
Contact one of our real estate lawyers to learn how we can help protect your rights as you prepare to buy a house that is in foreclosure:
- We will review the title very thoroughly and make sure that you have a clean title when you buy the property.
- We will advise you of liens and their impact on the timing of the foreclosure.
- We can assist in negotiations with your lender to increase the likelihood of success in your transaction.
We can opt to terminate and get you your money back if you encounter unfavorable terms affecting you, the buyer.
