Short Sales and Foreclosures – What A Lawyer Can Do to Protect You When You Buy a Short Sale or Foreclosure

Though the worst days of the housing crisis are over, that doesn’t mean that everybody came out of it unscathed. Many homeowners are still unable to pay their mortgages, and have found themselves faced with foreclosure. As they try to get themselves out of debt, one of the options that has been made available to them is to sell their home on what is known as a short sale. In a short sale, the lender agrees to accept a fair market value and release the homeowner from their debt instead of pursuing foreclosure. This provides the homeowner with a way out and provides the opportunity for a buyer to get a great price on a home. Though short sales offer terrific opportunities, there are potential legal pitfalls too. If you are interested in purchasing a home that is available as a result of a short sale or foreclosure, you need help from a qualified attorney who protect your interests and your investment. The attorneys at Wallace Law can help.

The idea behind a short sale is that the bank can stop having to pursue the homeowner’s debt and move on. They accept a lesser amount in repayment of the debt because it is more cost effective for them. This generally means that a buyer can get the home at a very good price, but it also may mean that the house has some hidden problems. Examples of the types of complications that short sale or foreclosure buyers may encounter include inspection issues, property damage, problems with the title, and tax liens. Having an experienced short sale and foreclosure attorney helping you with the process makes sure that you get everything that you have promised and that you are protected in case something goes wrong.

As is true in most home sales, the owner of a home that is being foreclosed upon or which is going through a short sale is often living in the house up until the time that the property is transferred. Unfortunately, some sellers who are facing foreclosure are unhappy at the prospect of leaving their homes, and in the process they lose interest in making sure that the house is in the best possible condition. Many buyers move in and find that the home is damaged or appliances are not in working condition, and then have no choice but to pay for unanticipated repair expenses. Having a real estate attorney who can anticipate these problems and take steps to prevent them from happening will end up saving you money in the long run. Having a real estate attorney at your side is a good idea whenever your are purchasing a property, but it is especially true when the home you are buying is a short sale or foreclosure. Call the attorneys at Wallace Law today to see how we can help.

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