Your house is your castle, and purchasing a new home is an exciting – if hectic – time in your life. While home buying can be stressful, it’s also a great opportunity to find the home that’s right for you and your family. Purchasing a new home probably seems complicated enough, but if you’re considering buying a short sale, you’re going to face a few additional hurdles. What’s a short sale? When a homeowner owes more on a home than it is even worth and becomes so frustrated with the situation that he or she choose to sell the house, it is known as a short sale.
Banks and Short Sales
The first consideration when looking at purchasing a short sale is that banks often take much longer to approve these purchases. In fact, the process can take up to nine months because the current owners will have to prove to the bank that they really can’t cover the bills associated with the house. This is not to say that a short sale can’t be worth the wait. Some short sales are in great condition and represent a good value that’s worth waiting for. Be sure to have a qualified and reputable real estate inspector determine whether the house you are interested in is worthy.
Multiple Mortgages
If the short sale you are looking at has two mortgages, you’ll have to deal with double trouble in the form of two banks. Don’t be surprised if one of the banks initially approves your deal and the other denies it. Next, don’t be surprised if the bank that initially denied your deal swoops in sometime later and approves the deal – leaving you with just a few short weeks to close. In other words, buying a short sale can be even more of a real estate roller coaster than going through with a regular purchase. Don’t despair, however. If you have found the right home for you, a short sale can add up to a great value – even if you do have to jump through a few extra hoops.
If You Are Ready to Purchase a Short Sale, Call 201-498-9768 Today for More Information
Buying real estate is major, and if you’re purchasing a short sale, it’s more major. An experienced real estate attorney can help ease the real estate purchase process and ensure that the complexities of your short sale are handled appropriately and in a timely manner. Buying a new home is no time to go rogue. Your real estate lawyer will protect your interests as you maneuver through the maze of buying your house. At John L. Schettino law, we heave the skill, knowledge, and commitment to get you into the home that’s right for you. Contact or call me at 201-498-9768 for a free consultation regarding your real estate transaction.