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Tag Archives: home buying
A short sale can be a great option for homeowners that have been faced with financial hardship. However, many homeowners are unsure of the differences between a short sale and a foreclosure. A foreclosure can damage your credit and make it difficult for you to purchase a home. A short sale is a great alternative to consider to avoid foreclosure.
In real estate, a short sell is the process through which a lender of a property allows the property to be sold for an amount less than the total amount that is due on the mortgage loan.
The short sell process can be quite complicated, and trying to go through this process alone can be very intimidating for most homeowners. A real estate attorney is highly recommended for those who are considering short selling their home. Approval from a mortgage lender is needed in order to sell the property to a third party, and a real estate attorney is able to negotiate the sale with the mortgage lender. Upon a lender’s approval, homeowners have the opportunity to sell their property at a significantly lower price.
Due to the delicate nature of short selling, this process can be lengthy and time consuming. A short sale must be carried out correctly in order to ensure that it is successful. A real estate attorney can make sure that the necessary documents are processed correctly, and ensure that the short sale is executed accordingly.
Once a short sale is complete, the results are beneficial to both parties. A successful short sale results in a release of the seller’s mortgage obligation, while avoiding a significant credit hit. Subsequently, the buyer is able to purchase a home at a relatively low price.
If you are considering a short sale, or have any questions regarding real estate transactions, call Blick Law Firm today to schedule a free 15-minute consultation with attorney Michael Blickensderfer.
Recently, Infinity Abstract and Title held a public informational seminar that was hosted by Blick Law Firm. The seminar provided some great tips and educational information regarding real estate closings, and the expired 1099 deficiency waver law. Licensed Title Agent Debbie Macias engaged the audience with exceptional knowledge and advice, along with Certified Public Accountant, Kevin Krueger.
Infinity Abstract and Title’s Debbie Macias administered an educational discussion about what should be avoided to help ensure a smooth and successful real estate closing. While all problems cannot be anticipated, Debbie provided the audience with a helpful list of “Red Flags” to look out for in their transactions.
The “Red Flags” include:
- Divorce or Separation
- Recent marriage of seller or buyer
- Liens or judgments against property owners
- Death of property owners
- Easements obtained or given since purchase of property
- Known encroachments
- Sellers or buyers that will not be present at closing
- Power of attorney
- Shared driveways
- Foreign sellers
- Guardianship or incompetence of seller
The buyer must first open an escrow account with a neutral third party to ensure that the buyer fully intends to complete the sale. The next five steps are necessary to protect the buyer’s interest in the home. These steps include: completing a title search, purchasing title insurance, the completion of a home and pest inspection, negotiation of closing costs, and finally locking the interest rate of the mortgage.
Once these steps are completed, it is necessary to consult a real estate attorney before moving forward with the purchase process. An experienced real estate lawyer is able to provide legal guidance, and can decipher the complex language involved in most closing documents. A real estate lawyer can also help to identify the “Red Flags” that can interfere with your closing, as well as deal with unexpected complications that may arise.
If you or a loved one is considering purchasing a home, call Blick Law Firm today at (888) 973-2776 to schedule a free 15-minute consultation with attorney Michael Blickensderfer. Think quick, call Blick!
A Real Estate Closing is the final step of the home purchase process, whereby the buyer and seller sign the papers to transfer the ownership of the home. In order to complete this final phase of the purchase process, it is important to understand the timeline of requirements that take place leading up to the Closing.
First, a buyer must open an escrow account with a neutral third party, whereby the buyer provides earnest money to be held in consideration of the purchase in order to demonstrate good-faith that the buyer fully intends on completing the sale.
Following the opening on an escrow account the buyer then needs to take the necessary steps to protect their interest in the home. These steps include:
- Completing a Title search
- Purchasing Title Insurance
- Completing a Home inspection and Pest inspection
- Negotiating the Closing costs; and
- Locking the interest rate of the mortgage.
These steps are important in the completion of any Real Estate transaction, and many times it is important for the buyer to seek legal counsel prior to moving forward with the purchase process. An experienced real estate attorney can provide professional legal advice, and interpret the very complicated language involved in most Closing documents. The attorney is also capable of identifying potential problems with your purchase documentation, and can save you the hassle of dealing with unexpected complications that may arise during the Real Estate purchase process.
If you or a loved one is considering purchasing a home and need advice on what to expect, call Blick Law Firm today at (813) 931-0840. Schedule a free 15-minute consultation with attorney Michael Blickensderfer. Think quick, call Blick!