Whether searching for your first home or your dream home, everyone likes to get a deal. Homes offered as short sales, often on the brink of or in the midst of foreclosure, are often listed below market value and can be an excellent purchase. However, before signing on the dotted line, be sure to have your paperwork reviewed by a short sale lawyer in Oldsmar. The attorneys at Westchase Law will be sure that there will be no unpleasant surprises in the future.
The idea of a short sale is not complicated – it is simply selling a home for less than the mortgage that is owed on it. While the idea is simple, the process can become long, complicated, and potentially pricey. A qualified short sale lawyer in Oldsmar will look out for your financial best interest.
Generally, a home sale can be closed in a relatively short period of time depending on the way it is being paid for. Cash sales can go through in a few weeks. Sales with mortgages can be closed in as little as 30 days and often within 60 days. A short sale has no expected time frame. Ideally, the sellers and the mortgage company have agreed to the short sale and its listing price prior to the property being listed. However, when a buyer submits an offer, even if it is for the full listed price, everything must be approved by the mortgage company. Losing money on a mortgage is probably not a high priority to the lender and therefore, they are not usually in a hurry to respond to offers. Add their decision time onto your 30 or 60 days and you could be looking at 3-6 (or more) months to close on your new home.
Short sale homes might also be in the midst of a foreclosure case. In these instances, proceeding without a short sale lawyer in Oldsmar could produce serious complications. Banks and mortgage companies are often large and have separate departments handling foreclosures and short sales. You might have negotiated a contract and had it approved by the short sale department and are finalizing the closing on the home while the foreclosure department is pressing ahead with the foreclosure case. While there are steps that can be taken to reverse any action taken in the court, there could be fees and costs involved. While they may or may not be legally your responsibility, paying them upfront might prevent further delays.
Although a short sale can become complicated, do not let it keep you from owning your dream home. Contact the attorneys at Westchase Law to be your short sale lawyer in Oldsmar.