If you’ve been looking for a home for a while, chances are a listing marketed as a short sale has come across your radar. The price of the home probably caught your eye since it seemed to be way below market value. However, when signing a contract to purchase a short sale, there are many things you need to know. A short sale is not like a regular purchase. First, what is a short sale? A short sale may very well be the last straw before a home goes into foreclosure. Indeed, often a short sale is processed while the home is already in foreclosure. Essentially the owner of the property is behind on their mortgage payments. Instead of the bank foreclosing and taking possession of the house, the bank cuts a deal with the current owner to sell the property and use the proceeds to pay off as much… read more →
If you are selling your home, you want everything to be smooth. You could be selling for any number of reasons — upsizing, downsizing, moving out of state, moving to senior living, or even because you are just ready for a change. After all, you went to all the trouble of putting your house on the market, procuring a buyer, dealing with the buyer’s inspection items, waiting for the buyer‘s mortgage to be finalized, and meeting with your attorney to sign a stack of papers. And now finally, finally, finally, you have a closing date on your calendar. Just a few more days, and you will be on to the next chapter of your life. Or so you thought. . .Everything was fine. . . And then your survey came in. In a typical residential real estate transaction, the survey is usually one of the last things the parties actually… read more →