Trust Us To Be Your Voice

Purchasing short sales

On Behalf of | May 1, 2018 | Real Estate Transactions

Delaware residents who are interested in real estate investments might want to consider short sales. These transactions involve the owners selling their properties for less than the amounts that they owe and can offer the potential for good profits.

People who are interested in making short sale offers will need to convince the sellers and their lenders that the short sales are in their best interests. Getting a comparative market analysis completed by a real estate professional that shows that the property is worth less than what is owed can help. It is also helpful in situations in which the sellers are in danger of default or foreclosure.

If the lenders and sellers agree to the short sales, it is important to make certain that the short sale contracts are written in a manner that is favorable to the buyers. The contracts should also reflect the current laws of the state. This makes using the forms that are found in office supply stores a bad idea. These forms may not be up-to-date on the laws of the state and may be written to favor both parties rather than the buyers.

Attorneys who are experienced in handling these types of real estate transactions may help their clients through the negotiating process with the sellers and the lenders. Attorneys may be able to convince the lenders that allowing a short sale is in the lenders’ best interests. They may draw up the purchase agreements in a manner that places their clients in more favorable positions. If the sellers have drawn up their own purchase agreements, the attorneys may review the contractual provisions and negotiate to place their clients in a more favorable position or make counter offers.