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Short Sale – Buyer

Charles W. Siragusa will do whatever is needed to accomplish the task for which you retained him – to close on the short sale.

Reasons to Consider Buying a Short Sale

The main reason to consider purchasing a short sale home is that the sales price will generally be less than the sales price of a comparable home that is not a short sale.

The reason? In a short sale, the bank with the mortgage on the home is effectively the seller of the property, rather than the owner. As a result, the bank may be willing to sell the home for less than its fair market value. In this way, the bank gets a loan off its books on which the borrower is not making payments.

Reasons Not to Buy a Short Sale

There are two primary problems that come with you signing a contract to buy a short sale home.

First, the seller’s lender has to agree to the sale, since the lender will receive less than the amount owed on its loan from the sale of the home. As a result, the lender may not agree to the sale. If that happens then the seller will not be able to move forward with you as he has agreed in the contract. Even worse, you may not learn that the seller’s lender has decided not to agree to the sale fr some time, perhaps until shortly before the scheduled closing date.

Second, it is almost certain that the closing will not occur on the scheduled closing date in the contract.

As your attorney, Charles W. Siragusa can do everything necessary to make your short sale purchase happen. In fact, on more than one occasion, he has represented a buyer in a situation where he has had to help the seller get approval from his lender for the short sale. This was because the attorney for the seller was not doing what was necessary to make the transaction happen.