Thursday, September 13, 2012
Pitfalls for Today's Real Estate Transactions
1:31 pm cdt
I decided to take the time today to talk about some of the pitfalls that I have been running into
lately with real estate transactions that I have been working on. A lot of my transactions have been foreclosures or short
sales, and they are NOT regular transactions by any stretch.
1) Short sales are NOT short.
Keep in mind that you will have to wait perhaps six months or more for a short sale to take place. The average is approximately
3 months, but there are some sales that take much longer. If you are interested in purchasing one of these properties, have
a plan B if the sale takes longer as far as a place to live, etc. and most of all, be patient!
Foreclosure banks and attorneys are swamped. They are not always as responsive as we'd like. They have a ton of files on their
desks and sometimes title issues with the property to deal with prior to closing. Be sure you can be flexible if you need
to on these closing dates as well. A quick close, even if you are paying cash, is sometimes not possible.
3) Regardless of the type of property you are buying, ALWAYS have an inspection, especially with a distressed
property. You need to be fully informed about the property before you proceed.
4) Of course
I am tooting my own horn here, but please have a real estate attorney working for you. They are immensely useful in moving
transactions along and making sure everything is going the way it should, as well as helping to protect your legal rights!
Sometimes the value of our services takes a back seat to an inspector or real estate agent, but we all have important jobs
in getting you successfully to the closing table.