Short sales can be tricky, but they can present excellent opportunities for homebuyers.
A short sale is a sale where the lender holding a mortgage on the property being sold allows the property to be sold for less than the amount required to payoff the mortgage. Give the current economic downturn and the corresponding slump in home prices, more and more sellers are eager to try to sell their home on a short sale basis. This presents great opportunities for homebuyers, but not without some risks. The Massachusetts Association of Buyer Agents (MABA) recently issued a warning to homebuyers to steer clear of short sales. MABA issued this warning because it felt that too many homebuyers were being held hostage because lenders took up to several month or more to make a determination as to whether the lender would approve the short sale or not. However, homebuyers do not have to fall into this trap. We disagree with the warning issued by MABA as homebuyers can take control of the process by properly drafting their purchase contract. Here at Doherty, Ciechanowski, Dugan & Cannon, P.C. we have real estate attorneys that focus their practices in the real estate area of law, including the short sale process. So we can offer you the best legal advice to make sure your real estate matter is handled properly.
For questions regarding Short Sales in Massachusetts or any other real estate matters, contact one of our real estate attorneys.