3 Facts About Short Sales for Buyers

by Isaac Benmergui, Esq on March 23, 2012

A short sale might sound like a good deal and in many cases it is, for the seller. Make certain as the buyer that you’re getting a good deal as well.

  1. The timeline for completion of a short sale varies. Currently there is legislation under consideration to limit the time period to 72 days, but the sale could take as long as six months to complete.
  2. Banks aren’t likely to make repairs. In most cases, you are buying the property “as is” but check with the seller and lender to be sure.
  3. You need to check for liens. Sellers aren’t usually in debt solely on their house. There could be tax, medical or mechanic’s liens on the property. Hire an experienced real estate attorney to get a title search done. Florida properties are notoriously rife with mistakes in land descriptions and title mistakes.

If you’re thinking about buying a short sale property, contact the law offices of Isaac Benmergui who can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.



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