Are you contemplating purchasing an REO (Bank owned property) or short sale.  These transactions have specific consideration that must be addressed and anticipated by your counsel.  More often than not, the selling lender will not pay transfer taxes on the sale, do any repairs to the property and will not deviate from closing deadlines.  A seller on a Short sale often is in foreclosure, has no funds to pay their underlying mortgage, let alone do repairs, renovations to a property or pay their landscaper.  Our firms job is to explain to you how to deal with your seller, adjust your expectations, negotiate a fair contract and comply with short sale approvals.  Many purchaser do not realize that the last thing a seller wants to do on a short sale is fix a leaking faucet for you if they are losing their property.   Furthermore, addtional consideration is paid to deadlines, purchasing ability, mortgage commitments, move-in and move out dates, etc. to ensure the purchaser secures their deal and has a smooth closing.   

 

REO & SHORT SALE PURCHASERS

• Review of all legal terms, plan logistics to obtain mortgage commitment within time parameters of short sale approval, arrive to closing and negotiation of the contract of sale,

• Preparation and formation of corporate entity, outlining partnership agreements, right & responsiblities,

• Follow up with Seller's Counsel as to resolving open violations, permits, title issues (if agreed to by a seller), 

• Advising client as to resolving any open violations, satisfying mortgage conditions

• Correspondence with the seller’s attorney, title company and mortgage company,

• Handling closing adjustments with sellers counsel, review of deed/transfer documentation

• Representation at closing.

• Review of open violations, permits, Certificates of Occupancy, and documentation pertaining to the house 

• Representation at closing.

 

REO & SHORT SALE SELLERS

• Preparation of contract of sale,review of all legal terms, plan logistics to arrive to closing and negotiation of purchasers requested changes to the contract of sale,

• Provide due diligience materials to purchasers counsel as requested 

• Follow up with purchaser's Counsel as to resolving open violations, permits, title issues, 

• Advising client as to resolving any open violations, satisfying mortgage conditions

• Compliance and explanation of forgiveness of debt tax consequences, if any

• Correspondence with the purchaser’s attorney, title company and mortgage company,

• Handling closing adjustments with purchasers counsel,

• Preparation of deed/transfer documentation, Assignment of Leases, closing statements

• Representation at closing.