Everything You Need To Know About Short Sales
This post is a continuation of Real Estate Short Sales – Part 1.
George Russo concludes a discussion about the specifics of the short sale market and purchasing short sale real estate. Short Sale Real Estate is a specialized area of real estate law and clients should seek attorneys who work in the field specifically. George Russo and Associates has over 20 years experience working in the New York Area with short sale purchases and acquisitions.
“From an attorney’s point of view, dealing with short sales process – either for a purchase or a sale – calls for a separate set of expertise. It’s an ‘experience factor’ that has to be taken into consideration, it’s a little more complex, it’s dealing with another layer of complexity with the seller’s bank: so not all attorneys are created equal when it comes to dealing with the complex and arduous process of short sales.
Make sure whichever firm you use has an expertise in short sales. An attorney who just does basic closing would not be the right fit for this type of arrangement. I say that because it involves negotiating with the seller’s bank, especially since the price that may be worked out in the contract is ultimately subject to approval by the seller’s bank.”