A short sale is a real estate transaction in which the seller accepts less money than they owe on the property. This option is often pursued when the seller is facing foreclosure or bankruptcy. In order to purchase a short sale, buyers will usually need to go through a qualified real estate agent and an attorney. After getting an offer from the seller, the buyer and agent will need to get written approval from the lender who issued the loan on the property. Once written approval has been obtained, both buyer, agent, and an attorney can sign off on the deal and close on it.

In Illinois, you can trust the Lake County real estate lawyer at The Livingston Law Office, LLC to assist you with all of your real estate transactions.  Call us today at 847-656-5857

Key Details To Consider When Buying a Short Sale Property

When buying a short sale, there are certain things that a buyer should be aware of in order to avoid potential pitfalls. One major factor to consider is the property's condition. Is it in good condition and does it have any structural issues that need to be addressed?

You searched high and low for the ideal home for your family, and you spent a significant amount of money making it yours. You believed you had considered every factor that could make the property a terrible investment, but you neglected to factor in the one unknown: the unpleasant neighbor.

Neighbors can be nasty, but there are those that are worse than others. There are certain little annoyances, such as barking dogs and loud music, that are innocuous but irritating. But if you find yourself in a scenario where you have to deal with property loss or bodily harm, you will need to find a solution.

What Could Possibly Go Wrong?

In the worst-case situation, a bad neighbor might inflict harm or death to you or a member of your family, whether on purpose or by mistake. Fortunately, these kinds of situations are rare.

After a long time living in a rented apartment, you're finally ready to purchase a house of your own. When you're ready to close on the house, you find out that it's already been sold to someone else. Because this individual maintains that it has always been their house and that they have never attempted to sell it, you have no right to claim it as your own.

You're understandably puzzled. There's no way you intentionally put yourself in this position. The only thing you were looking for was a home. How is it conceivable that someone else - someone who did not sell you the house – believes they also own it? This may be a case of fraud. But how?

Home Title Theft

Home title fraud or theft is one of the most typical ways in which the aforementioned scenario may occur. The theft, also called house stealing by the FBI, is as follows:

Purchasing a home is a big step in one's life. However, it may also cause a great deal of stress as well. This is especially relevant in marketplaces where the stakes are high. Knowing what to look out for before a purchase helps to minimize the chances of stumbling into any potential concerns.

 For help with real estate purchases in Illinois, trust the experienced legal support services of the Glenview real estate attorneys at The Livingston Law Office, LLC.

The Basics

Research: Get to know the neighborhoods you're interested in and research the market value of homes in those areas.