Buyer and Seller Beware: Only prepared buyers and sellers should enter into transactions involving distressed properties. Short sales, pre-foreclosures and foreclosures are fraught with potential missteps and ramifications that are normally not found in an already stressful situation ~ the buying or selling of a home. Banks have become more aggressive toward buyers, sellers and their representative. Learning all sides of a transaction is paramount when negotiating, especially when the banks have loss mitigation departments that are overwhelmed and/or ill prepared.
Be a Savvy Consumer and Learn the Particulars:
• Loan Modifications vs Short Sales
• Short-Sales vs Foreclosures
• Pre-Foreclosure & Foreclosures
• Debt Relief Tax Consequences
• Banks Demanding Loss Repayment
• Agent Contracts vs Bank Contracts
• Dealing with Multiple Lenders
Real Estate Attorney Anthony Ventura is a specialist in lending, escrow, title and bank controlled properties. Pat Kapowich is the Broker/Owner of Kapowich Real Estate in Cupertino. Pat is also a contributor to the Saturday Q & A column Market Wise in the San Jose Mercury News.