We all know that when you enter into a contract on a short sale or foreclosure you are taking on more risk than you would in a normal transaction. Regardless of the fact that you have a signed contract there are still many more things that can go awry when you have to deal with the bank. Recently my clients put in an offer on a short sale property here in the Grove. They patiently waited several months as the bank went through the short sale process. After completing inspections, we closed on the property in a timely manner. The very next day, unbeknownst to us, the bank sold the property at the courthouse steps to a different buyer. You can imagine our surprise to find out that another buyer now had “title” to the same property. Apparently the bank was not made aware that the short sale had closed the previous day. Thank goodness for the attorneys on both sides who were able to quickly resolve the problem and have an order vacating the sale entered by the court.
I can’t stress enough how important it is to have a competent attorney review your documents throughout the buying and selling process, particularly with short sales and foreclosures.
I am a Coconut Grove real estate specialist. In 2010 and 2011 I earned the distinction of selling the most number of homes in Coconut Grove. If you would like to schedule a buyer or seller consultation with me, please feel free to contact me on my cell at 305-342-1623 or send me a note here.
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