Legal Question in Real Estate Law in New York

Re: Short Sale

A purchaser for a short sale is similar to a purchaser from a normal transaction. The difference is that the contract is contingent to Seller's bank approval.

The contract for the purchase is normally drafted by the seller's attorney. The purchaser should treat the transaction like any other. In other words, there should be language about possible issues in the house (wood destroying insects, roof free of leaks, appliances in working order, etc.) and there should be language about your ability to purchase the house (mortgage contingency, closing date and place, etc.).

Closing would take place when you receive your mortgage and when the seller receives consent for the short sale.

If you want you may contact my office and I will obtain additional information and quote a flat fee for the transaction.

Mike.

Re: Short Sale

Yes, I can assist you on this. You need to pay close attention to the seller's bank in order to make sure the proper papers are executed approving the short sale and the removal of all liens.

Please let me know if you would like to speak further regarding this.

Kind regards,

Peter Moulinos

Re: Short Sale

Yes it is very important for you to retain the services of an experienced attorney in a transaction such as this. This is an area of in which we have vast experience, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.

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