Charles W. Siragusa will do whatever is needed to accomplish the task for which you retained him – to close on the “short sale”.
Reasons to Buy a Short Sale
The main reason to buy a “short sale” home is that the sales price will generally be less than the sales price of a comparable home that is not a “short sale.” The reason is simple—the bank with the mortgage on the home, rather than the owner, is effectively the seller of the home. As a result, the bank may be willing to sell the home for less than its fair market value. In this way the bank gets a loan “off its books” on which the borrower is not making payments.
Reasons Not to Buy a Short Sale
There are two primary problems with you signing a contract to buy a “short sale” home. First, the seller’s lender has to agree to the sale since the lender will receive LESS than the amount owed on its loan from the sale of the home. As a result, the lender may NOT agree to the sale. If that happens then the seller will NOT be able to sell his home to you as he has agreed in the contract. Even worse, you may not learn that the seller’s lender has decided not to agree to the sale until shortly before the scheduled closing date. Second, it is almost certain that the closing will not occur on the scheduled closing date in the contract. You need Charles W. Siragusa as your attorney so that he can do everything necessary to make your “short sale” happen. On more than one occasion, he has represented a buyer where he has had to help the SELLER get approval from his lender to the “short sale.” This was because the attorney for the SELLER was not doing what was necessary to make the “short sale” happen.