Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois
Posted: January 9, 2009
News from local lenders and title companies is that the number of mortgage refinances has increased significantly in recent days. With a little luck, this new access to borrowing will be a precursor to a rebound in the buy/sell market. With inventory high, prices low and interest rates very low, wise individuals are looking for opportunities to buy. Now more than ever, good legal counsel is a must. Purchasing REO or bank owned foreclosure properties is very different than buying from a non-institutional seller. Banks write their contracts to be very friendly to their interests and to minimize their closing costs. Also widely available these days are “short sale” properties. This means the seller will not net sufficient funds from the sale to pay the full amount due to their lender(s). These transactions have their own hazards and pitfalls. Gone are the days of simple closings that can take place in a matter of days. Buyers need legal counsel who have dealt with these situations before and can advise you what to expect. Do not hesitate to contact us if you are planning to buy real estate any time in the near future.