REAL ESTATE

Lisa Blackstone specializes in real property law.  Purchase and Sale Agreements, Lease Agreements, other contracts, negotiations, landlord tenant issues, closings and investment strategies are among the issues she can be of assistance.

Lisa shares some thoughts on the current market and investing:

Real estate is probably the most significant investment we ever make, either as our primary home or investment properties.  It is certainly more involved than just investing in some shares of stock!  And now the lending process has made it that much more difficult than ever before.

For the first time in most of our lives, real estate values have dropped.  Unheard of!  How do we take this environment and turn it into something profitable?

One important strategy is learning to purchase short sale properties.  Quickly described, short sales take place when the current owner of a property can no longer pay the mortgage.  The mortgage company agrees to accept a total amount that is less than was originally loaned. So, you, the buyer can purchase the property at a significant discount.

Although this is an unfortunate situation for the seller, it sure beats being foreclosed on!  And, from the lender’s standpoint, it is a way to “cut their losses” and avoid being in further financial jeopardy.

So, in some ways it is a win-win-win situation, for the buyer, seller and the lender.

If you are interested in taking this strategy, be sure you use a realtor who is knowledgeable about short sales.  Those with experience can cut down your paperwork and get you into a good purchase quicker and more efficiently than someone who has no experience.

Look for properties offered under short sale conditions and select those with the least problems, the fewest title issues and in the best physical condition.

Do not forget to obtain your financing (if it is required) so that you can negotiate in good faith with the seller/lender once you have selected a property to purchase.

You will close this purchase just as any other.  The only difference is that the seller’s payoff is being negotiated during the process.

Call Lisa Blackstone for further information.