Purchasing a Distressed Property, Short Sale Property
Hi, I am Mark Saladin, I am one of the partners here at Zanck, Coen, Wright & Saladin in Crystal Lake Illinois and I’ve been a practicing attorney for over 30 years; most of them right at this firm. Today we are going to talk about common real estate questions.
We do represent investors or other third parties who may be looking to purchase properties that are part of a short sale or part of a distress sale where the foreclosure may be going on. One of the first things I tell any such buyers is that they have to have patience because it usually takes a long period of time to let the seller’s lender approved the transaction before we get to a closing.
Unfortunately a lot of those transactions do include buying property in an as is condition. So if you are a buyer of that type of property, you have to make sure that you do your appropriate inspections beforehand because most of the time, seller’s lender will not approve any improvements to the home if something is wrong. So you do have to go in with your eyes wide open and make sure that you know what you’re buying.
The law firm of Zanck, Coen, Wright & Saladin provides exceptional customer service. My practice has been devoted for over 30 years to real estate, zoning, development, business and corporate matters. If you need assistance we would be happy to hear from you. Please call us at 815-459-8800.