-The Law Offices of Robin Kramer has extensive experience with bank owned properties and short sales.

-The Law Offices of Robin Kramer will guide you through the process from the acceptance of your contract through the closing. 

Services provided include the following:
1)   Reviewing the contract in detail;
2)   Modifying the contract if necessary;
3)   Negotiating inspection issues;
4)   Assuring that all contingency dates are met;
5)   Attending the closing and explaining all documentation and checking the figures.

-Purchasing these types of properties can have many legal pitfalls.
-Robin Kramer has eighteen years experience as a residential real estate attorney.
-The banks and sellers have attorneys representing their interests.  All buyers need an attorney to look out for them.
-No attorney fee is charged unless the transaction closes!

Short sale vs. Foreclosed Property
-Foreclosed property is property purchased back by the bank/lender who held the first mortgage.  The homeowner became delinquent on the loan and was unable to pay.  The bank filed a foreclosure proceeding in the County where the property was located.  The judge entered a judgment of foreclosure.  This judgment of foreclosure in effect wiped away all property liens except for the first loan, property taxes and a portion of unpaid assessments.  The property is then auctioned off at a sheriffs’ sale.  If nobody bids on the property, the bank/lender will buy the property back at the sale.  Once the bank purchases the property back at the Sheriff’s sale, they hire a realtor/asset manager to list the property as bank owned.  (Sometimes bank owned property is also referred to as REO property.)
-A foreclosure property is normally being purchased directly from a bank/lender.  Expect that it could take one to two weeks for the bank to accept/reject your offer.  Many times, the bank is considering multiple offers. 
-A short sale occurs when a homeowner owes more on a property than the property is worth.  A short sale is a negotiated process whereby an offer is submitted to Seller’s lender(s) to accept a lesser payoff when the property is sold.
-A property can be “short sold” up until it is sold at the sheriff’s auction.
-All contracts for short sale property have to be accepted by the Seller.  However, the contract itself will be contingent upon Seller’s lender(s) approval of the offer.  This requires the Seller or Seller’s agent to submit to their lender(s) the offer along with detailed financial information showing the Seller’s inability to pay the mortgage and a legitimate hardship.  The Sellers’ lender will conduct a BPO (broker’s price opinion) to determine the current market value of the property.  If the lender’s negotiator feels that the short sale offer is in line with the BPO, the negotiator will submit everything to the end investors for final short sale approval.  Unfortunately, the approval time on a short sale can be sixty to one hundred and twenty days.