Black and Buono Blog

As the buyer in any short sale transaction, getting the bank to approve a discounted payoff does not necessarily mean you are in the clear.

It is your responsibility to ensure that there are no title issues that might impede the process, and with a short sale property, this is necessary more so than in any other transaction. This can only be accomplished by having a title search done by an experienced real estate attorney.

Even though the bank holding the mortgage may agree to the contract price, a title search assures you, the buyer  of a good, clear, marketable title.   A short sale may represent a great opportunity to buy a home at a discount, but there is also have a much higher likelihood of liens, judgments and other potential title issues against the seller.
 
Waiting for short sale approval can be a long process, but do not be so anxious to finally close on the property that you fail to have the title work done properly. Contact Black and Buono if you are interested in buying a short sale home.

...by Kiley Black

Though most buyers don't buy a home with all cash, anyone considering such a move may be wondering how to do it. Because all-cash buyers sidestep the time-consuming loan qualification process, the transaction can close more quickly than if financing is involved.

One advantage of buying a home with cash is to avoid paying mortgage interest. But, buyers also save money that would be spent on loan origination fees, the bank required appraisal, some of the closing costs and various other charges imposed by the lender.

At the same time, there are some potential pitfalls to an all cash transaction that buyers should consider. Buyers who want to use the home as their primary residence lose out on the tax advantages available to homeowners with conventional loans.

Often cash buyers are purchasing short sales or foreclosed homes.  These homes can and will often have title issues or leins which must be addressed by a real estate attorney. It is imperative that as the home buyer you are completely protected.

If the cash buyer is also an investor who intends to resell the property, Black and Buono has the expertise to make certain any title issues are resolved quickly so that the property can be sold within the investors intended time frame. 

If you can afford to pay cash but are concerned about price appreciation, you may be better off obtaining some financing. Also, look at other investments that are paying off and determine if spending cash on a home is your best investment option.

The percent of cash home sale purchases in Middlesex County, Norfolk County and Worcester County have been steadily increasing.  The Law Office of Black and Buono has the experience and the knowledge to identify the unique issues facing the cash buyer.