Many clients are unclear on many of the issues that surround foreclosures in the present downturn in real estate. Here are the most common myths that need to be busted:
Myth #1: Foreclosure happens fast. The time frame to complete a foreclosure has increased significantly over the past few years. What used to take the lender 8 months to complete the process is now approximately 2 years.
Myth #2: Buyers of foreclosed homes can’t get clear title. The recent robosigning scandal has made title companies reluctant to insure these sales, however they are again becoming more willing to take this risk.
Myth #3: Buyers should wait for the shadow inventory to be released. This is unlikely to happen since the lenders will likely continue to add foreclosed properties to the market in a calculated manner to avoid flooding the market , which will result in a further decline in pricing.
Myth #4: If you are looking for a deal, you are looking for a foreclosure. The individual seller should not be overlooked. They are starting to realize that they must be prepared to reduce their price since they are competing with so many short sales and foreclosed homes at lower prices. Also, individual sellers are much more negotiable on repair issues. When dealing with a bank, you are buying the home in “as is” condition.
The Law Offices of William J. Reinhardt, Jr. is available to assist with the purchase or sale of real estate. Call 718-377-8880 or e-mail [email protected] to arrange for a free consultation.
"My name is Emilio. When I was buying my property, I hired Mr William J Reinhardt Jr as my Real Estate Attorney, it was one of the best decision I ever made because he did everything in his power to make sure my purchase was successful. For example, The utilities bills left over by the person who owned the property before me. I said thank you to Bill for not allow me to pay these costly bills." - 5.0 stars | Posted by Emilio Bien Aime | October 1, 2019
"Mr. William Reinhardt Jr. is my lawyer for many years. My family and I bought and sold properties with his help and were very satisfied. I recommend Mr. Reinhardt to anyone. I give him a 5-star review." - 5.0 stars | Posted by Diana | September 19, 2019
"My husband and I loved working with William. He was very professional, efficient and went above and beyond to help us. We would HIGHLY recommend." - 5.0 stars | Posted by Leeann | September 13, 2019