Staten Island, NY (PRWEB) April 26, 2009
Staten Island real estate attorney Steven T. Decker was recently featured on PBS's Nightly Business Report. In the interview Steven Decker discusses the advantages and disadvantages you should consider when purchasing a home where the seller is doing what is known as a "short sale". A short sale is where the lender agrees to take less than the full value of what is owed on the loan.
The advantage for the lender is that it helps them get bad loans off of their books. For the seller the advantage is that they will have less damage done to their credit score than if their home was to be foreclosed on and they have a full release from their mortgage debt. While there are some advantages to purchasing a home connected with a short sale, such as a lower purchase price, there are also many disadvantages. It could take months to get the banks approval response to the offer, homes are generally sold as-is, the lender can reject the contract of sale at any time and the lender has the right to change the terms of the contract as they wish.
If you would to speak with Steven Decker about real estate matters you can call him at Decker, Decker, Dito & Internicola at 718-979-4300. Steven has a blog at http://www.thenyrealestatelawblog.com and the firm's website is dddilaw.com.