Yes, you can do a short sale where the owner has a lot of assets or a lot of cash. The issue becomes what is available to satisfy any deficiency that may be there. And then it’s our job as your attorney to negotiate that deficiency to a small amount as possible. If there’s for example, $150,000 deficiency, you may be asked to contribute $5,000, $6,000 to that deficiency.
What Happens If a Buyer Backs Out of a Real Estate Contract?
A signed real estate contract creates legally enforceable obligations for both buyers and sellers. Once a purchase agreement is executed, each party is generally expected to fulfill the terms of the transaction and proceed toward closing. However, situations sometimes...