Thomas McCarey's Discussions

Shawn Michael Thomas,You are living within the confines of the headaches that typify short sale transactions. At this point, as you are engaged in a legal contract. As such your best course of action is to consult with your attorney to determine what direction you might go. Viewing this situation through the prism of info that you have provided, it appears likely that you have options available to you due to the bank's failure to perform. But again, this is an issue that best rests with advice you gain from your lawyer.All the best,Thomas McCareyThe Real Estate Lounge Chicago with @propertiesLuxury Home Marketing SpecialistAccredited Buyers Representative

AHA,Yes, without reservation you should have an attorney after you execute a contract. A purchase contract is a legal instrument and the activities that occur in the course of its consummation (or possibly its termination) require legal expertise. This relates to inspection items, tax reproration, escrow monies (and the return of such monies should you need to cancel the contract), contingency periods (specifically related to inspection and mortgage) and any other consideration that might lead to the fulfillment or the cancellation of the contract. In addition, your real estate agent is prohibited by case law in Illinois from attempting to provide legal counsel or serve as your legal representative in any manner.Every real estate purchase has four components that require your being represented by a professional - 1) an expert real estate professional to assist with your search, your find, your negotiation and the completion of your transaction, 2) a mortgage professional to facilitate your getting the best terms available and ensuring the completion of funding tasks associated with the timing of your transaction, 3) a professional home inspector to ensure that you are edified as to the true state of the residence that you seek to purchase, and 4) an attorney to protect and preserve your legal rights as related to this purchase agreement.Typically a real estate attorney will run you from $500-$750. An attorney's role is to protect you. To not have an attorney would be terrible decision that, should anything go wrong in the course of this contract, cause you profound remorse and possible grave economic repercussions. In other words, the cost of an attorney in a real estate transaction is among the better investments you will make.All the best,Thomas McCareyLuxury Home Marketing SpecialistAccredited Buyers RepresentativeThe Real Estate Lounge Chicago with @properties