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Charleston Real Estate Law Blog

What are some laws that affect foreclosure?

There are a number of federal laws that affect the foreclosure process. For example, if you find yourself struggling to make ends meet and fail to pay your mortgage, you may find a foreclosure notice in your mail. If you decide to file for bankruptcy, that bankruptcy action automatically halts the foreclosure proceeding.

This may give you time to protect your home and come up with the money necessary to maintain your mortgage, or you may decide that going through with the foreclosure is the best path. Your attorney will work with you to determine the best way forward during your bankruptcy.

You could wait months for a short sale, so try these tips

A short sale is a process during which you sell your home for less than it is worth. To do this, you must have approval from the mortgage lender. Typically, you cannot be behind on payments and need to get as much money for the property as possible. The lender is only likely to approve a sale if the property is sold for a fair market price.

If you've started the short sale process, you may have been warned that the process can be lengthy. The time it takes to get an offer approved can be months, and that's time during which a buyer could move on and find a different property to buy.

You deserve protection when selling or buying a home

When you buy a home or sell a home, it's always a good idea to work with an attorney who has experience in real estate law. Real estate laws change, and it's important to know that you've done everything in your power to complete a legal sale or purchase. With an attorney, you can verify contracts and make sure you're getting the best deal.

An attorney can help you avoid a number of pitfalls that come with a home sale or purchase. Your attorney can help you make sure the contract hits on all necessary points, even if the real estate agent missed them. Your attorney can also help you add in other points you feel are necessary in the contract.

Growing value of homes a positive sign in South Carolina

Whenever there are more home sales taking place, it's good news for a state. When there is less inventory, home prices rise. That means that homeowners can get more for their homes, boosting their value and worth. When home prices go up and the number of homes available drops, it's a perfect storm for sellers who want to get as much profit from selling their homes as possible.

In South Carolina, over 4,600 home sales closed in January, marking a significant uptick in the market. According to the news from Feb. 16, over 1,000 of the homes were sold in the Charleston Trident area.

What is the purpose of a short sale?

Short sales are properties being sold for the current market value but not necessarily the full value of the mortgage. Borrowers who choose to go through a short sale owe more on the original mortgage than the home is worth, making it more practical to sell the home and get out of debt.

Why would you want to sell a home in a short sale?

How commercial real estate transactions are processed

The commercial real estate closing process can be complicated, but with the right help, you can get through it while protecting your interests.

The commercial real estate process is similar to the residential process in that you place funds in escrow while you wait for the requirements of the escrow to be met or until one person pulls out of the deal. For instance, if you are purchasing a business for $1 million, that money would go into escrow until all the documents are completed for the purchase. Escrow is a tightly controlled process in commercial real estate due to the amount of money involved in these transactions.

Foreclosure news is good: An 8 percent drop in 2016

Living in South Carolina, you know that the economy took a downturn for quite a while but has been improving slowly. Today, it's back to where it was before the recession, a source of good news for many.

South Carolina's total number of foreclosures dropped 8 percent in 2016 compared to 2015, good news for the recovering economy of the state. In 2016, around 20,000 total foreclosure filings took place in the state. That's around 40 percent fewer foreclosures than at the peak of the recession in 2010.

A short sale can help you get out of debt

A short sale is one option you have if you can't make your mortgage payments but your home isn't worth enough to sell it to cover the remaining debt. A short sale is a pre-foreclosure sale. You should seek this out before you get to a point where you are unable to make payments, so you can negotiate with the lender.

The point of a short sale is to sell your home for less than it is worth and to have the lender discharge the remaining debt. It's beneficial to the lender, because the lender will receive at the very least a fair market price for the home. This saves the lender time and avoids foreclosure.

Why lease or buy a commercial property?

When you want to decide if you should lease or purchase a facility, there are a few things to consider. First, can you afford to buy the property up front, and do you have the capital to do it? If you're ready to sign a lease, do you have the means to support the lease for the entire term?

One of the first things you should do is a cash flow analysis. This analysis will estimate how much money you'd need after taxes to support either option. Realistically, a business can help reduce its expenditures overall by leasing in the short term. Initial expenses are only the monthly rent and security deposit. Leasing is also a good idea if you have no credit rating or one that is not yet high enough to support a mortgage for the building.

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