We assist buyers and sellers of residential real estate in the purchase or sale of
- Single family homes
- Multifamily homes
- Townhouses
- Condominiums
We also assist owners of residential real estate in
- Refinancing
- Short selling
Buying or Selling Residential Real Estate
Whether you’re a first-time home buyer or a seasoned real estate investor, our firm can help you every step of the way in the process of buying or selling a home. In a residential real estate transaction, a myriad of issues can arise relating to
- The contract of sale and riders
- Inspection contingency negotiations
- Home inspections, including mold, asbestos, radon, and wood-destroying insects
- Mortgages, including unpaid mortgages and foreclosures
- Prior leases and tenants
- Environmental issues and land contamination
- Title insurance, including title examinations, chain of title, quite title actions, and encroachments
Our knowledgeable team will work diligently and efficiently to ensure that your interests are protected and things go smoothly throughout the entire process. As your attorney, we will
- Review every document, contract, rider, and addendum to make sure you’re being protected
- Prepare and draft the necessary legal forms and documentation
- Skillfully negotiate with all parties involved so that you receive the maximum benefit
- Coordinate with attorneys, lenders, title agents, and other real estate professionals to ensure things go off without a hitch.
Buying or Selling Residential Real Estate
Refinancing a mortgage means to pay off an existing mortgage and replace it with a new one. There are many reasons homeowners may choose to refinance. These include the desire to
- Obtain a lower interest rate
- Shorten the term of the mortgage
- Convert an adjustable rate mortgage (ARM) to a lower fixed rate
- Tap into a home’s equity in order to finance a large purchase
- Consolidate debt
As general rule of thumb, you should refinance only if doing so will decrease your interest rate by at least one percent. However, given that refinancing can cost you 3% to 6% of the principal of the loan and also involves paying for an appraisal, title search, and application fees, it’s important for a homeowner to carefully determine whether refinancing offers any true benefit.
Refinancing a mortgage is different than a mortgage modification. A mortgage modification is when the lender changes the existing mortgage. A refinance is when the old mortgage is replaced with a new one, with a new principal, interest rate, monthly payment, and mortgage term.
If a lender wants to keep you as a customer, they may offer you a modification with a better rate. Furthermore, unlike in a refinance, a mortgage modification doesn’t require you to pay any closing costs. However, you may get a better interest rate by refinancing.
We understand that the mortgage refinancing process can be confusing and complicated. That’s why it’s important to have a New Jersey real estate attorney represent you when negotiating with the bank and advise you as to the best possible course of action to take.
Short Selling a Home
A short sale situation occurs when the outstanding obligations on a property (what is owed on the mortgage loan) exceeds what the property can be sold or refinanced for. If a homeowner is having trouble keeping up with the mortgage payments, a short sale can be an appropriate alternative to foreclosure or bankruptcy.
In a short sale, the homeowner can avoid or mitigate the consequences of foreclosure by negotiating with the bank to have the home sold at the discounted price. The proceeds from the sale are then used pay off a portion of the homeowner’s mortgage loan.
Obtaining a short sale approval can be a difficult process. Our firm will assist in negotiating with the bank to sell the property at a price and on terms that are favorable to you. We’ll also draft the agreements and releases, provide data, and show proof of hardship to the bank on your behalf.
There is no guarantee that the bank will approve the short sale. However, if your mortgage payments are in arrears, the chances of short sale approval are greater. Unfortunately, if you have liquid cash assets, the lender may attempt to tap those accounts. This is why an experienced New Jersey real estate attorney is so vital in protecting your interests when short selling a home.