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Unconventional Sales Help
California Housing Market

With the new housing laws in effect, the number of bank-owned properties is declining. This, along with a large number of investors picking up properties with hopes to profit has helped the California housing market flourish for the beginning of 2013 but not in the traditional sense. Overall, some facts are pointing to future gains:

• Sales this January were at the highest volume for the month in the last six years.


• Median home price was 23.5% higher than last year's median for the region.


• Foreclosed homes fell to 15% of the Southern California resale market, compared to 56.7% in February 2009.

With less foreclosures, the banks are turning to short sales, loan modifications, and other workout options. As sales increase through these unconventional means, so do the types of legal issues raised by these types of sales. This is partially because the mix of sale options being used can be confusing for the average individual seeking to buy a home. For instance, in REO sales a buyer buys directly from lenders while in a shortsale you are buying from a homeowners/investor. Still further you can buys at a tax auction sale from the government. These are just some of the unconventional sales we are seeing in the market currently.

Overall, buying and selling through unconventional sales requires knowledge about complex legal issues not typically seen in a traditional escrow sale. One of the biggest issues raised by these types of sales relates to the "seller's" obligation (or lack thereof) to disclose costs, repairs, taxes or other important facts. There are a whole host of other issues as well with these types of sales but in the end these deals become ever more attractive as inventory dries up. As a future home owner, or a current homeowner looking to sell your property, you should know your disclosure rights in any conventional or unconventional sale. At Abbasi & Associates, we have a department dedicated to real estate. As such, we are well versed and experienced with navigating through the ins and outs any real estate transactions If you are looking to purchase or sell a home, make sure you have an expert to help you avoid any legal pitfall. We offer comprehensive real estate transaction and litigation services. So call our office at (310) 358-9341 or Contact Us to speak with our experienced and knowledgeable real estate attorneys, and we will do our best to guide you through the process.

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Abbasi Law Corporation is located in Beverly Hills California and represents clients in Bankruptcy 7, Bankruptcy 13, Bankruptcy 11, Business Litigation, Construction Litigation, Business Formation, Real Estate Development & Litigation in Beverly Hills, The San Fernando Valley, Irvine, Burbank, and Los Angeles.

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