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In a housing market which is now known for sub-prime loans and high numbers of foreclosures, understanding the difference between a steal and a bad deal can be risky business.

Author: Sara Goldstein

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In today’s economy, every company and individual is working to take advantage of offers and deals that will give them the financial edge.

Predatory Lenders
Many lenders with too much property and not enough payments are ready to make a deal to get rid of some of their foreclosures, but not all of these deals are good deals for the customer. Adjustable interest rates, excessive fees, and deceptive contracts can turn the purchase of your dream property a real nightmare. When dealing with some lenders, it can feel like you’re actually doing business with a loan shark.

Understanding Your Contract
While most lenders are simply trying to do business, even a contract or mortgage agreement which is intended to be legal and above-board can be confusing. Interest rates, fees, early repayment and innumerable other details can be lost in reviewing a real estate contract. When even a small detail can cost you thousands of dollars later on, it is worth making sure every aspect of your real estate contract is above-board and easy to understand.

Sub-Prime Loans
Recently sub-prime loans have been getting a lot of attention in the media. A sub-prime loan is a loan made to an individual who doesn’t meet “prime” lending standards, and is given with a higher interest rate to mitigate the risk. The problems with sub-prime loans are two-fold:

• They lend money to individuals who may already be struggling to pay their bills, often at unreasonable interest rates.
• They are still being offered by lenders, often predatorily in nature.

Real Estate Made Simple
Real estate law is clear in some areas and murky in others. If you are considering purchasing a piece of property either for private use or for corporate use, it is important that you have your real estate contract reviewed by an experienced real estate attorney. Real estate attorneys make it their business to keep up-to-date on new or changing laws which can improve your chances at successfully purchasing real estate, or which can make a precarious loan situation even more dangerous.

About Author

If you are purchasing real estate in the Fort Myers, Cape Coral or Lee County areas of Florida, please visit the website of experienced real estate attorneys Lusk, Drasites, Tolisano & Smith, P.A., and learn more about how to protect yourself and your property.

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