What is a Short Sale?

Short Sale Negotiation for Homeowners

When a homeowner and lender(s) enter into an agreement to sell the home for less than the amount owed to the lender(s), it is termed a "short sale." The money that is made from the sale is turned over to the lender(s). Depending upon the Short Sale agreement, the debt that the homeowner owed on the house is either considered to be fully satisfied, or the homeowner may still be responsible for a portion of the remainder, which is termed the "deficiency." If you are interested in making a short sale to resolve your financial problems, you will have to secure the cooperation of your lender, and an experienced attorney can help you prepare your proposal.

Short Sale Lawyer for Realtors and Brokers

The firm provides legal counsel to the seller, eliminating the agent's liability in the sale. Because DRE, MLS boards and National Brokerages are now requiring agents to include an attorney in their short sale transactions, due to the many legal implications of this action, the firm also works closely with realtors and brokers . Some real estate professionals avoid short sales due to the inherent complexity, but by involving an attorney who has experience with this area, the entire process can proceed smoothly. The firm charges 1% of the purchase price, and they are successful a majority of the time in getting these fees paid directly by the lender.

Enlist a Trustworthy Financial Advisor

Price Law Group has assisted over 100,000 families who were in your position. It can sometimes be difficult to convince a lender to agree to a short sale, because it will likely mean that the loan ends up being worth less as an investment than expected. But given the declining economy and housing market and the increase in foreclosures and bankruptcy, many lenders will accept the offer in order to recover at least the fair market value of the home. The impact of a short sale on your credit score will be determined by how far behind you are on your mortgage payments. You may become eligible for an FHA home loan within 2 years of the sale, compared to 3 years after a foreclosure. You will also probably be able to remain in the home until the completion of the sale, allowing you valuable time to save money.