Short Sale Assistance
Selling a home for less than what is still owed on the mortgage is called a “short sale.” Though a short sale is a little more complex than a standard home sale, it may be worth the additional effort as it presents a mutually beneficial option for both the buyer and the seller. By opting for a short sale, the seller is able to get out of a mortgage that is too expensive; on the other side of the short sale, the buyer is able to get a great deal on the property in question. Persuading a lender to approve a short sale is part of the process, and it is not always an easy task! This is one of the areas where having a lawyer for short sale assistance is a good idea.
On the selling end of a short sale, assistance is a matter of protecting the interests of a household that’s already struggling financially. All short sales involve a mortgage lender to basically cut its losses and accept less than it is owed, and there are circumstances where the lender can hold the already financially strained seller accountable for the difference. Having a lawyer for short sale assistance is one way to ensure that the seller is protected after the sale from unexpected accountability to the lender. If the mortgage lender does require a portion of the difference to be paid back by the seller, having a lawyer on hand will ensure that none of the seller’s rights are violated and that the payment of any deficiency is fair and made clear to the seller before the deal is finalized.
On the buyer’s end of a short sale, assistance is often focused more on getting the lender’s approval for the sale to take place. The short sale process is packed with letters, contracts, assessments, and red tape; and because short sales represent a loss for lenders right from the start, it is easy to understand how buyers who are not extremely organized from the beginning might be denied approval from the lender. Having a real estate lawyer on your side is an excellent way to make sure you stay organized and have everything you’ll need for approval ready when the lender asks for it.
Since 2004, Chluski Law has been assisting clients in all manner of real estate law. If you are thinking about buying or selling a home in a short sale, we can help you like we’ve helped others in the South Florida region. Please call our office at (561) 931-0439 to see if a short sale is the best option for you