Short Sales

Sometimes the best option is to just sell your home, even though your mortgage balance is higher than what you can sell for (“under water”). This is also not as easy as one would think as the process can be slow and complicated. A number of issues must be considered, such as whether there will be any deficiency balance and whether taxes will be owed. Closely related if a short sale is not successful is just giving the home back to the lender in a “deed in lieu of foreclosure”.

Homeowners who find themselves unable to pay their mortgage may feel as if they have no good options available to them, but there are a few. A short sale is one – it is when you choose to sell your property knowing that the selling price is less than what you owe on its mortgage. Though when you proceed with a short sale, it leaves you without the home that you had hoped to have as an asset for the future, it does offer certain benefits. The advantages of a short sale are that it saves you and the lender that you’ve been struggling to pay a great deal of time and aggravation, as well as money. It relieves you of the debt that you are struggling with while allowing the vendor to avoid the costs of foreclosure, and gives the lender a better chance of recouping their investment.

Though a short sale may seem like a straightforward transaction, they can actually be complex and can be open to fraud. There are several scams that both short sale buyers and sellers need to be aware of, and there is also the risk of a deficiency judgement if you are left with too large a deficiency in the sale of your property . Having an experienced short sale attorney on your side means that you are protected from these risks, and also gives you the confidence of knowing that you have a knowledgeable expert guiding you through the process and looking out for your better interests.

When you make the decision to go forward with a short sale, the attorneys of Reinherz Law can help. We will take you through each of the steps so that you fully understand what is required, and we’ll help you with the process of satisfying the lien on your property. There will likely be a long list of requirements that your lender will ask for, and we’ll make sure that all of the necessary documents are properly prepared and written in a way that protects your rights. We’ll also ensure that any costs you’re asked to pay are fair, accurate and appropriate, and that your property value is protected so that you do not end up with too great a shortfall when it comes to paying your lender.

A short sale prevents you from having to go through a foreclosure, and there are a lot of steps involved. From communicating with your lender to drafting the short sale contract, from working with a qualified realtor in order to find you a buyer at your asking price to overseeing the closing of the sale, the attorneys at Reinherz Law will be with you every step of the way to make sure that your interests are protected and you get through the process with the least amount of stress and concern. Contact us today to see how we can help.