A short sale can be a great option for homeowners that have been faced with financial hardship. However, many homeowners are unsure of the differences between a short sale and a foreclosure. A foreclosure can damage your credit and make it difficult for you to purchase a home. A short sale is a great alternative to consider to avoid foreclosure.
In real estate, a short sell is the process through which a lender of a property allows the property to be sold for an amount less than the total amount that is due on the mortgage loan.
The short sell process can be quite complicated, and trying to go through this process alone can be very intimidating for most homeowners. A real estate attorney is highly recommended for those who are considering short selling their home. Approval from a mortgage lender is needed in order to sell the property to a third party, and a real estate attorney is able to negotiate the sale with the mortgage lender. Upon a lender’s approval, homeowners have the opportunity to sell their property at a significantly lower price.
Due to the delicate nature of short selling, this process can be lengthy and time consuming. A short sale must be carried out correctly in order to ensure that it is successful. A real estate attorney can make sure that the necessary documents are processed correctly, and ensure that the short sale is executed accordingly.
Once a short sale is complete, the results are beneficial to both parties. A successful short sale results in a release of the seller’s mortgage obligation, while avoiding a significant credit hit. Subsequently, the buyer is able to purchase a home at a relatively low price.
If you are considering a short sale, or have any questions regarding real estate transactions, call Blick Law Firm today to schedule a free 15-minute consultation with attorney Michael Blickensderfer.