Short Sales and Why You Will Need a Lawyer

The sudden loss of employment, divorce and other marital problems as well as severe financial difficulties are just some of the reasons why some homeowners are not able to keep up with their mortgage payments. If you are among those who owe more on their homes than their actual value, then you may consider selling your home through short sale. A short sale is a real estate transaction wherein the property is being sold for less than what is owed to the lender (in most instances, the bank). It is considered as a better alternative to foreclosure which results in not just the loss of ownership but it can also reflect on one’s credit score and credit history. The lender or the bank will be the one who will approve the short sale. Their decision on whether a short sale will be approved or not will depend on a number of factors such as whether they believe they will be able to recover more of their investment compared to putting the house in foreclosure.

If you feel that san diego short sales may be your best option, then you need to be able to determine whether your property and the circumstances related to the sale of the property qualify a short sale. It is important that you utilize the services of a short sale lawyer so that you will be guided accordingly. A short sale lawyer has the expertise needed to help you understand short sale and the many benefits it offers. Once you have decided that short sale is the best option, your short sale lawyer will be able to take all the necessary steps needed for the success of your short sale transaction. This includes listing your home with a real estate firm or agent to make sure that your property will be made available to potential buyers. Your lawyer can help you negotiate with your lender and to convince them that short sale is the best alternative with the situation that you’re in. Your lawyer will also be able to gather and organize all the important documents that will be submitted to the lender for the short sale to be approved. If you feel that short sale is the best alternative for your current situation and you want to increase the chances for the transaction to be approved, then hiring a short sale lawyer should be your priority.

*This is a sponsored post however, all the points and views are my own.

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Benefits of Hiring a Short Sale Lawyer

There are many reasons why people get into financial trouble. This could be because of the sudden loss of employment, having a severe illness that prevents them from holding a regular job, living a lifestyle that they cannot sustain or having the wrong spending habits among other things. In most instances, this would result in not being able to pay their mortgage. If this happens, they would think that foreclosure is the only solution to their problem.

For homeowners who haven’t been able to pay their mortgage for 90 days or more and are already thinking of foreclosure, they have to know that there is another alternative – short sale. What is a short sale? A short sale is real estate transaction wherein the house is being sold at the amount that is less than the mortgage that is owed. Although the lender, usually the bank, would stand to lose money over a short sale transaction, it is a far better option than foreclosure. A foreclosure can be a costly process for both the lender and the seller. The buyer would have to bid on the property and the lender would be the one who would approve of the price and the terms and not the seller.

For an inexperienced home seller, short sale can be a complicated process because it is different from the usual real estate sale transaction. To make sure that interests of the seller are protected, hiring the services of a short sale attorney is encouraged. Your las vegas short sale lawyer would be able to explain clearly what are advantages and disadvantages of a short sale and can help you decide whether short sale is right for you. Your lawyer would then make sure that all the necessary documents are submitted so that the lender would approve of the short sale. A short sale lawyer has the experience and skills need to successfully negotiate with the bank and increase the possibility of getting an approval as quickly as possible so that you wouldn’t have to undergo foreclosure. Through your short sale lawyer, you will not only have a better understanding of the whole process but you will also prevent having to go through a more complicated and more serious process that is foreclosure. The moment you have decided that short sale is the best option for you, hiring a short sale lawyer is the first thing that you should do.

 

*This is a sponsored post however, all the points and views are my own.

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