Attorney Negotiated Short Sales
A short sale or short payoff occurs when a lender agrees to accept less than the outstanding loan amount to satisfy the seller’s loan. A short sale allows both the lender and the distressed property owner to avoid foreclosure by selling the property at a loss. Loss Mitigation Network enables real estate professionals to take advantage of our network of experienced real estate attorneys to negotiate on behalf of a homeowner who needs to dispose of a property by way of a short sale. Typical results include:
• Increased likelihood for a successful approval
• Dramatically less work for the seller AND the agent/broker
• Reduction or elimination of the deficiency AND how the sale is reported to the credit bureaus
Attorney negotiated short sales benefit the agent/broker in the following ways:
• Frequently secure higher fees paid to the agent/broker
• Confidence all documentation is prepared correctly and submitted to the appropriate department with the lender/servicer
• More effective results because we leverage existing relationships with the loss mitigation departments at the lenders/servicers to quickly secure the approval
• Limit the possible liability to the agent/broker for conflicts of interest and other issues
• Identification and assistance provided to the seller of important or damaging legal issues at the earliest possible opportunity (deficiency judgments, tax implications, fraud, etc)
Short sales are far more complicated and time consuming than an average real estate sale, making it important for the client to retain an experienced real estate attorney to oversee and negotiate the transaction from contract to closing… so the agent can spend doing what they do best- selling real estate.
The Process
We work with the agent and their client to gather and complete the necessary short sale documentation. LMN handles all communication with the lender and all third parties to the transaction from that point forward. Although the objective is to negotiate using legal tactics as a means of last resort, attorneys have the ability to apply pressure a number of ways. If you would like to see if our attorneys can help your or your client with a short sale, please click below to to download the necessary forms and disclosures.
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