People who are not able to pay for their mortgage for months because of serious financial trouble are most likely to lose their homes. Although most would want to avoid foreclosure because of its many negative effects such as in one’s credit rating, they assume that foreclosure is the only solution to their problem. This should not be the case. There is an alternative to foreclosure and it is by selling their properties through short sale. A short sale is a real estate transaction wherein a property is being sold less than what is owed in mortgage. The lender or the bank will decide whether a property can be sold on short sale instead of letting it undergo foreclosure. In most cases, once the short sale has been finalized, the lender forgives the remaining amount that is owed on mortgage.
If you want to understand the short sale process and know whether you can sell your home through short sale or not, it would be best if you consult a competent short sale lawyer. A short sale in las vegas lawyer has the knowledge and experience needed to assist his/her clients who feel that short sale is the best alternative for them. A lawyer who specializes in short sale transaction would know how to negotiate with their client’s lender in order for the short sale to be approved. He/she would know how to gather all the necessary data as well as submit all the important documents to the lender to convince them that short sale is the best solution to address the financial problems that their clients have. Not only that, a short sale lawyer would also know which listing the property should be included in order to attract potential buyers. For a homeowner who hasn’t had any previous experience with short sale transactions and is unfamiliar with the whole process, a short sale lawyer can make a huge difference with how successful the short sale will be. Although there may be different lawyers that are practicing in your area, it is advisable that you hire one that specializes on short sale. Look into reputable law firms in your area that have efficient and highly knowledgeable short sale lawyer. Interview all potential lawyers and don’t hesitate to tell them whatever concerns you may have. You can also ask them of the previous short sale transactions they have handled so that you will have an idea of their work ethics as well as how they handled their previous short sale transactions.
*This is a sponsored post however, all the points and views are my own.
Owning a home is a lifelong dream for most people. There is a great sense of pride as well as feelings of security and personal achievement when one finally gets to buy a home. For most adults, they want to be able to buy a home before they decide to finally settle down and start their own family. One of the most common reasons why some are not able to achieve their dreams of owning a home is that new homes can be quite expensive. This is especially true for properties located in prime residential communities.
But if you really want to be able to fulfill your dreams of owning a house, then you can consider more affordable options such as las vegas short sale properties. A short sale is a real estate transaction wherein the seller receives less than the amount that is owed on the mortgage. This is considered as an alternative to foreclosure. The lender (in most cases, the bank) then negotiates to forgive the difference from what was realized on the sale and the mortgage owed. If you are interested in buying a property on sale, it is important that you hire a real estate lawyer that specializes in short sale properties. A short sale lawyer will guide you on how to go about successful short sale transaction. You can take your lawyer with you when you when you inspect the property that you are interested in so that he can provide insights when you decide to make an offer to the seller. Those who are interested in buying a property through short sale are expected to make a bid. The lender makes the final decision on which bid is acceptable. The approval takes longer than normal real estate sales, usually for 3-6 months. You must be prepared to wait if you are really interested in the property that you are bidding for. It is also advisable that you look into other properties so that you will have other choices just in case your bid for a particular property doesn’t get approved. This is why it is important that you have a short sale lawyer so that you will be advised properly and to increase your chances of finding the right property to buy.
* This is a sponsored post however, all the points and views are my own.
Image courtesy of Renjith Krishnan at FreeDigitalPhotos.net
The moment that you have decided that short sale is the best option to your problem with a particular property, the first thing that you should do is to hire a short sale lawyer. Although you may already have a real estate agent that can look for a buyer or a seller, a las vegas short sale attorney will be able to provide you with services that your real estate agent cannot. A real estate agent is not licensed to dispense legal advice and this is what a short sale agent can provide you with. Whatever concerns or legal questions you may have about the whole process, your short sale lawyer can answer them for you. Your lawyer can make sure that your welfare is protected at all times. His knowledge and familiarity with existing laws concerning short sale (which could be different from state to state) is important because it will allow you to have a better understanding of the whole process. For someone who haven’t had the experience of buying or selling a property through short sale, that is important. All the documents that would be submitted to the lender will be handled by the short sale lawyer. He will also be the one who will negotiate with the bank to make sure that the short sale will be approved. He will make sure that you will have a bigger chance of having our short sale proposal approved. An unsuccessful negotiation with your lender or bank would lead to foreclosure and this is something that you need to avoid as much as possible. Aside from that, your lawyer would be able to help you protect your assets and your welfare which includes making sure that you will be released of any personal liability once the transaction is over.
When you have made the decision of going through with a short sale, do not think of hiring a short sale lawyer as an extra expense but rather something that you will benefit from. You will not only avoid going through foreclosure but more importantly you will be able to find that the most suitable solution to your problem.
* This is a sponsored post however, all the points and views are my own.
Image courtesy of ddpavumba at FreeDigitalPhotos.net
If you have been looking into listings of real estate properties available in your area, you may have come across properties that are being offered on short sale. Short sale happens when the lender, usually the bank, allows the sale of a property for less than the amount owed on the mortgage. This happens when the mortgage for the property has been due for months and there is little to no possibility of it being paid on time. Although the bank stands to lose money, they prefer short sale over foreclosure. Short sale offers home buyers an opportunity to acquire a property at a much lower rate.
If you are interested in buying a property and opportunities homes through short sale, you must make sure that you have a real estate agent that can help you with the whole process. A short sale transaction is different from traditional home purchase which is why you need to utilize the services of an agent that specializes in short sales. A short sale transaction requires interested buyers to make an offer to the bank. Your agent can help you come up with an offer that is most likely to be accepted by the bank. Keep in mind that in short sale, it is the lender who has to agree to the terms of the sale and not the seller. You must have the patience to wait for the decision of the lender because it usually takes 2-3 months (sometimes even more) for your offer to be denied or accepted. But before you make an offer, make sure that you inspect the property thoroughly. Short sale properties are being sold in an ‘as-is’ condition. This means that the bank or the seller will not initiate any repairs on the property.
One of the biggest advantages of buying a property on short sale is the huge savings that buyers will get. And what makes it more exciting for buyers is when they find a property that they really like and it is offered on short sale.
Interested in short sale? Look into the listings provided by your real estate agent and you may see a property that you may want to invest in.
*This is a sponsored post for Schwartz Law Firm, however, all the points and views are my own.