What to Expect in Selling a Short Sale Property

Tuesday, December 23rd, 2014

So, you’ve come to the conclusion that you want to sell your home via a short sale. What comes next? If you’ve decided that a short sale is right for you, the most important aspect of the process is to close the transaction. While our real estate attorneys at Charles Block can assist you with your short sale, it is good to know what you should expect throughout the procedure. Of course, the main objective is to avoid foreclosure and put an end to paying for an expensive mortgage.

 

Negotiations Entail

A short sale will allow you to put your property on the market. When the transaction is complete, the lender will have agreed to release the loan on your home.  Keep in mind that short sales don’t always cancel the debt of a mortgage. Sometimes they request the deficiency to be paid or for the loan to continue in repayments. This where our attorneys come in to help – to conduct negotiations and represent you and your needs.

 

Selling the Short Sale

Even with a short sale transaction, you will still need plenty of time to sell your property. A short sale can take months to close. Once your property is sold, you will have to move immediately, so be prepared. In addition, approval from all parties involved in your property is needed in order to close. We also suggest educating yourself on short sale frauds so that you can be aware of it and protect yourself from being a victim.

 

For more information on short sales real estate cases, please feel free to explore our website!