Short Sales:
(845) 765-0090

Lenders are now offering the possibility of selling your home for less then you owe on your mortgage. There are, however, several conditions that most lenders consider before they will approve a short sale. The process can be lengthy. You will require an Offer to Purchase, submit numerous forms including your financials to the lender and then wait typically for a month or two. Once approved the parties will still need time to perform all the typical preparations for the closing which can take weeks or months to complete.

The lender will consider the amount of the short sale offer in relationship to the outstanding balance and the current market value of the home.

Second, does the home have a second mortgage or home equity loan.  In a short sale all of the liens have to be satisfied or negotiated separately in order for the first lender to approve an offer.

Third, the purchasers typically cannot be a friend or family member.

Four, a waiver of deficiencies should be negotiated with the lender.

Finally, your financials are required in order for the lender to approve the sale. In most cases the lender will not permit the seller to walk away from the closing with any proceeds. Lenders have been known to offer the Sellers some money in order for them to cover their moving cost. Typical past credits amounted to approximately $3,000.00.  In some case more were offered.

Our attorneys have represented clients in the buying and selling of homes and we have represented banks in the purchase and refinance of homes.  Specifically in all aspects of commercial and residential land purchases and sales, leases, land use matters and real estate development. We have counseled clients regarding the negotiation and preparation of purchase and sale contracts, lease documents, construction contracts, agreements between landowners and reciprocal access and management agreements. We are also well versed in short sales to avoid foreclosures.

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