Short sales become an option to commercial or residential apartment owners when they can no longer pay for the mortgage debt on the property.
A short sale is where the lender allows the borrower to sell a property at its current market value to pay off the debt. The market value may be less than the total amount the borrower owes the lender. In this case, the lender may decide to either release the borrower, fully or partially, from future financial obligation. In most cases, the lender agrees to pay the closing costs, title and attorney fees and the seller’s commission in the short sale transaction.
The lender only agrees to short sale when the owner of the property lists a fair market price on the property. The lender also agrees when the owner provides evidence of financial hardship to prove that he or she is unable to pay for the mortgage debt.
The seller lists the property with a real estate agent and receives offers from different buyers. The seller will then accept the best offer that is closer to the market value. The listing agent will then send the following details to the bank:
The above information should be complete to facilitate the short sale process.
The bank will acknowledge the receipt of the details and assign negotiators on behalf of the bank to negotiate the best price for the property.
The bank will then review the files after which all the parties will sign an arm’s-length affidavit before the bank issues a short sale approval letter.
Banks are always reluctant and spend a lot of time before they can issue a short sale approval letter, and this leaves the seller in a stressful situation.
At Zapicchi & Liller, we work with sellers, real estate agents and buyers as well as title companies to negotiate, facilitate and finalize the process of short sale transactions in the shortest time possible. We also obtain and process the relevant short sale packages required by the seller’s lender(s) on behalf of the sellers and agents.
Our top-flight team of professionals has experience in successfully negotiating better terms for all parties including reduced liability for everyone. The team also focuses on helping you eliminate your mortgage debt and reduce the impact to your credit.
The firm ensures foreclosure prevention; short sales negotiation and other legal matters involving bankruptcy are covered for our clients.
Residential short sale properties may include single family houses, multifamily homes, condominiums and townhouses. There are myriad issues that may be involved during the sale or buying of the residential short sale property.
We assist our clients in reviewing every contract, rider and any other document to make sure they are protected. We do prepare documentation and legal forms for our clients. Besides, we coordinate with the title agents and the lender to ensure that the short sale transaction process runs effortlessly.
Commercial short sale property involves the sale of an investment property. Like the residential short sale process, the commercial short sale process has legal issues that needs to be handled by our professional law firm.
We take care of the legal requirement during the commercial short sale process to ensure our clients are protected.
Short sales of properties can be stressful both to sellers and buyers. Our firm facilitates and obtains the necessary information in the shortest time possible to make the process faster for our clients as well as handle the legal issues involved.