How to Short Sale with Free Legal Advice

With large numbers of home owners finding the need to consider short sales there are large numbers of Realtors that  are racing to catch up.  Many of which have found it necessary to buy a certified distressed property expert designation (CDPE) but, like a newly designated doctor who volunteers to do surgery,  they haven’t gained the experience to overcome the infinite number of factors that could cause you, the patient, to have serious complications.

I am always happy to see agents getting some education however, one does not become an ‘expert’ from a day long class.   I once considered an offer to teach classes until I realized I couldn’t teach everything I know in one day.    Wouldn’t that be a disservice?    If the mortgage lenders would offer a week long boot camp to educate Realtors I would leap at the opportunity to help.  The Lenders have the final word on a short sale approval ,anyway, and they know what they want.

The most concerning issue is how much it costs and who pays for a short sale.   The mortgage lender could  agree to pay for some, most or all of the costs attributed to a short sale.  Based on the sales price, they may require you to pay a number of fees, commissions or expenses.

What if you have cash?

If you have money why would the lender(s) pay for the entire ‘cost of sale’?   They want to hold you responsible for the commissions, title fees or, if you are in a planned development, any delinquent HOA dues.  Sure, you may sign a short sale  purchase contract that clearly defines what the buyer is paying and what you are paying, however until the lender(s) approve it you can’t be certain you won’t be liable.  They could require you to pay as a condition to grant the approval.  Unbelievable, right?    

Tip the Scales of Justice in your favor.  Having a Realtor and an attorney is a good idea and NO it doesn’t have to cost more money.

My first Short Sale negotiation was a nightmare.  Not in the sense that it was too costly; it was like pulling teeth from a mad bear to make the lender pay fees.   Execution of the short sale paperwork was the easy part.   I learned that using an attorney to negotiate  short sales…at no cost… was a much better option.  A  FREE attorney?   Yes, this awesome asset, found through my Short Sale professionals network,  kills 2 birds with one stone.  Legal representation and Real Estate.   The attorneys not only negotiate for you they make the lenders pay them to do it it.

So, if you have cash…prepare yourself.  You may be asked to part with some of it to gain your Short Sale approval.  Make sure you have some legal council.

Hiring a Qualified Team will save you money, stress and time.

Short Selling your home can be less emotional, less  stressful and there is a good chance it will not cost you any money out of pocket if you choose to short sell your home with a good team.    I would start looking for the best qualified team by clicking here to get a free consultation.