What Is a Short Sale?
A short sale is where a house is sold for less than what the lender is owed, and the lender agrees to release the property as security interest for that debt.
Will a Short Sale Damage My Credit Score?
While there is damage to the seller's credit scores, the damage is less than would result from a foreclosure.
Why Would a Lender Agree to a Short Sale?
When faced with taking over a property through foreclosure and then finding a buyer for that property, lenders will often look for a less expensive way of cutting their losses. Lenders are most agreeable to a short sale when the borrower brings a ready, willing, and able buyer to the table with a realistic offer. This means the lender saves the cost of foreclosure, the cost of maintaining the property pending marketing and sale, and the cost of paying a real estate broker commission.
What Can Fransen & Molinaro, LLP Do for Me?
We can help prepare the offer, present comparative value reports to the lender, and negotiate the short sale contract. We also address less obvious but very important issues such as whether the seller is still responsible for the balance, and whether the seller has waived any rights to bring suit against the lender. As attorneys, we addres |
