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A short sale is the term used to describe a real estate sale in which the seller receives less than the amount owed on the mortgage. The bank or other lender agrees to forgive the difference between what is owed and what is realized from the sale. In markets with declining home values, short sales may be the best way for the lender to realize the value in a home. Short sales are also appealing to homeowners seeking to avoid foreclosure after receiving a notice of default.
At our Las Vegas, Nevada, law firm, our attorneys help homeowners protect their interests during the short sale process. We explain the tax implications and talk about potential consequences on future credit scores. Our lawyers can help clients decide whether a short sale is right for them.
Homeowners who sell property for less than its outstanding mortgage must obtain approval from the lender or make up the difference themselves. There are numerous reasons why a bank might approve a short sale. If the homeowner is several payments behind, the lender may see a short sale as a way to get something out of the house. If the home is in an area of steeply declining values, the lender may decide that it is better to get some money now than even less later after foreclosing on the property. Importantly, short sales allow lenders to avoid the costs of the foreclosure process.
Lenders are not always eager to accept short sales in lieu of full payment. Short sales require more paperwork and take more time than conventional home sales. There may be additional loans on the home — frequently the case in difficult economic times — that require permission from multiples lenders, not just the primary mortgage holder. The bank may be facing a big loss on the property because there is little home equity and a steeply declining market. Nevertheless, short sales are generally a better financial result for lenders than foreclosure sales.
A short sale is a real estate transaction in which the property is sold for less than what is owed to the lender or bank. Whether or not the lender approves the sale depends on several factors, including the borrower’s home equity, the condition of the local real estate market and whether the lender believes it could recoup more with a foreclosure after a mortgage default.
At The Schwartz Law Firm in Las Vegas, our attorneys advise clients about the benefits and disadvantages of a short sale. We also help them understand the process, which includes:
Our lawyers can explain the details and help clients obtain and submit the documents required by lenders to approve short sales. In addition, as a real estate broker Samuel A. Schwartz can handle all details of the listing and sale.
"Since the first day we met you, you have taken the pressure from us and guided us through this whole foreign process. Sam and Brian are wonderful and I think that trickles down into the rest of the office staff. I cannot say enough about your law firm and the people in it!!! You were right about everything. Brian was so on it yesterday. I was saying a little prayer the whole time but he is wonderful as well and reassured us everything was going to be ok. He just guided us along, so we knew what to expect."
- Shawn R.
"Schwartz Law firm did an incredible job of handling the sale of our home. They handled our biggest fear of managing the negotiation with the big bank, and simplified what could have been a frightening process for our family. Without their help, I do not believe we would have been able to negotiate the sale of our house in this economic environment. No one should try a workout directly with a bank without their help."
- Bob D.
"I just wanted to say THANK YOU for all of your hard work, organization and vast knowledge in helping us with our bankruptcy. I know we are not completely done yet but I did not want you to go on leave without letting you know what a wonderful help you have been. You are so calm and patient and make us feel like we are the only client you are working on. Your whole office is incredible."
- Shawna R.