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In real property law, real estate short sale occurs when loans against a property are greater than what the property can be sold for. Real estate short sales are a solution for homeowners who are trying to avoid foreclosure of their homes even though the loan amount is greater than the sale price. Short sales are a popular technique for discounting real estate loans, since they create investment opportunities. For example, if a homeowner is facing foreclosure, you can offer a lender $220,000 for a first mortgage of $300,000. Short sales are advantageous because lenders could lose even more money if the property goes to auction. A short sale can protect the homeowner credit, by avoiding a foreclosure.
Sometimes, investors forget the vital step of getting the deed to the property. In a real property short sale, it is important to get the deed from the homeowners because parties tend to change their minds or want to re-negotiate, causing the investor to lose money or the home owner to go into foreclosure. Negotiating a real property short sale is a difficult process when it comes to finding a bank officer who will accept the discount.
It is essential to seek the advice of a real estate lawyer before setting up a real estate short sale. A lawyer can ensure that complications are avoided, such as getting the deed to the property. A real estate lawyer can also save you money in case a seller sues you after closing and regains control of the property.
If you are considering a real property short sale and need the guidance of a real estate lawyer, contact Attorney Search Network today. Attorney Search Network can refer you to a real estate lawyer near you.
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