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adjustable rate mortgages have become, selling may be the best option for a homeowner looking for an
answer to their financial stress. A short sale or short payoff occurs when a lender agrees to accept less than
the outstanding loan amount in exchange for a release on the lien to the property (the collateral). Even if
there is more than one lien on the property, a short sale may be possible if both lenders agree to accept less
than the outstanding loan balance. Short sale may be best in situations where:
•Declining real estate values;
•Unexpected health issues resulting in difficulty making mortgage payments
•Lending rate increases on adjustable rate loans
•Over-extended borrower with multiple mortgages
•Job loss or transfer.
to retain an experienced attorney to oversee and negotiate the transaction. Connaghan|Newberry has over
30 years of combined real estate experience and have negotiated short sales for clients with all of the major
banks. We have pursuaded many servicers to postpone foreclosure sales in order for a short sale to occur,
preserving our client's credit and loan worthiness for the future, and saving the bank unneccesary foreclosre
costs. We have closed sales within 45 days when a postponement of a sale was not an option, and have
leveraged files to the top of negotiators stacks in order to get an approval quickly when a foreclosure sale is
pending. Whether you are a homeowner or a seller's agent, you need a real estate attorney as part of your
team, and Connaghan|Newberry offers negotiation services at affordable rates. Want to find out more
about our short sale negotiation services? CLICK HERE. We will send you our short sale packet that
includes information about our fees, the law and how to get started with Connaghan|Newberry.
Lenders Prefer Short Sales
Short sales are more beneficial to a lender than a foreclosure. Lenders prefer short sales because they are not
in the business of managing and owning property and short sales are less expensive than completing the
foreclosure process. Lenders accepting short sales receive a substantial percentage of the outstanding loan
amount due without waiting for a time consuming foreclosure, and they are able to avoid foreclosure and
Short Sale is not for Everyone
There may be tax consequences and/or legal consequences for a seller in a short sale. We encourage anyone
who is contemplating short sale to meet with both an attorney and a tax professional to fully evaluate
whether short sale is right for you.
Buying a Short Sale
For buyers, a short sale may permit the purchase of a better home at a more affordable price. With the
recent criminal charges by the Nevada Attorney General's Office for "robo-signing", there is extreme
concern with regard to title and whether purchasers of foreclosures have basically bought themselves
"lawsuits." Additionally, many homeowners or squatters who take up residence in an abandoned home
bound for foreclosure, cause intentional damage that may not be immediately evident or the shear lack of
maintenance requires costly repairs, making some foreclosures a virtual "money pit." In most instances,
when you buy a short sale, you are buying the home from the current homeowner who is most likely still
occupying the property. Even if the property is vacant, most hoemwoners are still maintaining the property
and will be required to disclose any known defects, such as mold or other major repairs. While most short
sales are "as-is", you still have the opportunity to have an inspection so that you know exactly what you are
buying. The wait for approval may be long and there may be issues related to the lenders contracts and
terms that complicate or may even frustrate the short sale process. But ultimately, buying a short sale as
opposed to buying a foreclosure, will result in you having more information about the condition and less
likelihood of ending up in a money-pit.
Whether your are a seller or a buyer in a short sale transcation, an attorney can help you navigate the
complexity and minimize risk.
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FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.