Short sales have become the focus of many real estate agents. They have taken classes and claim to “specialize” in them. Some have represented numerous clients who have sold their homes short and do have some experience. What is not always represented accurately is the percentage of people who get a short sale approved and completed. The truth is that the percentages are very low.
The process through which many real estate agents represent clients in a short sale pretty much amounts to asking for permission from the bank to sell the home short. That permission may, or may not be granted. In most states, even if it is granted, there will be a deficiency judgement filed against you for the difference between what was owed and what the home was sold for. In short, you generally have less than a 50% chance of getting it approved, you will leave the home with nothing from it, and you will likely wind up with a deficiency judgement filed against you.
Add to all this the possibility of other potential legal and financial entanglements, and you have the potential for a lot of problems. There is a reason why the National Association of Realtors, most state and local boards of real estate, and most large real estate companies and networks recommend that an attorney be involved when you are attempting to sell short.
Our experienced attorneys work with your real estate agent to create the best possible outcome. While there are no guarantees, we have more often than not been able to increase the likelihood of bank approval of your short sale. We are also often able to negotiate a settlement in which deficiency judgements are not filed and, in some cases, we have even been able to get negative trade lines associated with the home removed from credit reports. We even know of programs in which you could realize some money from the sale of the home!
The difference lies in the fact that we do not ask for permission. Instead, we open a dialog that is more productive with the bank. It’s more productive because of the options that we have, options that the bank doesn’t like. For instance, they know that if they do not communicate and negotiate in good faith with us, we have the knowledge and expertise to file a law suit, declare bankruptcy, and more. It’s unfortunate, but the banks will often not negotiate unless they feel threatened. The bottom line is that we are often able to offer you better advice and achieve better results than if you simply hire a real estate agent.
So, let real estate agents do what they do best (find buyers for your home) and let us do what we do best (negotiate with your bank). Together, we’ll help you to achieve the best outcome possible.To set up a free consultation, click here.