There are a number of reasons to consider a short sale.Although each situation is different and details may vary, here are a few of the highlights.
A Short Sale may postpone your foreclosure. Depending on the situation, initiating a Short Sale may postpone your sale date and corresponding foreclosure. I have worked on Short Sales that have been over a year in their completion. On the other hand, other lenders may only allow you 2-4 months to complete the process (from start of foreclosure process). Regardless, the Short Sale can keep you in the house for additional time and minimal expense (after all, you are not paying the mortgage).
Moving assistance. I have completed many Short Sales where the sellers (you) are given moving assistance upon closing. Moving assistance varies from $3,000 to $30,000 to help you vacate the property and leave it in a condition where the next buyer can easily move in. Some banks and some investors offer this, while others do not, based upon your situation. Having an experienced attorney negotiate and ask for this can be crucial. This is money that goes directly to you: I do not take any of this amount (and it often far surpasses any fees I have charged you).
No foreclosure or bankruptcy on your record. My clients often wish to initiate and pursue a short sale in order to start over. They want to remove negative debts from their records, improve their credit score and potentially buy a different house in the future. I have seen job applications that ask if you have had a foreclosure or bankruptcy, particularly those sort of jobs in the financial industry or government sector. I have never seen a job application that asked if you have ever performed a Short Sale (I am sure someone will someday send me such an application).
A foreclosure or bankruptcy could act as a negative factor that could follow you for the rest of your life. Short Sales are often more favorably viewed because they show that the seller (you) actively did something to improve their situation. It shows that you were an active participant in the process and could signal that you are a far less risky individual than someone who made the bank foreclose or someone who filed a bankruptcy. The issue of how this affects your credit compared to other options is a complicated matter that we could discuss over the phone.
Did I mention that you’re living in the house while this process occurs, and that you’re potentially being paid to move out? Those two reasons alone should encourage you to pursue a Short Sale when it is in your best interest.
For your convenience, we have complied various real estate documents throughout the years. There is never an excuse or replacement for dedicated legal counsel that is reviewing your deals. Do not hold us accountable for the use of these documents, their legality in your particular circumstances or the liability that you assume by trying to 'play' lawyer.
Harry was extremely helpful. He answered questions I had regarding foreclosure and possible outcomes without taking me on as a client. His patience was outstanding and all my questions were answered in a very timely manner. I would recommend him to anyone needing real estate guidance and use him in the future for help with my next home purchase.
We left our first lawyer and went over to Harry close to our closing date. Our first lawyer didn't want to answer a few basic questions we had, and then he wanted to charge extra for answering the questions. Harry accomodated us in the short space of time we had left, answering all our questions, clearly and professionally. He also carried out all our additional requests. I would highly recommend Harry to anyone looking for a property lawyer.
Harry Marsh Law helped us close on our home on time & with ease. He is extremely knowledgeable & was willing to share his expertise to answer all of our questions! Would highly recommend!
Harry is the most wonderful attorney with whom we work. He is extremely knowledgeable, and as investors, he knows exactly how to handle all of our questions and closings, and we never have any problems when he is handling our affairs. 5 stars for sure!!