A short sale is a sale of a property in which the sale price is less than what is owed to the bank. In a short sale, the Bank or Lender agrees to accept a lesser amount than that which is owed and waives any personal deficiency for the difference between the two amounts.
For example, lets say Homeowner A owes $100,000.00 on his or her home. Today, the home is only worth $75,000.00. Through a short sale, Home Buyer B offers to purchase this home for $75,000.00 that represents the fair market value of the property. The Lender is receiving $25,000.00 less than what they are owed.
Our team of Attorneys can help you through this stressful process and explain the tax consequences of such a decision. There may be other important factors to consider. In many cases, our Attorneys may even be able to obtain moving assistance for our clients through a cash for keys program, if the lender has such an option available.
Unlike many firms, who simply get involved in a Short sale if the sale has been approved, our firm believes in getting involved early, to mitigate any damage caused by defaulting on a mortgage payment. Unlike other firms, our Firm works closely with a team of realtors who have practical, real world experience in marketing short sale properties, to help find a Buyer.
Call us at 847-786-8999 for a free Consultation.