What You Should Know About The Short Sale Process
As we have had many inquiries about the issues surrounding the process of completing a short sale we thought this article would be a helpful way to respond to those inquiries and provide some facts about the short sale process. Here you'll find some information on short sales and their challenges and the tools we can provide to help you navigate this process.
What is a Short Sale?
A short sale is a transaction in which the bank holding the mortgage agrees to accept less than the mortgage amount owed by the current homeowner. The homeowner must apply to the bank and receive approval in order to complete a short sale. Since a short sale generally costs the bank less than completing a foreclosure on a home, it can be a viable way for a bank to minimize its losses. A short sale may also be the best option for a homeowner who is “upside down” or “underwater” on a mortgage because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially.
What should I expect if I decide to do a Short Sale?
The short sales process itself present a number of challenges for home owners and this is where an experienced attorney can help. Many attorneys are new to the short sales process or have never done one, a difficulty which is compounded by the fact that many banks lack a sufficient and experienced staff to process short sales. Most banks will have their own guidelines on how to handle a short sale request and then complete the sale. This makes it very difficult and time-consuming for home owners who are already in a difficult situation.
If you are thinking about selling your home through a short sale you should choose a law firm that already has experience dealing with banks and real estate agents in a short sale transaction. At the law firm of O’Sullivan & Zacchea we have represented distressed homeowners who have sold their homes through short sales. We work with our clients at every step to ensure the process is as easy and fast as possible. If you are considering selling your home through a short sale please contact the law firm of O’Sullivan & Zacchea at (718) 713-3499 and ask to speak with Kevin O’Sullivan or Peter Zacchea.