The Truth About Short Sales
Short sales can be a useful tool when trying to repay your debts. Altogether, you can be saving time and heartache by committing a short sale and walking away from your property. If this seems like the option for you, it’s important to have an intermediary between yourself and the lender so that all the debts can be squared away by the end of the process. Here at Benner & Weinkauf, we have nearly two decades of experience in helping clients get over their tax debts. Whether you choose to opt for bankruptcy or go the route of a short sale, we will be there to help while explaining the pros and cons of each particular solution. You don’t have to live in fear of repossession or foreclosure, by staying ahead and acting quickly, you can be able to close your debts in a timely manner, while being as painless as possible.
What Is A Short Sale?
In a nutshell, a short sale occurs when the net proceeds from selling a piece of property will fall short of the debts that are liened against the property. Even so, if all parties and lien holders agree to the terms, then you could find yourself walking away with a pretty good deal. If your heart isn’t in your home, but rather in your financial future, they are a viable option to help you get closer to a more manageable lifestyle. If the lien holders agree to accept less than the amount owed on the debt involved with your case, then the sale can go through and some sort of deal can be arranged. This type of process is truly successful when both parties agree that it’s the best option. Without the lender’s permission, the sale cannot go through and will not take the place of the debt owed.
What Are The Benefits?
This type of process has many benefits to the seller. Over the years, we have seen that it allows the seller to quickly purchase another property to stay at that is more within their means. Finances aside, it results in much less stress than a full payment on the mortgage or the burden of an embarrassing and disheartening foreclosure. Normally, you’ll also be saving a fair amount of money, not just in the total value of the debts, but in the fees and real estate commissions that normally accompany the sale of a home. Instead, those fees and payments will now be the responsibility of the lender. Although you ultimately end of walking away without a profit, it is still markedly better than the alternative or having your home foreclosed on.
By understanding the negotiation that goes into a short sale, we’re able to help our clients get the best deal possible while still making up for their deficits. It makes sense why lenders would want to negotiate, at least they’re able to recoup some of their losses. That’s why you need a team of dedicated legal professionals by your side to help buffer the deal between all of the involved parties. To find out how we can help you with short sales or declaring bankruptcy today — and everything in between — give us a call now. We’ll be standing by to help.