The Advantages of Using an Attorney for a Short Sale

There are many great Boca Raton and Palm Beach County homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (561) 395-8418 for a FREE home buying or selling consultation to answer any of your real estate questions.

A short sale can be a complicated and frustrating process. We at Palm Beach Premier Real Estate want to take some of the pressure off, so we're here to explain why hiring an attorney will be beneficial to you.

An attorney offers multiple avenues of relief. Jim Brown, a favorite attorney of ours, says his goal is the elimination of liability for the borrower - and his team has access to multiple tools that can make that happen. If someone is receiving a commission or a negotiation fee for the sale of your home, an attorney will work to ensure you're not liable. A deficiency is the release of any liability after the sale; an attorney will ensure a lender doesn't come after you looking to collect balances on the loan.

Lawyers have tools that are not available to non-lawyers to eliminate that deficiency. They can also defend a foreclosure using defects in the foreclose as a litigation tool against the lender in the short sale.

A handful of things can complicate the short sale process. Most frequently, a bank will change servicing in the middle of negotiations. Without an attorney, the whole negotiation process will have to start from scratch if that happens. Attorneys have the contacts in place at different servicing entities, so they can get the file going again instead of having to start from scratch.

As banks and lenders become more solvent, they look to get more out of short sales. This makes them tougher to negotiate, and makes having a lawyer on your side that much more important. From an administrative perspective, short sales are becoming shorter in duration and relatively easy to tell what the outcomes will be; however, they're becoming more financially difficult for the seller and have become tougher for buyers, because banks want more money due to rising property values. A lawyer can protect you from some of the aggressive tactics at play during this process

In short, a lawyer will save you a lot of time and frustration during the short sale process, which has become increasingly hard to navigate. If you are in the position to have a short sale or are currently in the process and would like some help, give us a call or shoot us an email. We can put you in contact with Jim, whose experience with short sales will be a great help to you!