Massapequa Short Sale Attorney
We Proudly Serve Queens and Suffolk County
If you want to end your real estate loan obligation, a short sale may be in your best interest. A short sale is the process of selling your property but at a price less than your loan. In order for a short sale to be completed, it is necessary to obtain the lender’s approval without agreeing to unfavorable terms.
If you are interested in learning more about a short sale and think that it may be the right option for you, contact James J. Quail & Associates, P.C. Our Massapequa real estate attorney is well-versed in short sales and can assist you through the process. Call(516) 246-2449 today.
Advantages of a Short Sale
There are several advantages of a short sale, for both the property owner and the lender. Some of these benefits include:
- Avoiding a deficiency judgment
- Giving the homeowner the opportunity to sell the property for less than they owe on the property
- Giving the lender an alternative to a deed in lieu of foreclosure
- Helping the homeowner avoid foreclosure
- Helping the lender avoid the lengthy process that is involved with a foreclosure
- Having the homeowner better control when they have to leave the property
Extenuating Short Sales & Deficiency Judgements
The worst part about letting your property go to auction is that you could be liable for the difference that the bank loses. In other words, if your house sells at an auction outside of your control for an amount less than what remains on your mortgage, it could be you on the hook to repay the bank the rest! This is known as a deficiency judgement, which lets any lenders go to court to officially demand the remainder from you, up to its “fair market value” at the time of the judgement.
Instead, by using a short sale with the assistance and guidance of our law firm, you get to dictate the terms of exit, maybe even include a clause that allows for money relocation from the buyer.
Assistance with Complex Real Estate Matters
While they can be advantageous, short sales are also quite involved and can take a good deal of time to complete. There is also a lot of paperwork involved. You will have to go through negotiations with your lender and the prospective property buyer. In order to make the process of a short sale as simple as possible for you, it is in your best interest to contact a Nassau County real estate law attorney like James Quail, who has the experience with short sales needed to navigate them efficiently and without adding stress to your shoulders. In many cases, short sale homes have other liens and judgements, which our firm can work to remove so they don’t haunt you.
When you retain the legal services of Mr. Quail, you will receive hands-on assistance through the entire sale process from a team that managed more than 100 short sales since 2008. We negotiate with your bank and with the prospective buyers. We also draw up your contracts and ensure that they are legitimate. In short, we make a short sale as simple as possible for you.
Contact our firm to schedule a free 30-minute consultation to learn more about short sales today!