Short Sale Solutions
Bill Keyes and Steve Nash have been heavily involved in real estate law for over 25 years each. They understand not only the law but the real estate market and the professionals that are involved in real estate transactions.
Short sales are not a traditional real estate transaction but, with so many homes upside down, they are difficult to ignore. However, short sale transactions are not for those who aren't willing to work hard and continually educate themselves as the the options, ramifications and issues that they involve.
Hopefully, this page will provide you some help with the issues and solutions
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News Wells Fargo New Short Sale Documents - Beware! |
Issues Can an agent who is also the seller in a short sale transaction collect a commission or referal fee? Can a real estate agent negotiate a short sale? Does a foreclosure of the first mortgage wip out the debt on the second mortgage? |
Nash Law Firm Short Sale Solutions For You and Your Clients
We have found that there are three crucial areas in the short sale transaction where we can help.
Pre-Short Sale Consultation
Property owners quite often face multiple problems that can ultimately impact the short sale transaction. If the property owner is facing other financial problems, those problems may trigger a bankruptcy. There is nothing worse than your client telling you they filed bankruptcy last week. In some cases, the advantages of the short sale or so little to the property owner that they really aren't committed to the short sale and simply refuse to cooperate. In other cases, the clients expectations are so unrealistic that you will never make them happy and they are quick to blame you for all their problems ("The lender told me they couldn't approve the short sale becuase you never got the documents to them.")
The solution to these problems is to make sure that the property owner understands their options, understands the process and has a plan that anticipates potential bumps in the road.
If they don't understand their options, how can they determine that a short sale is their best option? It is better to find out before you spend time and money on a short sale that another option really is their best option.
You and I know that the short sale process is slow and frustrating. We know that lenders rountinely lose documents, take forever to respond, give inconsistent answers and rarely can explain their decision making process (especially when from the outside their decision makes no sense).
If your client doesn't truly understand the process, they will often have unrealistic expections and will blame you for the problems encountered. We can help make sure that their expectations are realistic.
Before we meet with clients, we review their entire financial situations so that we can not only go over their short sale option but to look at other options as well. If their is a better option the client needs to know that before a lot of time and money is spent pursuing a short sale. More importantly, the short sale is often only part of the overall plan since a successful short sale does not always solve the clients trouble. The plan may involve a bankruptcy either before or after the short sale. It may involve the property owners business financing. In short, all of their problems often are in one way or another connected to the short sale transaction.
The property owner must also realize that their situation might change and, as a consequence, their paln must change. To often, clients are not prepared and panick. They react to the new problem without thought to their overall situation. By being prepared, they will not panick and make s decison until they know what the best overall decision is.
We refer to this as Plan A, Plan B and Plan C. Plan A is what the client wants to happen. Plan B is what will probably happen and Plan C is if everything goes bad.
The cost: A flat fee of only $250!
Issues Arising During the Short Sale Process
Many issue can arise before a short sale is completed. If the debt gets overwhelming or the bill collectors become unbearble, the property owner may look to bankruptcy for relief. Sometimes this is a proper reaction, in many cases it is not well thought out. If the client goes to a "bankruptcy mill", they will get a bankruptcy whether they need it or not and whether it is the right time or not. We look at all the factors to determine if their is an alternative and/or a better time to file the bankruptcy.
Other issues may come up for the real estate agent who needs a quick answer. We will provide this support at no charge to you or your client as long as it is limited in nature.
The cost: Hourly, only if needed..
Reviewing the Final Agreements