Understanding the Short Sale Process
Dec 19th, 2013 by admin
A short sale process is not as rosy as it seems for many homeowners. It is considered when the homeowner is unable to pay the existing mortgage and meet the final obligation to the bank. In this situation, some people would give up and just let the bank take the house through a foreclosure, while others try to find a qualified buyer to negotiate a short sale and be released from the loan obligation. If it is too complicated for you, you can consider getting help from an agent such as The Lion Team to negotiate these types of sales for you.
Getting the bank to grant short sales is a challenging process, but very rewarding when it is gone through. Other than the seller owes more on the mortgage that the home worth, banks also tend to grant short sales if the seller or homeowner has a hardship. The hardship includes reduced income or unemployment, medical emergency, divorce, bankruptcy, job transfer out of town, and death. When applying for submission to the short sale bank, you’ll need a short sale package which consists of letter of authorization to let your agent speak to the bank, 2 years of tax return, recent payroll stubs, last 2 months of bank statements, and completed financial statements among several other things. Find attorneys on https://hurtworkingoffshore.com/ to help represent in such cases.
In the past couple of years, due to the difficult economic situation, more and more people are finding themselves in need of a good bankruptcy attorney. If you are reading this, you are probably one of the many people who are struggling to survive financially and are considering filing for chapter 7 bankruptcy. It is not advisable that you file for bankruptcy by yourself. This area of the law is a minefield, and it is impossible to figure it all out yourself. You want to come out after filing for bankruptcy and you need protection from your creditors. Click here if you want to know more about the trusted bankruptcy attorneys in Knoxville.
Because this is a specialized and complicated area of the law it is not sufficient to hire just any attorney that you find. You have to make sure that you hire an attorney that is specialized and trained in bankruptcy laws and procedures. And, you have to ensure that the attorney has experience handling cases that are similar to yours, and has a decent success rate for all his or her cases. There are several ways in which you can find a good bankruptcy attorney.
One way in which you can find a good bankruptcy attorney is to ask any attorney or personal injury lawyer that you may already have had a good experience with. Lawyers and attorneys work and interact with each other often as their field require that they communicate with each other on behalf of their conflicting clients. As a result, your lawyer or attorney, or one that you may know from a social setting will be able to advise you as to which reputable bankruptcy attorneys they know. They will be able to give you names and/or contact details.
Another way in which you can find good bankruptcy attorneys is to get in touch with the local bar association in your town. They will be able to give you details for bankruptcy attorneys in your area. But, it may be more difficult to get them to tell which of the attorneys are the best.
Also try doing a search on the internet. You will find many bankruptcy attorney websites. Obviously, all of them will claim to be the best as they want to attract as many clients as they can. If you decide to use this method to find a good lawyer, make sure that you are prepared to spend the time researching each one that attracts your interest. Do not judge the quality of the attorney based on their website design or how enticing their website content is, or how cheap they are. Try to get reviews and references for each one and make an informed choice based on those.
When interested on a short sale house, a buyer writes a short sale offer. But before doing so, buyers should ask the agent for a list of comparable sales. The short sale price may be priced below the comparable sales to encourage multiple offers, which makes it has a little bearing on market value. After the seller accepts the potential buyer’s offer, the agent will send the package items to the bank, including listing agreement, buyer’s preapproval letter, executed purchase offer, and seller’s short sale package. Failed to complete the package, the short sale process will be delayed and may cause the buyer to cancel the purchase.