Short Sale, Short Sale Process

What exactly is a short sale? As a homeowner how are you affected if you are upside down on your mortgage? A short sale is when your lender agrees to accept less than they are owed for an outstanding mortgage loan. A bank would much rather agree to a Short Sale than foreclose on a home.

Selling your home in a short sale:

A short sale allows you to sell your home and get on with your life without a mortgage hanging over your head that you cannot afford. By short selling your home, you may be able to sell your property without having a foreclosure on your record, and you MAY not owe the bank. Another benefit, the bank assumes the closing fees and real estate commissions on the sale. You can relieve yourself of the bad investment as well as the stress of a mortgage you cannot afford.

Black and Buono can help you through the short sale process. An experienced real estate attorney can assist you with this hurdle.

Buying a short sale:

Buying a house being sold as a short sale can sound like a dream come true to many buyers out there. However, there is a commitment on your end too. Because many buyers don't understand the short sale process, they tend to become very impatient while waiting for short sale approval.

Black and Buono can help you get lender approval for the short sale. Additionally, there are many legal documents that are needed for a short sale that we can help you with, and we have experience in short sale home closings. Before going too far with a short-sale purchase, buyers may want to get a preliminary title search performed to determine the extent of outstanding legal obligations such as liens on the property or home. Once you close on a short sale you will be held accountable for any unsettled liens. You want a lawyer with experience throughout this process, as it can be harrowing at times.

The seller's mortgage lender will want to have an advance and long look at what's called the “Settlement Statement" or "Settlement/Disbursement Estimate”. This is where the mortgage lender will review the commissions to the brokers, where your financing is coming from (cash/loan), payments to cover liens, closing date, and any other issues or concerns.

While buying a home on a short sale can be frustrating and time consuming, your hard work can pay off in a home that's worth considerably more than you paid for it.

You can be assured that Black and Buono, P.C will handle your real estate transaction with professionalism, confidentiality and skill. Contact the Law Firm of Black and Buono, P.C. at (877) 619- 5089 and schedule your complimentary consultation today.

The Law Office of Black and Buono, P.C. is located in Framingham, Massachusetts, offering legal representation to home buyers and sellers in Worcester County, Essex County, Hampden County, Middlesex County, and Norfolk County, including Southborough, Natick, Dover, Sherborn, Milford, Framingham, Ashland, Hopkinton, Hudson, Marlborough, Metro West, Shrewsbury, Westborough, Sudbury, Lincoln, Millis, Medway, Holliston and Worcester.