Keep a Foreclosure Off of Your Credit Report
A short sale describes a situation where a lender agrees to accept less than the amount of the outstanding loan to satisfy the homeowner's original loan. The benefit of a short sale to both the lender and the property owner is the ability to avoid foreclosure by selling the property at a loss. Lenders prefer short sales because they do not want to manage and own property and are less expensive than completing the foreclosure process.
Short sales, however, are often more complicated than a typical real estate transaction and require an experienced real estate attorney to oversee the purchase of property in a short sale. At the Law Offices of Mark A. Brifman, we represent homeowners with property in short sales in Los Angeles and the surrounding communities of Southern California. We protect our clients while guiding them through the short sale process and provide personal attention that fits their individual needs.
Understand the Process of a Short Sale
Homeowners may want to sell their property in a short sale for various reasons. They may be having difficulty making their mortgage payments due to unexpected health issues, a job loss or other costs. Their lending rates may have increased on adjustable rate loans, or may be over-extended with multiple mortgages.
Whatever the reason, a distressed homeowner may initiate a short sale by contacting a real estate lawyer. The attorney will draft a special contract and will work with a realtor to find a buyer at the current market price, which will often be much less than the price that the homeowner paid for the property, or the amount of the loan. Before the short sale can be submitted to the lender, a bona fide purchaser for the property must be found.
The Law Offices of Mark A. Brifman works with homeowners, buyers and realtors to negotiate and draft contractors for short sales that work in the best interests of our clients. With the current housing climate of the United States being in a state of fluctuation, short sales make sense for many homeowners who are unable to make their monthly mortgage payments.
Contact us if you are interested in discussing a short sale of your property. We will examine your situation and present you with your best options. Call us in Mission Hills, California, at 818.920.2113 to schedule a free initial consultation.
