The recent crash to our economy has left many homeowners that bought or refinanced homes within the past 5-7 years, underwater. For some, this could create a situation where they will be waiting many years before their home could sell for what they owe, only to break even.
A short sale is the process of selling a home for less than is owed, without the lasting damage of the foreclosure process. This requires the approval of both the first and second (if applicable) mortgagors. This approval process can be extremely confusing and time consuming, especially for a busy Realtor not equipped to handle the complicated processing and negotiation. Hope Legal Team takes over the entire short sale process and negotiation process so the Realtors can focus on doing what they do best, . . . finding your home a buyer!

When you can’t afford to keep your home …
Home values in most areas having dropped significantly leaving many homeowners that bought or refinanced within the past 5-7 years, underwater. For some, this could create a situation where they will be waiting many years before their home could sell for what they owe, only to break even.

What is a Short Sale?
A short sale occurs when your lender agrees to accept a lower price for your home than is currently owed on the mortgage. This can be a win-win scenario for both the lender and yourself. The bank reduces a portion of bad debt, avoids the expense of foreclosure, and keeps the property occupied while you shed a mortgage payment you can’t afford and move on.

How do I Begin the Short Sale Process?
The first step is to list the home for sale and attract potential buyers. It is wise to use a real estate agent that has been through this process before and has significant experience in listing and selling short sales. We work with a network of seasoned real estate agents throughout the state of MA that can market your home for a quick sale. We can have a local real estate agent meet with you right away, or you can use your own if you prefer.

We Have an Offer, What’s Next?
The offer will need to be presented to the lender for approval. While most lenders only understand the bottom line, cold hard cash, the lenders approval requires more than just the cash incentive. You must be able to document a valid hardship and provide full financial disclosure, to show that taking this offer is in their best interest. The documentation required includes paystubs, bank statements, tax returns, hardship letter, and all relative documents pertinent to the sale of the property. Our team is in regular daily contact with every major lender in the country and will process and submit all documentation correctly.

How Long Before a Decision?
This is the million dollar question. A short sale approval can take as little as 4-8 weeks, and other times it could take 12-16 weeks before the lender approves it. The time spent waiting for an answer can be a tense period and constant communication with all parties involved will make or break the sale. Our team maintains regular contact with the lender throughout the short sale process and will keep all parties involved and informed. We’re the glue that holds the short sale process together.  

How Much Does This Cost Me?
Our fees are paid by the lender or through the real estate commission, and only if we successfully negotiate the sale of the home. You will never pay us a dime.