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FAQs
Bankruptcy
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Short-Sale
Short Sale
A short sale or short payoff occurs when a lender agrees to accept less than the outstanding loan amount in
exchange for a release on the lien to the property (the collateral). A short sale may or may not release the
homeowner from personal liability on the note. Frequently, a short sale allows the homeowner to surrender the
property and for the lender to mitigate their losses. Short sale may be best in situations where:
•Declining real estate values;
•Unexpected health issues resulting in difficulty making mortgage payments;
•Lending rate increases on adjustable rate loans;
•Divorce;
•Over-extended borrower with multiple mortgages;
•Job loss or transfer;
Our goal is to protect our clients while guiding them through their real estate transactions. We offer affordable
rates and a friendly atmosphere where clients are welcome to call or visit the office with questions.
Short sales are more complicated and time consuming than an average real estate sale, making it important to
retain an experienced attorney to oversee and negotiate the transaction. The seller’s Realtor must find a bona
fide purchaser for the property at the current market value before the short sale offer can be submitted to the
seller’s lender. The seller must provide financial documentation and proof that a hardship exists in order for a
short sale offer to be approved.
Lenders Prefer Short Sales
Short sales are more beneficial to a lender than a foreclosure. Lenders prefer short sales because they are not in
the business of managing and owning property and short sales are less expensive than completing the foreclosure
process. Lenders accepting short sales receive a substantial percentage of the outstanding loan amount due
without waiting for a time consuming foreclosure, and they are able to avoid foreclosure and maintenance fees.
Short Sale is not for Everyone
There may be tax consequences and/or legal consequences for a seller in a short sale. We encourage anyone
who is contemplating short sale to meet with both an attorney and a tax professional to fully evaluate whether
short sale is right for you.
For buyers, a short sale may be permit the purchase of a better home at a more affordable price. The wait for
approval may be long and there may be issues related to the lenders contracts and terms that complicate or may
even frustrate the short sale process. Whether your are a seller or a buyer in a short sale transcation, an attorney
can help you navigate the complexity and minimize risk.
We help realtors and mortgage brokers guide their clients through the short sale process, and coordinate the
transaction from contract to closing.
To discuss a short sale question please call contact us or visit our office today for a consultation.
exchange for a release on the lien to the property (the collateral). A short sale may or may not release the
homeowner from personal liability on the note. Frequently, a short sale allows the homeowner to surrender the
property and for the lender to mitigate their losses. Short sale may be best in situations where:
•Declining real estate values;
•Unexpected health issues resulting in difficulty making mortgage payments;
•Lending rate increases on adjustable rate loans;
•Divorce;
•Over-extended borrower with multiple mortgages;
•Job loss or transfer;
Our goal is to protect our clients while guiding them through their real estate transactions. We offer affordable
rates and a friendly atmosphere where clients are welcome to call or visit the office with questions.
Short sales are more complicated and time consuming than an average real estate sale, making it important to
retain an experienced attorney to oversee and negotiate the transaction. The seller’s Realtor must find a bona
fide purchaser for the property at the current market value before the short sale offer can be submitted to the
seller’s lender. The seller must provide financial documentation and proof that a hardship exists in order for a
short sale offer to be approved.
Lenders Prefer Short Sales
Short sales are more beneficial to a lender than a foreclosure. Lenders prefer short sales because they are not in
the business of managing and owning property and short sales are less expensive than completing the foreclosure
process. Lenders accepting short sales receive a substantial percentage of the outstanding loan amount due
without waiting for a time consuming foreclosure, and they are able to avoid foreclosure and maintenance fees.
Short Sale is not for Everyone
There may be tax consequences and/or legal consequences for a seller in a short sale. We encourage anyone
who is contemplating short sale to meet with both an attorney and a tax professional to fully evaluate whether
short sale is right for you.
For buyers, a short sale may be permit the purchase of a better home at a more affordable price. The wait for
approval may be long and there may be issues related to the lenders contracts and terms that complicate or may
even frustrate the short sale process. Whether your are a seller or a buyer in a short sale transcation, an attorney
can help you navigate the complexity and minimize risk.
We help realtors and mortgage brokers guide their clients through the short sale process, and coordinate the
transaction from contract to closing.
To discuss a short sale question please call contact us or visit our office today for a consultation.
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| At Connaghan | Newberry, in Las Vegas, Nevada, we represent clients throughout Clark County, including North Las Vegas and Henderson. We also represent clients in San Diego, California. Please read our diclaimer. |
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