Our Mission
Today’s complex real estate environment is more challenging than ever. Deciding who to entrust your short sale transaction to can be among the most important decisions a homeowner can make. We seek to use our superior credentials and client centered focus to provide a level of dedication that makes the chances of bank approval of the short sale more likely. By providing prompt, informed and professional responses throughout the process, we differentiate our practice from “factory” type representation and instead focus on keeping clients updated while moving the short sale effectively and professionally through the complex bank modification environment.
Imagine being out from under your mortgage in just 90 days. It’s possible.
Benefits of Short Sale vs. Foreclosure
- Bank Pays All Legal Fees: There are no legal fees payable by you, the bank that holds your mortgage pays all our fees, and if the short sale is not successful, no fee is charged. In a foreclosure, you must hire your own lawyer to defend you and pay all their fees.
- Relocation Fees Can Be Paid By The Bank: Some banks are offering relocation fees to homeowners to assist in your moving expenses after the short sale is completed.
- It Is Not Necessary That You Empty Your Bank Account In a Short Sale: You do have to disclose all assets to the bank, but often times a bank will approve a short sale to a homeowner with financial hardship without requiring that all cash be used in the short sale.
- No Deficiency Judgments: Unlike a foreclosure, which can sometimes result in you owning a judgment to the bank even after the foreclosure, a successful short sale does not leave the homeowner with a debt owing to the bank.
- Your Credit Score Recovers Quicker: A foreclosure can take 2 years to complete, and once finished can stay on your credit report for another 7! A short sale will impact your credit score, but the damage can often be repaired within 18 months using a qualified credit repair expert.
- You Maintain Control: You continue to own and live in the property during the short sale and maintain control. You make the decision on the broker, and are involved in all aspects of the deal. In a foreclosure, you do not have that control.
What is a Short Sale?
When you owe more to the bank on your mortgage than your home is worth – a so called “under water” homeowner – and are in financial hardship, the options can seem few. Bankruptcy. Foreclosure. These can be frightening and extremely damaging to your financial health. Waiting for the market to recover sounds like a good idea, but for homeowners having trouble meeting current payments this can be unrealistic. A “short sale” can be a good alternative. This option, which has far less impact on a borrower’s credit score than a foreclosure or bankruptcy, requires careful attention to detail and persistence. Our office has tremendous experience working with banks to achieve relief from the lender. Because banks are not interested in owning real estate, and have incentives not to foreclose on delinquent borrowers, they often consider permitting a short sale. And now some banks are even offering “relocation allowances” to homeowners to help defray the costs of moving. But getting this transaction approved is complicated, and bureaucratic, and the chances of success are greatly improved by using the resources of our firm.
How does it work?
Short selling requires no legal action such as a bankruptcy filing or a foreclosure proceeding.
- Choose an Attorney: This is the most important part of the process. Choosing someone with experience is the biggest challenge of the transaction. Our office has done thousands of real estate transactions, and many, many successful short sales. Few others have this unique combination of expertise. And remember, the bank pays our fee. You will never be asked to pay us a fee, the bank pays us at the closing.
- Choose a Great Broker: We can help you with this step. You choose the real estate broker, and maintain control over the transaction. Selecting someone with experience in short sales is very important. Short sales are marketed differently, and done properly can move quickly.
- Submit the Deal to the Bank: We will handle this part. Once you sign a contract to sell, we will submit the entire deal with all supporting documents to the bank for approval. The process today is much quicker than it used to be, and often can be finished in 90 days from start to finish.
Short selling is not for everyone, but the process can be a lifeline to homeowners who find themselves in financial hardship and inability to pay their mortgage payments.
Contact Us at 866-692-3386
We would love to hear from you and discuss your needs. Please call us directly at 866-692-3386, email jerry@jerryfeeney.com or fill out the form below and someone will get back to you right away.
