Short-Sales
The short sale process, sometimes referred to as a fire sale, has become a popular alternative to bank foreclosures in the current real estate market where stopping foreclosures is a top priority for those financially stressed individuals still trying to salvage their credit in the near future. But what is a short sale? How do you short sale?
Essentially, short sales refer to the process by which a property owner is able to sale the property to a third-party buyer, with the bank’s approval, before the bank completes its foreclosure on the property. For those not familiar with the current foreclosure laws, or are otherwise unable to determine whether a foreclosure or short sale is better under their circumstances, there are a few things to keep in mind when trying to decide whether to foreclosure or short sale a home.
Short sales do not have the same long-term effect on one’s credit as do foreclosures. Under certain circumstances, however, short-sales may leave the door open for future liability with respect to any deficiencies on the loan. As such, it is crucial that a borrower negotiates issues relating to such future liability before going through with the short sale.
The Scottsdale foreclosure attorneys at Bar Urness assist our clients review, revise, and negotiate any relevant document pertaining to the short sale process, and assist our clients with limiting their future exposure to lawsuits in connection with any deficiencies.
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