DENIS A. BRASLOW
Attorney At Law
SHORT SALES
A short sale occurs when a lender agrees to accept less than the outstanding loan amount to satisfy the seller’s loan.
A short sale allows both the lender and the distressed property owner to avoid foreclosure by selling the property at a loss. Lenders prefer short sales because they are not in the business of managing and owning property and short sales are often less expensive than completing the foreclosure process.
Due to the weak real estate market more and more of our closings involve a short sale. These closing are more complicated and time consuming than an average real estate sale, making it important to retain an experienced real estate attorney. A seller’s lender looks to us to quickly and accurately prepare a draft settlement statement so they can determine whether they can accept the payoff amount (the amount left over once the seller’s costs are deducted).
While we do not negotiate the actual payoff with the lender (in our area negotiating is most often done by the sellers themselves or their realtor), our staff and attorney have extensive experience overseeing this process, coordinating with all parties, and moving the transaction along to its successful conclusion.