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Short sales gained popularity after the collapse of the housing market in 2009. For many people who can no longer afford their homes, short sale offers a way to both eliminate home loans and avoid foreclosures.
At the Lynch Law Offices, P.C., in DuPage County, we believe that short selling your home is a viable option if you cannot afford to make more payments, but it's in your best financial interest to hire a reputable real estate lawyer before you begin the proceedings.
What Is A Short Sale?
A short sale involves selling your home for less money than you owe on it. The lender — usually a bank — accepts less than the value of the loans on the house. Because the lender usually pays all of the fees associated with the sale, a short sale can be a smarter alternative to simply walking away from your home in a foreclosure.
Short sales can be beneficial in many ways. Putting your house up for a short sale may:
At Lynch Law Offices, P.C., our competent team of real estate attorneys walks you through the steps of a short sale to help you get the best deal possible.
How Our Real Estate Attorneys Can Help
Short sales can be tricky. Problems are likely to arise between you and the lender if you have equity in your home. If you're using the services of third-party agents who aren't licensed attorneys to purchase a home listed as a short sale, you may end up paying some unlawful fees. We provide reputable counsel to both sellers and buyers so that our clients are never put in an awkward position. We offer the following services:
- We do research. Not every home offered for short sale is in good shape. Most sellers require that you take the home as is. We assist clients by looking critically at the properties available and offering honest advice about whether or not the purchase is worth your money.
- We organize paperwork. If you intend to sell your property through a short sale but don't present your documentation correctly, the bank may decide to foreclose on your home instead. We look over all the paperwork and ensure that it's in proper order before presenting it to the lender. This gives you the best chance at having your offer accepted.
- We know the laws. No matter how easy certain books and bloggers make short sales look, the laws regarding selling and buying a home are best left to the professionals. As qualified bankruptcy attorneys, we understand the rules and regulations governing real estate financing and lending. We ensure that our clients aren't being taken for a ride in a short sale.
The whole point of a short sale is to keep you out of foreclosure while minimizing damage to your credit. The Will County lawyers at Lynch Law Offices, P.C., offer sound legal advice to all of our Illinois clients to help them decide which course of action will be best for their futures.
Find Out If A Short Sale Makes Sense For You
Are you interested in learning if a short sale makes sense for you? Contact our firm toll free at 800-491-7493. We represent clients in Naperville, Wheaton and throughout DuPage County and the surrounding areas.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.