The “Short Sale” of a property is overwhelming for everyone involved, especially when working with one or more lenders. Our firm has created a new process to assist Realtors and Sellers in obtaining short sale lender approval. By bringing us on board early, we can answer the legal questions up front, prepare and submit the short sale application and negotiate directly with the short sale lenders – less stress, faster results.
Realtors do their best by listing, marketing, and selling the property. We do our best by repeatedly negotiating with short sale lenders. With all of us doing what we do best, the short sale can be completed as smoothly and quickly as possible for the seller and buyer.
Value of bringing us on board now
What is required in the short sale application packet
The short sale application packet we submit for lender approval contains a significant number of documents. The following is a list of sample documents normally requested by the lender. As each short sale is unique, there may be additional request for information:
The preparation of the short sale application packet is complex, and each lender has a different set of guidelines. Time-consuming delays in communication often occur with each short sale lender. Letting us handle all of the issues that come with a short sale allows you the opportunity to take advantage of our diligence, knowledge and experience.
And the following story is very special to us. We’re so proud of our part in helping this family: “Widowed mom of 2 young children gets help holding onto home.”
What is a short sale?
A short sale is when real property is sold for less than the amount owed on the loans against the property. The proceeds of the sale are “short” of the full amount needed to pay off the loan(s), which are secured by a lien against the property. Lender approval is essential to a short sale because the lender must agree to accept less than the full amount owed to them.
Why hire an attorney to handle the short sale approval?
The “Short Sale” of a property is overwhelming for everyone involved, especially when working with the lenders. Realtors do their best by listing, marketing and selling the property. Attorneys do their best by repeatedly negotiating with short sale lenders. By bringing Tucker Griffin Barnes on board early, we can answer the legal questions up front, prepare and submit the short sale application and negotiate directly with the short sale lenders.
How long does it take?
Short sale approvals typically take between four to six months from the date of submission to the lender’s issuance of an approval letter. However, the length of time may vary depending on the specific lenders and investors involved, number and types of liens against the property, and complexity of each homeowner’s particular circumstance.
What is your fee structure?
We normally charge a non-refundable administrative fee to cover costs incurred, including title search. We also charge a legal fee, but the seller will not normally be required to pay any legal fee other than what the short sale lender allows to be paid out of the short sale proceeds.
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""Bill Tucker and his team were the answer to my real estate prayers! After being transferred to another state .."" - Short Sales
""Yvonne Griffin represented me in an accident case that required many months of hands on attention .."" - Personal Injury
""Ms. Barnes, I cannot thank you and your staff enough for taking my case at was a very dark time for me .."" - Social Security Disability
""Lynn Bradley has been a force that has proven to be competent, professional and exceled at her work .."" - Worker's Compensation
""Ms. Hakes, Thank you so much. You don't know what a wonderful gift you just gave to me, my son's .."" - Criminal Defense
""When you first interview Laura Butler, it is apparent you are in the presence of a true professional in all .."" - Family Law
""Mr. Tucker, I cannot thank you enough for all your work. I wish everyone had your work ethic and attention .."" - Real Estate