Charlottesville Real Estate Short Sales Lawyers | Tucker Griffin Barnes P.C.
Attorney Bill Tucker is bridging the Gap between Homeowners and Short Sale Lenders during troubled times
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
- We have the experience and knowledge of numerous successful short sale transactions.
- We offer legal advice as needed from the short sale listing to the settlement.
- We prepare and submit the short sale application packet under our legal letterhead.
- We order title search to disclose any unknown liens, judgments or debts. If there is a problem, we can address it right away.
- We work directly with the lender(s) in negotiating the short sale approval.
- We prepare the legal documents for settlement
- We have two full-time paralegals dedicated to staying on constant contact with the lender(s) for document submission and negotiation.
- We try to make the short sale process as easy as possible, and provide peace of mind during these trying times.
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:
- Financial hardship letter
- Stocks and bonds statements
- Bank accounts (last two months)
- Retirements accounts statements
- All loan statements (car, mortgage, home equity)
- All credit card bills
- Any IRS liens
- Any outstanding judgments
- Any lawsuits
- Utility, water and gas bills
- Insurance expenses
- Medical bills
- Child support payments
- Tuition expenses
- Proof of any other liabilities or expenses
- Copies of last 2 years W-2s and tax returns
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.
What some of our clients have said
- “Bill – I cannot thank you and Christen Pugh enough for your help with the closing of the short sale. Without Christen’s help we were all lost, and when she took over the case, she showed incredible professionalism, attention to detail, and a willingness to keep working even though at times it looked like the deal had a good chance of falling apart. Christen did a superb job.” – P.D.
- “Thank you for helping us get through this. I have never experienced anything so stressful to me and my family. You and your staff were awesome and I thank you very much for all your work on this sale.” – J.P.
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.”
Frequently asked questions about Virginia short sales
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.