Nielsen Law Group

Short Sale Property Do's and Don'ts: What We Need to Know when Entering a Short Sale Deal

It hurts when you lose a home you have been living for almost the rest of your life. Many houses tend to lose their value as time passes by.

 

Chandler, AZ -- (ReleaseWire) -- 05/29/2014 -- Homeowners find they owe so much to the bank compared to the real amount they owe before they acquire the property. Short Sale is the homeowner’s chance to at least ease from the burden. Short Sale is not easy though. There are a lot of laws, rules and regulations one must know before entering into Short-Selling. Here are some helpful tips of things to do and not to do when entering into a Short Sale deal from a National Real Estate Expert and author of Next Generation Real Estate, Brendon DeSimone:

Do: Ask Questions!

In any negotiations and dealings, it is a number one rule to ask questions. The first question to ask is, “What is a short sale?” Short Sale is selling your home at a price that is less compared to the combined amount required to pay off any loans which causes difficulties for the property to be sold at a higher price, plus the costs of the overall transaction. Thus, a short sale will not guarantee that a seller will be able to recover all the costs spend on the property as well as all the legal transactions it entailed. Once this question had been answered and the process is clear, you may now start to engage in short-selling your property.

Do: Protect Yourself as a Seller!

As the seller, protecting yourself is very vital once you entered a Short Sale. Since selling your home at a short-sale doesn’t guarantee that it will pay off everything that you owe from your lender. However, the sale can reduce the amount that you still owe to your lender. This is what short-sale is all about. Always stay in contact with your lender and realtor to make sure that you are informed. This is a huge help in protecting yourself and your family while you engage in Short Sale.

Don’t: Lose the Sale Due to Your Own Laziness!

Sometimes failure of Short Sales comes as a result of the homeowner’s laziness. Homeowners who are engaged in short sale should not stop responding to their agents. They must be quick in responding to inquiries, replying to e-mails and returning phone calls. Be active in making the property look clean, inviting and welcoming to continue attracting buyers. One must be active and attentive to ensure they get more potential buyers.

Do: Get a Good Short Sale Attorney!

A real-estate agent won’t be able to answer any Legal questions a homeowner has when engaged in a short-sale. Thus, it is imperative for a homeowner to hire a Short Sale Attorney to help out in the Legal Process. Here are some good reasons why a lawyer is needed to negotiate on short sale: Release of Personal Liability, Asset Protection and Peace of Mind. In the state of Arizona for instance there is one Law Firm which specializes in Short Sale, Nielsen Law Group. They have the best Arizona Short Sale Attorneys who can aid any homeowners in the process of Short Sale.

With all these in mind, the pain of losing a home might not be that hurtful after all. Once it’s all done, you may have a chance to find a Short Sale Home you might call your own!

About Nielsen Law Group
At Nielsen Law Group, their mission is simple. They provide uniquely proactive, practical and personal service to every client. They use a wide range of legal knowledge and services to assist individuals, families and businesses in Arizona and California find resolution to their legal, tax and business issues. Their personal approach and affordable fees have allowed them to build long standing relationships with their clients built on commitment and integrity.