A short sale means a lender is willing to accept less than the
total amount due on the mortgage.
A lender has a great incentive to approve a short sale to
avoid the high costs of a foreclosure.
Some lenders will allow a buyer to purchase a home for less than the
mortgage balance while in the pre-foreclosure stage.
A short sale must be disclosed in a property listing and
included as a condition in a contract of sale.
A lender can and will seek an appraisal of the property, require the transaction to be arms-length,
and seek proof of hardship from you to approve the sale and the reduced payoff.
LLO guides a homeowner through this process as an advocate for you to your lender.
We can also handle the closing as the seller's attorney.
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We can also represent you at the closing, as seller's attorney, to
make sure everything goes as planned.
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