As reported in an Association of Realtors survey, Real Estate Agents claim that being involved in a short sale transaction is a hassle. There is no doubt that the amount of paperwork involved in handling a short sale is voluminous. However, one of the greatest advantages in having an attorney involved in a short sale transaction is that the “hassle” is taken out of the equation.
Real Esate Agents should be spending their time marketing and developing new clients rather than handling the short sale transaction. Additionally, there are many legal issues associated with a short sale, specifically deficiency judgments related to the defaulted mortgage. Real Estate Agents should not be giving legal advice. If Real Estate Agents want to represent their clients to the best of their ability, having an experienced short sale attorney on their team is the way to achieve this goal. Most importantly, all attorney’s fees are paid by the lender, with no cost to the seller.
In today’s real estate market, it generally takes my office less than 90 days to receive short sale approval. However, depending on the specific lender, we could get the short sale approved in less time. Further, we have built a network of lender negotiators that allow us to work through the transaction quickly and with no delays.