Short Sale Law
Short sales are one of many solutions that real estate law firms use to help financially strained homeowners to avoid foreclosure. Rather than go through the lengthy, expensive process of foreclosure, lenders can instead accept a sale of the home at its current market value in lieu of the full outstanding balance of the loan. The lender can then write off the loss, the homeowner avoids foreclosure, and everyone presumably goes home happy. The process of a short sale can also be very difficult, however. If you live in the greater San Diego area, the assistance of an experienced attorney can be a great help in making sure you’re getting the best deal possible. As such, many people often worry about short sale attorney fees in San Diego.
The short sale process starts with the bank’s determination that both the homeowner suffers a hardship, and the home is not valued high enough to pay off the remainder of the mortgage after paying the costs of a sale. Hardships can encompass anything from unemployment to divorce to job transfers. The homeowner/seller must then prepare an extensive financial package to submit to the short sale bank, and then prepare a short sale offer. Once this offer is accepted, the seller can submit the offer along with the acceptance to the bank to await approval. The bank can be slow to issue an approval, thus it is imperative to have an agent or attorney regularly calling and speaking with the bank to expedite the process and avoid the buyer from withdrawing his acceptance, with is a common occurrence.
As you can see, the short sale process can be very difficult to navigate without an attorney, and if you live in the greater San Diego area, the assistance of an experienced San Diego short sale attorney can be a great help in ensuring you receive the best deal possible. Without the assistance of an experienced San Diego short sale attorney, a homeowner may not fully realize the legal benefits to which he is entitled in the event of a short sale. Further, relying on a real estate agent alone could render a homeowner liable for thousands of dollars in deficiencies and judgments after the short sale of their home.
The Benefits of Using A Short Sale Attorney In San Diego
The benefits of a seeking legal assistance short sale in the event of a short sale include offering you an alternative to bankruptcy that also relieves you of a mortgage that may be extremely disproportionate to the actual value of your home or property. Many San Diegans have turned to short sales in order to start anew and begin to reestablish their credit. A short sale attorney in San Diego can assist you in the process while ensuring that you owe no lingering taxes after the short sale, and that the lender can take no further legal actions seeking deficiency judgments against you.
When it comes to short sales, an attorney can offer far superior service than a mere real estate agent. For example, after a short sale, the homeowner may still owe substantial fees in taxes to the IRS or deficiency judgments to the lender. Real estate attorneys can help circumvent some of these financial hurdles with helpful tax advice, and further avoid the possibility of bankruptcy. An attorney can also ensure that no further legal action will be taken by the lender following the short sale. Whatever the short sale attorney fees in San Diego might be in a particular case, the benefits outweigh the burdens. Using only a real estate agent without a short sale attorney can be risky and ill-advised.
So What Are The Short Sale Attorney Fees in San Diego?
Most legal representation comes in a few different type of payment structures: contingency fee, hourly rate, and a fixed rate for defined services. A short sale requires mostly transactional work with a fair amount of negotiating on your behalf. San Diego short sale attorney Steven Brian Davis has been assisting homeowners and lenders with short sales in San Diego for over ten years. A true representative of the struggling homeowner, he would be happy to structure payment in a way that there are no out-of-pocket fees from the transaction. Whatever concerns you have about short sale attorney fees in San Diego, Steven Brian Davis is will be flexible to suit your needs.
Contact him here for a free, confidential consultation.