by Jeanne Heran – Attorney at Law for 518list Magazine

In recent years you could put a sign in your window or just whisper to your friends that you may sell your home and you’d start getting calls and stage whispers about who has been looking to buy your home…
and how much they’d be willing to pay….

Those days are gone and the value of a great realtor cannot be overstated.
Additionally, the real estate community has been hit with economic hardships and many who purchased in recent years can no longer afford the home they purchased. So, in comes the SHORT SALE…!

A “short sale” is when your bank, recognizing that you are behind in your payments allows you to pay the bank an amount less than you owe them. Banks do not want your homes and will accept less within limits. Obviously, you will not be able to get any of the proceeds from your sale but you do avoid a possible foreclosure and ruination of your credit. The relief factor is great and you will be ready to purchase a home you can afford and be comfortable with its new smaller monthly payments.

The short sale process can be a fairly long and cumbersome one, so being upfront about your situation can allow you to avoid weeks of wasted time. Your attorney, with authorization, can help you negotiate the sale in combination with the realtor who has sold your home for you. It is helpful to speak with and inform your counsel as soon as possible so that the process can begin early and not hold up the sale terms for long periods of time.
This will work for you in the marketplace. This team of experts working for you can take the burden from you at a time when the stress of payments that are increasingly difficult to pay wears you down.

The process starts with you providing the bank with a packet that your attorney can help you prepare along with the help of the realtor that sold your home and together you can work it through.. It involves disclosing your financials and the hardships you’ve endured to date to your attorney and then your counsel will present them to the bank to explain why your case should qualify for this “short sale treatment.”.

The bank in turn will then appraise your home and start to negotiate or accept your counsel’s offer to them. The sooner you sit down with your attorney to start the process the smoother it will be. Your home does not need to be under contract for you to do this.

If you have any questions about this
process I can be reached in my office
at Jeanne M. Heran, Esq.
(518) 783-6047
in Latham, New York
or at JHeranlaw@aol.com or
contact Sylvia or Matt at
Keller Williams Realty
Capital District. 724-5823