Washington DC Short Sale Lawyer
Even in relatively good economic times, may DC homeowners find themselves “underwater” on their mortgage. That is to say, they owe more to the bank then the property is worth on the open market. Rather than wait for foreclosure, some owners choose to pursue a “short sale” of their property instead.
A short sale, simply put, is when you sell your property for less than your mortgage balance. You need your bank or lender’s permission to conduct a short sale. But even then there are certain risks for both you as the seller, and for anyone who decides to purchase the property.
The Washington DC short sale lawyers at Henault & Sysko Chartered assist both buyers and sellers in short sale transactions. We not only have a deep understanding of real estate law, we also know how to avoid the most common mistakes that parties make when it comes to short sales. Buyers are often excited by the prospect of a “good deal,” while sellers are desperate to get out from a financially underwater home. As a result, both sides often rush into a deal without stopping to consider all of the legal ramifications.
What Are the Risks of a Short Sale for the Buyer?
Short sale properties are typically sold “as-is.” This is often a red flag. After all, if the current owners do not have the money to pay their mortgage, they probably do not have the resources to keep the house in mint condition either. And since the bank is already losing money on the short sale, it is unlikely to credit buyers for any maintenance problems that exist on the property. As a result, you may be buying a “cheap” property that requires very expensive maintenance.
At Henault & Sysko Chartered, our lawyers can assist you in doing your due diligence. We know the importance of carefully researching any short sale property before entering into a sales contract. Because once there is a deal in place, it is often too late to go back and address any outstanding problems.
What Are the Risks of a Short Sale for the Seller?
A short sale is not a proverbial “get out of jail free” card. Your bank or mortgage lender can still pursue legal action against you for any difference between the mortgage balance and the short-sale price. Also keep in mind, the mortgage lender has the right to disapprove any specific buyer or offer. In a short sale, you simply do not have the same level of control over the process as you would in a normal real estate transaction.
This is where working with an experienced DC short sale lawyer can make an enormous difference. The lawyers at Henault & Sysko Chartered know how to talk to banks. And while we can never guarantee a favorable decision, we will make every effort to persuade your lender that a short sale is the best option for all parties concerned. So whether you are looking to buy or sell in a short-sale transaction, it is in your best interests to work with attorneys who are deeply knowledgeable in DC real estate law. Contact Henault & Sysko Chartered today at 410-768-9300 to schedule a free consultation.
