The normal short sale with my office usually takes between 45 and 90 days to obtain an approval. The bank/servicer usually gives the party a 30-day window to close after approval. Some banks/servicers traditionally take longer and some take less time. Additionally, there are 8 steps to a successful short sale and we complete each…
- Tag: FHA short sales
What Agents Say
One of the Country’s Most Experienced Short Sale Law Firms
Don’t go down the short sale road alone. The attorneys at Wilde Law Firm, PLLC have the experience and familiarity with short sales necessary to not only get you a short sale approval, but also get you that approval quickly. At our firm we facilitate short sales with lenders and servicers, and we zealously seek short sale approvals. We don’t handle foreclosure defense litigation, we don’t work on loan modifications, and we don’t file bankruptcies. We practice short sale facilitation exclusively at our office, which means your short sale is our priority. Put the Wilde Law Firm, PLLC’s experience on your side today.
We Make Getting Your Short Sale Easy
How does hiring an experienced short sale law firm make attaining your short sale easier? While banks and mortgage note holders are now more willing to accept short sale offers, getting a short sale approved is a process with many steps, requirements and possible pitfalls. The attorneys at Wilde Law Firm, PLLC are experienced and confident with the short sale process. Our law firm concentrates solely on short sales and we are dedicated to using our experience to help you the real estate agent focus on selling real estate and avoid the possible liabilities associated with the short sale process. Please click below for further information about how Wilde Law Firm’s attorneys can help you navigate through your short sale today.
How You Can Easily Avoid Forclosure
When a foreclosure process has begun, time is of the essence. It is important for property owners to decide quickly what course of action they will take to make sure their rights and interests are protected and their goals are attained before a foreclosure sale is completed. While there are many directions a property owner may go when faced with a mortgage foreclosure, a short sale in many cases is an individual’s best option, and the option most likely to also be deemed favorable by a future lender. Please read further to learn of different options you have if you are faced with foreclosure.
What Agents Say About Our Services
The short sale handled by Wilde Law Firm was very quick and went very smoothly. It was a very good experience.
As far as short sales are concerned we have long since taken care of most of the individuals who should not have gotten a loan at all or a loan larger than they could handle. The next wave of client was the individual who lost their job or a portion of their income and has been holding on, waiting for the market to bounce back. We will continue to see these clients as they realize that not only have we not hit bottom, but that the bounce will not be there when it does.
We are also seeing the 800 credit score never-missed-a-payment client who is facing this reality and making a financial decision to do a short sale, a “strategic short sale” so to speak. This client will become a larger portion of the participants in the short sale market because it will simply not make any financial sense to service a $500,000 loan on a $300,000 property regardless of the interest rate or the number of years the bank is giving them to make the payments
We are seeing that same client sometimes forced into a short sale or foreclosure position by the terms of their loan. Many of the “investor” loans were loans with balloons after a number of years. These loans are coming due and there is no ability to rewrite that loan or to even continue on the same terms. An example is a client who paid over $500,000 for a house. The market value of that property today is about 60% of the mortgage amount or $300,000. The loan is coming due next month and the bank can’t renew the loan because the collateral is far less than the loan amount. In this example the client would have to pay at least $200,000 in cash to have the loan renewed (at $300,000). I know very few people who can or will come out-of-pocket $200,000 for a property worth $300,000 and still owe $300,000. Their option is to attempt a short sale or walk away from the property and have a foreclosure.
The mantra for a Buyer should be WHAT IS THE FASTEST WAY TO GET MY OFFER APPROVED AND THIS SHORT SALE CLOSED. There is a long track of hurdles to get over between the offer and closing. That list includes: 1) document collection; 2) package compilation and submission (sometimes multiple times); 3) document review and additional document request; 4) valuation; 5) follow up and escalation; 6) negotiations with the bank for the short sale…better known as horse trading; 7) negotiations with the bank regarding the deficiencies; 8 ) Investor approval; 9) final HUD approval; 10) closing.
There is a misconception on the part of many Buyers as well as many agents that this is an easy and quick process. They think that you just have to present an offer to the bank and the bank gratefully takes the offer and considers it with thought and logic in a timely fashion and approves it. This is not the case. You would be surprised how many listing agents have this same belief. We have heard time and again from bank negotiators that agents send in an offer with no short sale package or an incomplete one, refuse to send in requested documents, and then yell at the negotiators when the offer is not getting any response. This is not a formula for success.
A short sale is a process that the offer (and the parties) must be go through in order to get an outcome…..any outcome…..even a rejection. I have heard from banks that their statistics tell them that less than 50% of approved short sales close. With that kind of a track record I can understand why they don’t do back flips when an offer is presented. In their eyes, the odds are against ever closing.
So if the odds are against you at the outset wouldn’t it be prudent for a Buyer to do everything they can to improve their chances of getting an approval if they truly want this property at their price…. sometime in their lifetime? One way to improve the odds is to have someone handle the short sale that knows what they are doing. As previously discussed, there are at least eight necessary steps to handle completely and professionally in order to obtain a short sale approval from a bank. There are certainly real estate agents, attorneys and third party negotiators who understand what many of these steps are. Of those I am sure that a few are performing every step (including the difficult negotiations required) necessary to get an approval at the best terms. If you are with one of them, then you are good to go. (In North Carolina and several other states this is considered the practice of law and an attorney is required to negotiate with the bank so check with your state’s Real Estate Commission and State Bar)
If, however, your short sale is being handled by someone that does not do this regularly, professionally and thoroughly, then your odds are well below 50%. If your short sale is being handled by someone who handles a short sale occasionally but is conscientious and determined then you are probably approaching 40% to 50%. If you are with someone with the requisite experience, focus and time, then your approval rate just doubled.
It’s the Seller’s short sale, so why should a Buyer get involved in who handles the short sale process? As discussed above, if a Buyer wants this deal, then the Buyer has a stake to protect and should have a desire to increase the odds of success. Additionally, the short sale may technically be the Seller’s. However, the deal is the Buyer’s, the property will be the Buyer’s, time spent negotiating a short sale (or wasting it on a rejection) is the Buyer’s and the eventual price approved by the bank is the Buyer’s.
Lastly, The Buyer’s Agent should also consider who is handling the short sale because it is their relationship with a potential buyer that is at stake. If an agent brings a buyer to a short sale and they wait for months on end because the agent on the other side doesn’t know what they are doing and they end up with less than satisfactory results, they may lose that Buyer forever. That Buyer is expecting their agent to help them through this arduous and confusing minefield we call short sales.
Wilde Law Firm, PLLC is a team of short sale lawyers and staff located in Asheville, North Carolina. We proudly serve real estate agents, buyers and sellers throughout all of North Carolina and South Carolina. Our law firm exclusively concentrates its practice of law on short sales.
Wilde Law Firm, PLLC seeks to aid real estate agents and real property sellers and buyers throughout North Carolina and South Carolina in the facilitation of real estate short sales. The attorneys and staff at Wilde Law Firm, PLLC are committed to using their experience and familiarity with the short sale process to attain short sale approvals for its clients in an expeditious manner. We strive to form lasting relationships with agents across the two states, and to perform services for them in an ethical and diligent manner. We take on the challenges of negotiating loan workouts with lenders and servicers so that we may help protect real estate agents avoid the possible liabilities associated with short sale facilitation.
The Wilde Law Firm, PLLC has been serving agents through the facilitation of short sales from its Asheville, North Carolina location since 2009. The firm’s founding attorney Steve Wilde has been licensed as an Attorney for over seventeen years, and holds licenses to practice law in North Carolina and California. Steve gained extensive experience with real estate law during his time serving as a real estate closings lawyer, and gained exposure and experience with short sales as an investor. Steve’s experience with short sales as an investor has given Wilde Law Firm, PLLC the foundation necessary to make our office the preeminent short sale law firm in North Carolina and South Carolina.
The firm began with Steve working as a solo lawyer with two staff members. As the firm grew in recognition, attorney Sam Iden was added to assist with the legal practice. Wilde Law Firm, PLLC continues to exclusively concentrate its practice of law on the facilitation of short sales.
Founding attorney, Steve Wilde offers short sale workshops for real estate agents and their offices throughout the states of North Carolina and South Carolina. While Steve has dedicated his time to educating and serving agents, Sam has become one of the country’s most experienced and effective short sale negotiators. Both attorneys continue to gain extensive experience facilitating short sales and pursuing short sale approvals in an ethical and diligent manner for all the files in their case load. The staff of Wilde Law Firm, PLLC makes it the “go-to” law firm for handling short sales. We look forward to developing lasting relationships with real estate agents and real property buyers and sellers in North Carolina and South Carolina and the continued growth of Wilde Law Firm, PLLC.
More Agent Testimonials »