Maryland Short Sale Lawyer
A Maryland short sale occurs when a home is sold for less than what the homeowner owes on it as an attempt by the lender to get as much money back on the property as possible. Whether you plan to buy a short sale home or are a distressed homeowner who does not know if short sale is right for you, you can benefit from the legal assistance of an experienced and real estate savvy attorney. The Maryland short sale lawyers at Henault & Sysko Chartered is prepared to advise you on the best move to make at this particular juncture in your life.
Working With a Short Sales Attorney as a Buyer
Short sales only occur with the lender’s permission, which is why buyers need to beware of these “promising” deals. Typically, the only reason that a lender will agree to go through with a short sale is because the home is riddled with expensive, difficult-to-fix issues. If you are interested in purchasing a short sale property either to make your own, fix and flip, or use as an income property, retain the advice and legal assistance of a Maryland short sales attorney. Doing so could mean the difference between a flip and a flop.
At Henault & Sysko Chartered, we have seen buyers of short sale homes make common yet fatal mistakes. Some of those mistakes include:
- Skipping a home inspection;
- Ignoring property problems;
- Leaving too little time for closing;
- Falling hard for a bad home; and
- Ignoring legal and insurance information.
The final mistake is especially important to take note of, as banks are the only entities that are allowed to sell homes without full disclosure. Too often hopeful new homeowners do their research only after obtaining the keys to their new home. When they do, they are devastated to realize that the home sits on a floodplain, or that the most enticing features of the home are all unpermitted additions. The unluckiest of homeowners realize too late that the property has an easement on it, or that the boundaries are much smaller than what the bank led them to believe. Do not be caught unaware and work with a real estate attorney prior to making any major investments.
Working With a Short Sales Lawyer as a Seller
From a seller’s perspective, a short sale may seem like a way out of a tight financial situation without going through foreclosure, but sometimes, short sales are worse than foreclosure. For instance, if you hold a short sale without your bank’s knowledge or approval, the bank could file a deficiency judgement against you, in which case you would be responsible for the remainder of the mortgage on a home you no longer own.
An experienced attorney can approach the lender on your behalf and explain to it why a short sale is the best possible option. Ultimately, our goal would be to obtain the bank’s approval.
That said, keep in mind that even if the bank does grant its approval, it may still file a deficiency judgement against you and hold you responsible for the remaining balance on the mortgage.
Work With a Knowledgeable Real Estate Lawyer
Whether you are thinking about buying a short sale property or about selling your home via short sale, you have a lot of considerations to make before going through with your plan. Contact the Maryland short sale lawyers at Henault & Sysko Chartered for advice on how to proceed in your particular situation.