The short sale process is never fun for any realtor. Realtors are in the business of selling properties; conducting transactions. They are not in the business of dancing through miles of bureaucratic bankers negotiating for endless hours with lenders who simply will not see reason.
The short sale process is always a lengthy, drawn out thing. Like the consumptive soprano crying over her lost love for an entire last act, the process sometimes simply will not "hurry up and take bow." One can often expect as many as 45 days from contract acceptance before closing. And that is only if you get that far. About one third of all short sales never happen. If there are multiple liens on the property, or the lender won't approve a reasonable price, you can expect that short sale soprano's swan song to be rudely and abruptly halted in its tracks.
The Process Needs a Negotiating Pro
The fact is, realtors are in sales, not negotiations. And the short sale process is practically all negotiation. Involving an attorney in the short sale process can help ease the realtor's burden. Letting the lawyer make the daily calls will often yield results much faster and with a higher success rate than a realtor can manage. Plus it allows the realtor to leverage her time more wisely toward the area in which she excels--sales.
Attorneys are born, bred, and groomed for the art of negotiation. When foreclosure is imminent, a savvy attorney can better save the negotiating process than an overwhelmed realtor. An attorney can sell the bank on the reasons why a Arizona Short Sale Attorney is necessary.
The legalese of contract language is a rough patch of water for anyone not practicing law. The short sale process contract language is no exception. Not only is an attorney better equipped to understand the language, but he or she is better suited to gently--or not so gently forcing clarification of any incomprehensible passages.
The Pros Can Even Pay For Themselves
Hiring an expensive attorney may be the last thing any realtor wants to pay for. The fees for their services often sit around $2000 at the minimum or 1 percent of the negotiated deal. But a bank will often automatically cut commissions on the short sale process down to 5 percent. A good attorney should be able to negotiate that up to 6 percent, thereby covering his own fees.
Also, keep in mind that is is increasingly more common for banks to pay legal fees associated with the short sale process out of the sale proceeds. In that case, an attorney doesn't cost anyone anything.
Navigating the short sale process is tedious and soul-sucking enough as it is. If hiring an attorney can sweeten the deal for you, it is well worth the associated fees, especially when the chances are so good that the service will pay for itself with its own expert negotiations.
The short sale process is always a lengthy, drawn out thing. Like the consumptive soprano crying over her lost love for an entire last act, the process sometimes simply will not "hurry up and take bow." One can often expect as many as 45 days from contract acceptance before closing. And that is only if you get that far. About one third of all short sales never happen. If there are multiple liens on the property, or the lender won't approve a reasonable price, you can expect that short sale soprano's swan song to be rudely and abruptly halted in its tracks.
The Process Needs a Negotiating Pro
The fact is, realtors are in sales, not negotiations. And the short sale process is practically all negotiation. Involving an attorney in the short sale process can help ease the realtor's burden. Letting the lawyer make the daily calls will often yield results much faster and with a higher success rate than a realtor can manage. Plus it allows the realtor to leverage her time more wisely toward the area in which she excels--sales.
Attorneys are born, bred, and groomed for the art of negotiation. When foreclosure is imminent, a savvy attorney can better save the negotiating process than an overwhelmed realtor. An attorney can sell the bank on the reasons why a Arizona Short Sale Attorney is necessary.
The legalese of contract language is a rough patch of water for anyone not practicing law. The short sale process contract language is no exception. Not only is an attorney better equipped to understand the language, but he or she is better suited to gently--or not so gently forcing clarification of any incomprehensible passages.
The Pros Can Even Pay For Themselves
Hiring an expensive attorney may be the last thing any realtor wants to pay for. The fees for their services often sit around $2000 at the minimum or 1 percent of the negotiated deal. But a bank will often automatically cut commissions on the short sale process down to 5 percent. A good attorney should be able to negotiate that up to 6 percent, thereby covering his own fees.
Also, keep in mind that is is increasingly more common for banks to pay legal fees associated with the short sale process out of the sale proceeds. In that case, an attorney doesn't cost anyone anything.
Navigating the short sale process is tedious and soul-sucking enough as it is. If hiring an attorney can sweeten the deal for you, it is well worth the associated fees, especially when the chances are so good that the service will pay for itself with its own expert negotiations.
