Short Sale Attorney
Are you facing foreclosure and searching for an alternative to being foreclosed upon? Contact the short sale attorneys at Minchella & Associates. Our firm has more than 37 years of legal experience. Managing partner Erica Crohn Minchella has spent her entire career representing real estate buyers and sellers in a wide variety of real estate transactions including short sales. She can provide you the experience and guidance you need to manage this minefield.
Do I need a lawyer for a short sale?
Without question it is in your best interest to work with a short sale attorney throughout this process. Your lender is attempting to foreclose on what is likely the most valuable asset you have in your possession. Our law office can negotiate on your behalf with your lender to obtain the best outcome for you.
Most people facing a short sale have no experience negotiating with banks. Minchella & Associates has extensive experience in this area. We have found that every single lender requires different documentation and plays by different rules. Some lenders are straight forward whereas some lenders will require the same documentation five times. It is critical to know how to present your documentation to the lender in a way that prevents them from taking advantage of you. In addition, once the short sale has been negotiated, you will need a lawyer to close the transaction for you.
How do short sales work?
The process of a short sale varies depending on which lender with whom you are dealing. Minchella & Associates has dealt with virtually every lender and as such, is uniquely positioned to maneuver the process, help you understand it, and help with strategies for the more recalcitrant lenders. However, generally speaking there are certain steps that your short sale will take, these include:
Is short sale better than foreclosure?
Skokie Real Estate Closings Attorney
Minchella & Associates is a real estate law firm serving Chicago, Skokie and the northern suburbs including Lake and DuPage Counties. The firm has conducted thousands of real estate closings on all kinds of properties from single family homes to condominiums and multi-family homes.
The majority of residential real estate closings in Illinois are conducted by an attorney and for good reason. The closing process is complex and this is likely the largest transaction of the parties' lives. Erica Minchella has practiced law for more than thirty-seven years. She was on the drafting committee for the Multi Board 7.0 real estate contract you will likely use to close on your new home.
Erica Minchella was on the drafting committee for the Multi Board 7.0 contract used when closing on your home
What happens at a real estate closing?
The process for buying and selling a home is different. The closing process for a seller is focused on closing the transaction so that the seller obtains payment. To the contrary, buyers must be at the closing so that they can learn of the significant responsibilities they are taking on when buying a home.
We recommend that sellers do not attend the closing. There is no benefit to the seller to be there. They should execute all required documents in advance of the closing. The seller should give Minchella & Associates powers of attorney to execute the title documents that need to be signed at the real estate closing. This is optimal as the seller’s primary concern is getting their money.
The reality is that if a seller wants to attend a closing, she or he is always welcome, but really only needs to be there for the last 5 minutes closing of the process.
To the contrary, buyers should always attend a closing if they are able. Erica or her associates will describe for her clients in detail the loan documents they are signing. This is likely the single largest purchase a buyer has ever made and as such, she or he should be aware of what they are getting into.In addition, our firm offers clients unique advice that can help our clients pay their mortgages faster which could result in saving tens of thousands of dollars. This is a perspective not offered by less experienced residential real estate attorneys.
“We used Erica to assist us with a closing of a condo in Des Plaines. She was absolutely wonderful. She explained everything carefully and was extremely professional, knowledgeable, and responsive. I have also consulted with her on some distressed real estate and she is the best! I highly recommend Erica and her team!”
The Real Estate Closing Process
Regardless which side of the sale you are on, the real estate closing process will usually be as follows:
Real estate search
Home inspection: what happens if an inspection finds defects in the property? (We do the negotiations for you in concert with you and your broker)
Mortgage contingency and cooperation with lender to get necessary documentation
Types of Real Estate Closings
A single-family home is one where there is no homeowners’ association (HOA) and the home is free-standing. Our fee includes the review of the real estate contract, Attorney and Inspection Review letter, extension of mortgage contingency periods, attending the closing. Fees may increase for:
Drafting post-closing escrow agreements,
Drafting partnership agreements,
Drafting tax escrow agreements,
Each type of real estate closing has its own distinct challenges. Minchella & Associates can assist in closing your single property home, condominium or multi-family property.
Single family homes
The sale of a condominium, townhome or property that is part of a HOA will require review of the HOA documentation. Our fee includes review of the HOA documentation (especially paying attention to possible special assessments and the possibility that the property could be a target for being deconverted from a Condo to an apartment building), Attorney and Inspection Review, extension of the mortgage contingency, attending the closing. Fees may increase for:
Pre- or Post-Closing Possession Negotiations and Agreement
Tax Escrow Negotiations and Agreement
Holdback or Repair Credit Negotiations
Multi-unit properties are ones where there is more than one unit that is either tenanted or available for family members. Minchella & Associates can:
Assist in due diligence for tenants, leases, code violations, encroachments, review to assure that all units are "legal"
Assure compliance with city and village ordinances and requirements
Assist in lending issues
Attornment notices, transfer of leases
Knowledgeable in 1031 Exchanges
If you are searching for a real estate law firm to assist in the buying or selling of your residential real estate, reach out to Minchella & Associates for a free consultation. Our attorneys have close to fifty years combined experience in real estate matters.