Short Sales

Prices vary depending on number of liens and difficulty of lender

A short sale is where the mortgage and other liens exceed the value of the property and the costs associated with closing a sale.  A short sale requires that a broker be used to list the property and that the transaction is an arm's-length negotiation (other than in very limited circumstances where the homeowner may be able to buy back their own property and can get funding for that purchase).  A property generally needs to be listed for 90 days for the owner to be considered for a Deed in Lieu of Foreclosure.

  • Acquire documentation required for lender(s)

  • Submit documentation in a format that will get lender to consider the short sale

  • Monitor and report on the progress of the short sale.  Assure that parties are aware of when the appraisal of the property will be conducted.

  • Negotiate terms of sale with opposing counsel

  • Negotiate releases of subordinate liens

  • Draft closing documents

  • Attend the closing.


Tel: 847-677-6772.

FAX: 847-745-0108.
Email: erica@ecminchellalaw.com

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