Today’s question comes to us from a Hunters Creek resident.
So Lonnie Asks…Do I need to hire an attorney to do a short sale on my home?
This is a great question and it’s one that we get quite a bit. There’s a common myth that you have to have a real estate attorney involved when doing a short sale on your home. and that’s just not true,…not even a little bit
So the answer is no you don’t need to hire a lawyer to short sale your home.
That said, there are some cases where you’d want to talk to an with an attorney. If there’s title issues or if the property’s in probate court, Bankruptcy, etc.
However, as far as processing the short sale and getting it sold, the lender’s only requirement is that a licensed real estate agent lists the property on the MLS
The most common reason people choose a short sale realtor over an attorney is the cost.
Attorneys charge you thousands of dollars up front to do your short sale, whether it closes or not.
A licensed realtor does it for free. Doesn’t cost you anything. And if it doesn’t close then they don’t get paid.
So which of these 2 do you think is gonna be more motivated to get your short sale approved?
The lawyer who gets paid up front or the realtor who only gets paid if the short sale closes?
Wouldn’t you rather save your money instead of turning it over to a lawyer?
You see, not only does A realtor only get paid if the short sale closes, but they and they get paid by the lender,.. it doesn’t cost the homeowner a dime of their own money.
and most of the time you can get cash back at the closing for relocation costs.
To give you an example, from our own experience at ORC , We consistently get our clients anywhere from $3,000 to $30,000.00 back at closing.
Different lenders offer different incentive programs so the amount you receive will depend on what programs you’re eligible for.
Right now there are thousands of Orlando homeowners that are in default and looking for a way out of their situation.
From a homeowners perspective, The short sale process isn’t just hard, It’s scary.
We’re talking about potentially getting kicked out of your home. So This is definitely not the time to hire your niece who just got her real estate license.
Even if you don’t choose ORC to do your short sale, make sure that you hire some other short sale specialist and don’t just take their word for it either. Get references from their past clients, make sure they have a proven track record.
If you or someone you know needs help with a short sale, visit our site or just give us a call at 407-902-7750 for a Free consultation.
That means you can get all of your questions answered with absolutely no obligation what-so-ever to work with us
That’s it for today folks, thanks for listening and keep those questions coming and we’ll…see you on the next episode.