How the Short Sale Process Can Work to Your Benefit

Last May, a former client referred a couple to me. They had fallen on hard times after the husband had been laid off. 

After an extended period of unemployment, he secured a new job, but at a much lower salary.  Having fallen behind on their mortgage payments, they were no longer able to afford their house. Although they downsized to a more affordable home, they were unsuccessful with another realtor to sell their house in a short sale. Needless to say, the stress was tremendous.

It was at this point that they came to us.  My team and I immediately were able to step in and help them. We listed the house and I found a buyer.  

As the house needed quite a bit of work, we arranged for the buyer to obtain a renovation loan enabling him to buy the house "as is" and make repairs after the closing.  We then went to bat for the sellers. We were able to negotiate with the 1st and 2nd mortgage holders to accept considerably less than what was owed and to agree to a short sale.  The banks waived their claims against the owners for the deficiency and we were able to protect our clients from any income tax burden.  They were so thrilled at the closing to be able to pick up and move on with their lives once this huge burden had been removed from their shoulders.

Finding solutions to difficult problems is part of what makes this job so special.  Thankfully, most of our clients are no longer experiencing this degree of financial hardship.  However, many have recently been laid off or are adjusting to changing circumstances. We are here to help.  We would welcome the opportunity to assist anyone, you might know, who is in this stressful situation.  Call us at 914-437-6119 or email gary@leogrande.com