What are the Benefits of Short Selling a Property in Hartford?

What are the Benefits of Short Selling a Property in Hartford?

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Short sales are for folks who own a mortgage, hold a mortgage and find that they are unable, in connection with the sale or hopeful sale property, to pay off the mortgage in full primarily because the value of the property has decreased over what it used to be but the value or the outstanding mortgage amount is considerably more than the existing value of the property. There is a process to approach a lender and say “I’d like to sell my property. I don’t have enough money to pay you in full. Will you agree to something less than the full outstanding balance? Hence the term short sale. You’re short of funds. Banks are very, very tough in reviewing and passing on these situations and it’s only something that you should consider and pursue under the most extreme situation when there absolutely is no other choice. These kinds of sales often take 3-6 months to get approval. The paperwork is considerable. It is frustrating dealing with lenders and frankly, there are few buyers that have the appetite or the ability to wait that long to see if you’re even going to get approval for the short sale. So while the process is out there and it may be available to you, it is not something you want to consider first unless you have no choice.

Marc N. Needelman is an experienced real estate attorney, located in Hartford, CT.  Contact the law office with questions and get a free initial consultation.

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