When you dream to own a house, you think of all the good things. Of course, you put in your best efforts to keep things the way they are but not everything is in your control. For many homeowners, things go in the opposite direction of what they had predicted. This results in them becoming financially weak after owning a house and not being able to pay their mortgage payments. One of the many options that they can opt for in such a situation is to go for the short sale.
However, that’s the point where you need a real estate lawyer the most, says Asaf Izhak Rubin. He wants to reveal to the people that this process is more difficult than it seems. Without the help of the lawyer, you can’t really make it a success. Let’s discover some more.
The Process Involves a Lot of Paperwork
The first thing that you have to know about this type of sale is that you will be going through tons of paperwork. Asaf Izhak Rubin believes that if you are going this route, the paperwork you have to manage might be the most you have ever managed in your life. You can’t really do it all alone because you have to run around places for completing just one document. There is document after document that has to be compiled, verified, and kept in one place for your lender to see. Keep in mind that there is no way for you to sell the house if you don’t have the lender on the same page with you.
The documentation work for short selling a house is so complex and lengthy that you can expect to take around 12 months for it to complete. When you are already struggling financially, you want to hand over these duties to someone who really knows the process and can do it optimally. That’s where you use a real estate lawyer.
The Lender Has to be Persuaded
One of the things that a lot of homeowners who are preparing to short sell their houses forget is that they have to persuade the lender about the short sale. When you are selling the house in this manner, you are about to let it go for a smaller price than you owe to the bank in the mortgage. In other words, it is really a loss for you and as a result, it is a loss for the bank or the lender as well. This also means that you have to convince the lender about the short sale. Asaf Izhak Rubin says that giving convincing remarks and persuading the lender for a short sale is quite a challenge.
If you are wishing to go this route because of your financial distress, make sure you have someone who can write a convincing letter to the lender. It should be someone who can explain things from multiple angles and perspectives.
Emotional Stress Is Ever-increasing
Focusing too much on the documentation side means you are overlooking the health aspect of a short sale. You are already financially distressed. This distress may have been a result of some medical condition. Now, you have to let go of your house that you once loved so much. You might even see people turning their faces away from you in this situation so they don’t have to give you any money. This emotional stress is like a mountain on your shoulders. For this reason, it is best to have a professional lawyer on your side to take care of the other matters while you think of living the life ahead of you in a better way.
Final Thoughts
You must never underestimate the importance of a lawyer in any case says Asaf Izhak Rubin. Selling a house or buying one involves more complications than you can see on the surface. When something goes wrong, you have nowhere to go and you have no clue where to start if you don’t have a lawyer with you from the start.
