Looking to Buy or Sell a Short Sale Property in South Jersey?
Experienced Residential Real Estate Lawyer Joel R. Spivack Will Protect Your Interests
The South Jersey residential real estate market was hard hit by the recent U.S. economic recession. Even as the region is slowly climbing out of the hole, there are many homeowners who, for a variety of reasons, are unable to pay their mortgages and are looking for ways to get out of their real estate obligations. This is great news for prospective homebuyers who are looking for a good deal in Southern New Jersey’s beautiful Burlington and Camden counties.
For sellers, a short sale may be a good option in lieu of foreclosure. If you are in over your head with your mortgage, attempting to get your lender(s) to accept a fair market offer and release you from your loan(s) may be advantageous for many reasons.
However, whether you are buying or selling a short sale property, you need a qualified real estate attorney who has been through the process and who knows how to navigate what can be a long, bumpy road. I’m Joel R. Spivack, Esq. and I’ve helped countless South Jersey families, like yours, manage their short sale from both sides of the bargaining table. I will handle negotiations, contracts, contingencies and more, and will protect your interests and your investment at all times.
A Realtor Sells Real Estate; a Real Estate Attorney Protects Your Interests
Real Estate agents are an important part of the process if you are buying or selling a home. Their experience and knowledge can certainly come in handy whether you are buying or selling a short sale property. However, a realtor is not permitted to give legal advice. They can provide a template contract, but they aren’t able to draft documents that protect your specific personal and financial needs.
From Day 1, when you first decide to sell your home through a short sale, or decide to make an offer on a short sale property, you need the experience of a qualified real estate attorney by your side. I’ve guided many people, with sound legal advice, through the short sale process in Cherry Hill, Marlton and Moorestown in South Jersey. I invite you to call me for a consultation about how I can put my experience to work for you – in an effort to save you time, money and aggravation during the short sale process.
What is a Short Sale?
A short sale occurs when the seller gets permission from their bank or other lender(s) to sell the property for less than the amount owed to the lending institution. In other words, the price accepted is “short of the loan amount.” Short sales have become a good alternative to foreclosure for homeowners who were hit hard financially in the recent economic recession. Often, a short sale can stave off or postpone a bankruptcy.
Selling a house in a short sale allows a homeowner to sell the house, and when approved by the bank, get released from their obligations with regard to the property. A short sale will impact the seller’s credit negatively, but not nearly as dramatically as foreclosure.
A short sale can be a savvy, patient buyer’s dream come true. It’s possible to get a good deal on a piece of real estate because the bank wants to be paid and, many times, will be willing to accept the short sale offer in what amounts to a “better something than nothing” scenario.
The Short Sale Process Requires Time & Patience
Whether you are the seller or the buyer, the short sale process is complex and can take a long time. It requires patience and the guidance of an experienced attorney who knows how to deal with lending institutions. Going back and forth with the bank can be frustrating and overwhelming for many people. Joel R. Spivack, Esq. guides clients through the process with calm reassurance. He knows the potential pitfalls of the process and he is able to set realistic expectations for both buyers and sellers in the short sale process.
For Short Sale Sellers: A Real Estate Lawyer Will Make Sure You are Completely Released of Liability in a Short Sale
Even if your primary lender agrees to a short sale by accepting the buyer’s offer and deciding to forgive the balance of your loan, you may not be out of the woods completely. If the paperwork approved by your lender doesn’t explicitly release you of all liability, they may be able to obtain a deficiency judgment against you. Additionally, other lenders with interest in the property may not be willing to accept the short sale. This means you may be legally obligated to pay what you owe, or a portion of it. They can garnish your wages or bank account.
Joel R. Spivack, Esq. will make certain that your liability is completely released by the bank. A realtor is not permitted to be involved with legal issues such as financial liability. Only a qualified real estate attorney, like Mr. Spivack, has the experience and know-how to negotiate complicated legal real estate matters on your behalf.
For Short Sale Buyers: Joel R. Spivack, Esq. Will Make Sure You Get What You Expect
For buyers, a knowledgeable short sale attorney will protect your interest in the property you are about to purchase. Consider that you are buying a short sale property because you are hoping to get the house at a good price. The truth is, however, short sale houses usually need work. They are generally sold “as is.” That means there may be inspection issues and property damage. Also, title problems and tax liens are common short sale challenges. Joel R. Spivack, Esq. will make sure you are getting exactly what you pay for, with particular focus on holding the seller to their word and protecting your interests as the buyer should something go wrong during the process.
An amicable process is in everyone’s best interest. As the buyer, you need the seller’s cooperation to take care of your investment while they are still living there. If there is a working dishwasher, for example, you want to make sure it’s working when you take possession of the property. Broken windows, holes in walls and other problems that may occur in your absence affect your investment. Mr. Spivack will work closely with the seller themselves, their realtor or their attorney regarding the contract, deeds, liens and more.
How an Experienced Attorney Can Help With Your Foreclosure
If you’ve been missing payments for a while on your mortgage, your lender will eventually move to foreclose on your house as a means of recovering some of the money loaned. New Jersey is a judicial foreclosure state, meaning that the entire process must go through the court system.
An experienced real estate attorney can advise you about whether fighting a foreclosure is in your best interest, or if you may be able to avoid foreclosure via a short sale. Joel R. Spivack, Esq. may be able to contest the foreclosure of your property. At the least, he may be able to negotiate with your lenders and stave off foreclosure for a period of time to allow you to get back on your feet financially, if possible.
Since he is also a successful, knowledgeable bankruptcy attorney, Mr. Spivack will be able to determine your best course of action. If you opt to allow your lender to foreclose, an experienced attorney like Mr. Spivack will be able to guide you through the process to protect your interests as much as possible. He will be able to explain how the foreclosure will impact your credit rating and your ability to obtain credit in the future.
Don’t Go Through the Short Sale Process in South Jersey without Real Estate Lawyer Joel R. Spivack, Esq. on Your Side
All real estate transactions can be confusing. Short Sales are even more so because they are rarely straight-forward. That’s why it’s imperative that both buyers and sellers of short sale properties work with a skilled short sale real estate attorney.
If you are facing the nightmare of losing your house, take action immediately. Whether you opt for a short sale, loan modification or bankruptcy protection, you want to speak with an attorney before making your next move. Joel R. Spivack, Esq. has been representing South Jersey residents in real estate transactions for more than two decades. He is ready to put his experience to work for you.
Contact the Law Office of Joel R. Spivack today for a consultation, so we can discuss your situation and advise you on your best course of action. Our Cherry Hill, NJ office is open during business hours Monday through Friday. Call toll-free 856-488-1200 to speak with a knowledgeable real estate attorney today.