All Forum Posts by: Account Closed

I recommend you get in touch with @Ashour Rehana. He is a realtor that I work with. 

You should inquire with the listing agent as to where in the process the short sale is. As a real estate attorney that handles short sales, I begin my negotiation process as soon as the listing comes in the door. So by the time an offer comes in,  I have put together an entire financial package on the Seller (3 month bank statements, hardship letter, 60 days paystubs, etc.) This means that I can then present the offer to the short sale lender and things will go much smoother and quicker. 

Unfortunately, this is not the case when the Realtor or attorney handling the transaction on the Seller side is not familiar with how a short sale works. They may begin the process at the time an offer comes in. That means that they won't have an approval letter, if one will be forthcoming, until several months, at least. 

Since short sales are never guaranteed to go through, you may want to consider an attorney or firm who only charges if the deal actually closes. This is how our firm bills. We don't charge if the deal falls through. However, if you had conducted an inspection and or appraisal, you may still be out that money. 

Our client was a family real estate business held as a partnership. The family members were all married and did not want the spouses of each partner to take over if one of the partners died.

Our client owned several farms outside of the Chicagoland area which when purchased in 2005, at the peak of the market, having values in excess of 5,000,000. The client took a loan for half the value of the property (Approximately 2.500,000). The loan was an interest only loan and our client made every payment in due course. In 2008 the bank appraised the farmland and its value had decreased to 1.5 million.

Despite the fact that the client owned other properties free and clear of any obligations we were able to negotiate a deed in lieu of foreclosure. Now while the client received a $1,000,000 forgiveness of debt, this debt was reported to the IRS. Having worked the deed in lieu of foreclosure agreement with the client’s CPA our client used the debt forgiveness to his advantage as he had tax losses to offset the forgiveness. A WIN-WIN for our client and his family.

@Wendell De Guzman. Great insight. I am a Real Estate Attorney and one of the areas that I focus on is foreclosure defense and short sales. When a client comes in for foreclosure defense, generally they are looking to stay in the property as long as possible and then find an exit strategy (short sale, deed in lieu of foreclosure, etc). At that point, I generally know whether or not his property will be on the market in the near future. This allows my clients and referral network to have access to the short sale listing before it even hit the market. Hope that helps. 

Spencer, 

I sent you a PM. Feel free to connect with me. Good luck!

Obtaining a loan for an LLC can be a bit more challenging than an individual loan. However, if you have the right resources, then this challenge can be overcome. I work with a realtor Ashour Rehana who has some great lender resources and I'd be glad to put you in touch.

My firm charges a flat rate for the closing only if it is successful. So you don't pay for any transactions that do not end up closing. Feel free to contact me if you need assistance.