Don’t shy away from “short sales” clients!
Meaney & Meaney PC wants your short sales! Many realtors are hesitant to take on short-sale clients, but Meaney & Meaney PC can take most of the work out of the realtor’s hands and expedite approvals that can result in a huge source of untapped income. A short sale is where a home owner sells their house for less than is owed on the mortgage. Because the house is sold for less, the owner will come up “short” on funds to pay off the balance of their mortgage.
As realtors know it can be a very difficult, time-consuming, and tedious process to get these transactions approved. Very often there are two or more mortgage holders, which makes the process even more complicated. If the seller has judgments against them, that requires more settlement negotiations. Which is why it’s important to have an experienced law firm that knows how to handle the ins and outs of processing the application with the lender and negotiating a settlement.
Meaney & Meaney PC has years of experience successfully completing short-sale transactions. There is a tension between the desires of the bank to recoup as much of its money as possible and what a buyer is willing to pay – and you still must have enough funds to cover the realtor fees, closing costs, and any transfer taxes due to the state or municipality. With Meaney & Meaney, there’s no need for realtors to avoid short sales. We can take all the work out of your hands and simplify the process for you.
TIP #1: Either have the borrower or their attorney order a payoff statement for all mortgages on the property, and have the realtor do a CMA so you can begin to figure out how much of a haircut you’ll be asking the lender to take.
TIP #2: It’s important to highlight any problems with the property when submitting a short-sale application. If the lender thinks there are condition problems they will be more likely to accept a lower amount as settlement in full for the mortgage.
TIP #3: Be aware that repairs are seldom done by distressed homeowners. If there are improvements that need to be made on the home – even if they are necessary for the buyer to get a loan – it is often unlikely that they will be done by the homeowner. This is why cash buyers purchase many of the short sales on the market. A realtor should have a realistic assessment of the condition of the property and look for the right type of buyer for the situation.
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My husband lost his job and were getting in over our heads with debt. After a few unfortunate failed attempts at directly asking out mortgage company for help , we found Meaney & Meaney PC. Not only did they get us into a mortgage payment that was affordable for our family, they were so understanding and compassionate. Andrew and James were reachable and honest through the process and truly cared about helping us. They never left us hanging and always followed through with their word. If it wasn’t for Meaney & Meaney PC, I’m not sure we would be in our home today. We are so grateful!!!
~ Angela B., Kings Park.
~ Lori Y., Northport
We were first-time homebuyers without a clue of how the whole process worked. Meaney & Meaney PC took the time to explain everything to us in clear, understandable language, from the time we signed the contract to the day we finally closed. When a problem came up on the title report, James and Andrew went above and beyond to take care of it, and with their expertise, we were able to close on time. Thank you
~ Susan L., Huntington
Meaney & Meaney PC handled the sale of our previous home and the purchase of our current one. This involved multiple parties on a very tight schedule and could have been a very stressful experience but everything was concluded on time with a welcome lack of drama.
~ Richard T., Lloyd Harbor