A “short sale” is the sale of property for a price that does not pay all of the liens, primarily the first mortgage. Short sales have become desirable outcomes for homeowners who need to sell their homes but are caught in the present real estate bubble. Short sales are difficult to achieve because of the lenders’ need to follow a complicated process and the fact that different lenders’ processes can vary.
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Goldman Gruder & Woods, led by Attorneys Kenneth Gruder and Descera Daigle, has significant short sale experience and has been successful at achieving many short sales through a keen understanding of the process and, our ability to negotiate with lenders and other lien holders, and our team approach that is professional and comforting with the homeowners and keeps the realtors in the loop to be valuable team players.
When achieved, a short sale enables the homeowner to avoid foreclosure and bankruptcy, to achieve debt forgiveness for the lender’s loss (usually), and to allow the homeowner to move forward.
It is important to involve an attorney in a short sale as soon as possible for several reasons:
- Lenders need a bona fide contract in order to start the process.
- Our attorneys are experienced at conveying information to the lender, as well as documents showing the use of the proceeds and explaining the homeowner’s hardship.
- The success of achieving a short sale may rest upon certain arcane matters that the attorney can explain to the client.
Our attorneys meet personally with all potential short sale clients in order to discuss their unique situation in full and to determine whether they believe that a short sale is reasonably achievable. This meeting is at no charge. Furthermore, the legal fee comes from the sale proceeds, so its burden is borne by the lender, and not the homeowner/client.
Attorney Gruder has conducted many short sale seminars for Connecticut realtors throughout Fairfield County. Ken also teaches a three hour continuing education course to licensed realtors in conjunction with their local Boards of Realtors. In addition to his teaching and lecturing, Attorney Gruder has also participated in numerous panel discussions on short sales. Additionally, he regularly teaches new real estate salespersons and brokers portions of the Connecticut Licensing Exam at Real Estate University. Attorney Daigle also has spoken to groups of realtors about short sales on numerous occasions.
Sometimes, a short sale can only be achieved after the homeowner has mounted a vigorous defense of the foreclosure and/or filed a bankruptcy petition. At Goldman Gruder & Woods, LLC, we are able to provide the team approach from both the real estate and the litigation/bankruptcy angles, when necessary. Bankruptcy Lawyers
The fact that Attorneys Gruder and Daigle (and not a junior attorney or staff person) meet with potential short sale clients individually is very important. Many homeowners, having read various internet and other news, have misimpressions about whether they qualify for short sales and what the process might be. Through the initial meeting, Attorney Gruder and Attorney Daigle are able to determine reasonable expectations, which guides clients as to whether a short sale may work for them, and also assist the realtors in determining whether their efforts can come to fruition and how they can best maximize their clients’ results.