Our Program Details:
- Short sale seller will have initial consultation with a Certified Distressed Property Expert to talk about options.
- Short sale seller will have initial consultation with attorney to establish hardship and receive legal advice.
- Short sale seller shall be entitled to contact with attorney via phone or email for further advice regarding the short sale throughout the process.
- Attorney and legal staff will represent seller in preparation of short sale package and do all negotiations with the lender looking out for the seller’s best interests.
- Legal staff will keep seller and their listing agent informed on a consistent basis as a short sale works ts way through the lender’s systems.
- Attorney will consult with seller regarding all terms of the short sale approval letter provided by the lender.
Program Attorney’s Fees:
- Attorney’s fees are only earned upon a successful closing of the short sale.
- The fees are placed on the HUD1 settlement statemet and are paid from the net proceeds of the sale the same as realtor commisions and closing cost(therefore,it is the lender who absorbs the fees and not the home owner)
- The fees placed on the HUD1 sttlement statement are $1,545 for one mortgage and $395 for each additional mortgage on the short sale property.
- The initial consultation fee of $250 is waived for sellers when the short sale is their primary residence and there is true hardship. If it is aan investor requesting the short sale services, then the $250 consultation fee is not waived as many investors choose not to pursue a short sale after that consultation due to possible tax consequences, etc.
- If in the event the lender refuses to absorb the attorney’s fees and dthat is the only thing preventing the closing, the realtor agrees to pay up to a maximum of $995 from their commision upon a successful closing. Agent participation in attorney’s fees has occurred rarely in attorney negoaited short sales.
This program is for distressed homeowners only. Short sale negotiation and legal consultation on a commercial property will be billed on an hourly rate basis with an initial retainer fee of $1,500.
Benefits to Minnesota Home owners:
- Free legal advice and the peace that comes with assurance that you have working with knowledgeable professionals.
- Refferrals to tax specialist or bankruptcy attorney when necessary.
- Legal help with you hardship letter and financial statements.
- The ablitity to tell collection agents they are represented by counsel so that the phone calls stop.
- Timely updates so that you stay informed throughout the short sale process
- The ablitity to speak with confidentiality to peole who understand their sitituation
- Legal guidance regarding the terms of the short sale approval and dthe advice on any possible occurences that may arise aafter the closing.
Short Sales We Can Not Negotiate:
- Ocwen on the first mortgage or second mortgage with pending sheriff sale.
- Indymac mortgages after sheriff sale(unless low enough bid at sheriff sale.
- Greentree or US Bank on second mortgage unless they also hold the first mortgage.
- Less than three months left on redemption period
- less than $50,000 purchse price
- More than two mortgages ( unless all with the same lender)
- Judgements on property that seller cannot afford to clear up.
- Seller is in Chapter 13 bankruptcy or has recently filed Chapter 7
- FHA first mortgage if seller has abandoned property.
- Short sales already in the middle of negotiations
- There may be exceptions to these rules, please do call Rick McDeid to discuss 763-443-6680
|
Your referral is the highest compliment we could ever receive. If you know someone one who is thinking of buying or selling real estate, please let them know we are here to serve them. If you know of someone who is having trouble with the mortgage payments let them know I am a Certified Distressed Property Expert with a team of Attorney’s, Shortsale Negotiators and Accountants that will help them understand what options they do have with a Free Consultation.
Incoming search terms:
- minnesota short sale fees
Possibly Related:
