Ballou & Bedell - Attorneys at Law
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Short Sales Real Estate Transactions

If you have a mortgage and, like many in these difficult times, have had trouble making payments, or if you are a mortgage lender and have a borrower in that situation, or you are a real estate sale professional, you may have heard the buzz words "short sale" and wonder what its all about. A short sale occurs where a borrower is behind in making mortgage payments to the lender and the foreclosure process is avoided by selling the property to a buyer even though the purchase price is not enough to pay the mortgage in full. Sometimes it is in the mortgage lender's best interest to settle up with the borrower-seller for less than the full amount owed on the mortgage. These transactions require careful negotiations and well-documented contracts between the parties involved. Also, careful attention to the borrower-seller's title is critical as there may be other debts that show up as liens against the property. If other liens exist, negotiations and written agreements with those lien holder-creditors must also occur in order for good, clear title to pass to the buyers at closing.

Whether you are a borrower-seller, a buyer or a real estate sale professional working on behalf of either, or a mortgage lender in need of short-sale representation, we have the skill and experience to get the transaction completed correctly and efficiently.

What's New

In a Short Sale Transaction a foreclosure is avoided by selling the property at a price less than the amount of the mortgage.

We serve the following communities in Southern York County Maine: York Beach, York, Kittery, Kittery Point, Wells, Eliot, South Berwick, North Berwick, Berwick, Kennebunk, Kennebunkport, Sanford, Biddeford.

The information presented on this website does not constitute legal advice and is intended for marketing purposes only.

 
 
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