Short Sale Negotiation Services
Written by Attorney Christopher J. Charles
The Davis Miles McGuire Gardner, PLLC Short Sale Team provides short sale negotiation services for homeowners who seek the help of qualified legal representation from lawyers with extensive experience in real estate related matters.
A flat fee of $1,995.00 is to be paid upon retention for those short sale matters in which there is a first or second position lender. If the property is scheduled for a trustee sale within 40 days of retention, an additional flat fee of $500.00 is required.
In the event the Firm is successful in obtaining short-sale approval, the Firm shall be paid a contingency fee for its services, which shall be paid from the sale proceeds at escrow and disclosed on the HUD-1 Settlement Statement. This fee, which is subject to lender approval, shall not exceed 1.25% of the contract price. In the event the lender does not approve this 1.25% fee, it is waived in its entirety. This fee is never paid by the seller, buyer, or REALTOR®
The Davis Miles McGuire Gardner Short Sale Team will utilize its best efforts to negotiate a settlement with the homeowner’s lender(s), which results in a written agreement providing a release of the liens on the property so that the property can be sold to a third party. To achieve this goal, we provide the following services:
Initial consultation and analysis of the possible protections to the homeowner under Arizona's anti-deficiency statutes.
Prepare a detailed “Short Sale Demand Letter” that educates the lender in regard to Arizona’s unique anti-deficiency statutes.
Help draft the homeowner’s “hardship” affidavit.
Negotiate with the homeowner’s lender in order to persuade the lender to accept a discounted payoff in exchange for full satisfaction of the loan and release of the seller’s obligations under the loans and a waiver of any alleged deficiency.
If the homeowner is not protected under Arizona's anti-deficiency statutes, the Firm’s Short Sale Team will negotiate with the homeowner’s lender prior to the close of escrow and attempt to minimize and/or eliminate the homeowner’s potential deficiency liability.
Once the lender’s short sale approval is obtained, the Firm’s Short Sale Team will review the lender’s short sale approval letter and negotiate any revisions if necessary.
If the homeowner’s lender requests the seller to execute a promissory note in exchange for a release of the liens, the Firm’s Short Sale Team will negotiate with the lender in an effort to have the promissory note reduced or eliminated.
Assist with the preparation of a comprehensive short sale demand packet that includes all necessary information required by the lender to process the short sale application.
The information on this page is provided for educational purposes only, and should not be relied on in any specific case. Furthermore, the information applies generally to matters of Arizona law and not any other jurisdiction. Full site disclaimer.