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Lawyers Realty Group Short Sales are Better

A SHORT SALE IS BETTER FOR LENDERS THAN FORECLOSURE

The mortgage risk analysis firm, Clayton Holdings, completed an extensive study of the financial results of short sales and foreclosures, and they concluded that A SHORT SALE REDUCES THE LOSS TO THE LENDER AS COMPARED TO TAKING THE PROPERTY THROUGH FORECLOSURE.

Clayton reports that loss severities for short sales are 13% lower than loss severities for REO sales (that’s a sale of Real Estate Owned by the bank after foreclosure). In addition, for states with extended foreclosure timelines, the short sale loss severities dropped to 26% below REO loss severities. In addition, their data shows that a short sale incurs about half the fees and advances of an REO sale.

The report indicates that lenders/servicers with dedicated short sale teams are doing far better in limiting loss severity and shows that servicers with the lowest loss severities for short sales employ a variety of strategies including outsourcing, utilizing dedicated short sale teams, and setting list prices based on historical and geographical REO net proceeds. Those servicers with dedicated teams bring unique skill sets to negotiation of the short sale and remove a significant volume of calls from the general loss mitigation queue.

Basically, this report proves everything we have been telling the lenders for last few years. It is clear that a short sale saves the lender time and money. If reducing losses doesn’t motivate the lenders to cooperate in the short sale process, then nothing will.

Statistics show that a majority of short sales fail if they are handled by a traditional real estate agent, even those claiming to be short sale “experts”. However, if you have an Attorney/Realtor® from Lawyers Realty Group on your side, you receive full and complete representation along with the power of California law. This allows a near 100% success rate on our short sales. Our success rate and the level of protection that we provide for homeowners are unmatched in the industry.

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EXCEPTIONAL SERVICE – UNPRECEDENTED PROTECTION

LAWYERS REALTY GROUP is an attorney owned and operated real estate brokerage that was formed to help level the playing field between struggling homeowners and the banks who are threatening them with foreclosure, eviction, deficiency judgments, and collection actions.

Unlike traditional real estate agents, loan mod companies, bankruptcy attorneys, litigators and others who aggressively market their particular one-size-fits-all solution regardless of a homeowner’s future liability and financial well-being, Lawyers Realty Group provides clients with a customized analysis of their options, free legal counseling and clear direction on how to best resolve their particular mortgage issues – all without charging fees to the homeowner.

 

Derik N. Lewis, Esq., is the founder and president of Lawyers Realty Group. Derik is a California real estate attorney, a licensed Realtor® and a member of the National Association of Consumer Bankruptcy Attorneys. He graduated magna cum laude from Boston University School of Law and has nearly 30 years of real estate experience. For more than two decades as an attorney in private practice, Derik has represented California homeowners with difficult real estate matters. Derik previously served as legal counsel for some of the world’s largest lenders including Bank of America, Wells Fargo and JPMorgan Chase (he knows how they operate and how to work within their systems to help you achieve the best possible outcome). He is also a visiting lecturer at the University of Southern California School of Law speaking on real estate law, brokerage and litigation.

Professional Associations

  • Admitted to all State and Federal Courts in California
  • California Bar Association
  • Orange County Bar Association
  • National Association of Consumer Bankruptcy Attorneys
  • National Association of Realtors
  • California Association of Realtors
  • Orange County Association of Realtors
  • California Regional Multiple Listing Service

No Cost Services

Free legal analysis of all of your options, including how to limit or eliminate tax and deficiency liability.

Complete representation for the option that best suits your situation, whether you need assistance in reviewing a loan modification, filing bankruptcy, seeking a deed-in-lieu of foreclosure, pursuing a planned foreclosure or selling in a short sale.

Free Bankruptcy filing in the BK/Short Sale package.

Free legal review and fraud analysis of all solicitations from the bank, real estate agents, lawyers or others.

Free and complete short sale representation including MLS listing, marketing, negotiation, deficiency waivers and closing. You need an Attorney/Realtor® to provide legal leverage and fully protect your interests.

Have Questions?

We are here to answer any questions you have!