While the world is going through a serious viral pandemic, homeowners in Florida are experiencing a different type of crisis. Many homeowners in the state live paycheck to paycheck. Due to the economic uncertainties caused by the COVID19 pandemic, many such homeowners are missing their monthly mortgage payments. Thousands of homeowners currently face the risk of their properties getting foreclosed. Innovative solutions like short sale agreements can be of immense help to homeowners in such situations. A short sale is the only realistic option to prevent foreclosure for many. But are short sales advantageous for homeowners? Here's what the leading short sales lawyer in Miami has to say.

In short sales, the lenders (i.e., the mortgage companies) agree to accept discounted amounts from borrowers. Both parties negotiate these discounted amounts. The lenders satisfy the defaulted property loans with this discounted amount. This negotiated amount is obviously much less than the total sum owed to the mortgage company. A top short sales lawyer in Miami will use their negotiation skills to get the best possible deal for the homeowner. Experienced attorneys oversee hundreds of short sales every year. They inform homeowners about the stakes involved and the long-term implications of finalizing the sales. Ultimately, the mortgage company decides whether the terms of the short sale are acceptable or not. But most sale proposals drafted by experienced attorneys are usually approved pretty quickly.

A top short sales attorney in Miami can ensure that all parties involved in the short sale benefit in some way. For example, your real estate agent, broker, and closing agent will always profit from the short sale. That's because they receive guaranteed fees or commissions, even if the home's final price is severely reduced. These agents are entitled to payments. Homeowners are legally responsible to pay any charges in excess of their debt with the lending company. The homeowner will also benefit from the short sale. Their attorneys will use the short sale to prevent foreclosure. That means their credit reports or scores won't come crashing after the sale process is complete.

Homeowners opt for short sales mainly because they want to preserve their credit scores and reports. Short sales are also fast, cheap, and less complicated than other foreclosure prevention options. However, with an experienced short sales attorney in Miami on their side, homeowners can face many risks. For example, a poorly drafted agreement may compel homeowners to put up with extra fees. Some homeowners are required to pay property taxes on their homes long after the short sales are concluded. Partnering with experienced short sales attorneys is best to avoid such risks.