To those of our clients who have experienced the devastating results of Hurricane Sandy, the Law Office of Michael S. Reinhardt & Associates is here to assist those in need. We have received many phone calls from clients in need of assistance deciphering through paperwork, reviewing short term leases, or preparing leases. I would be happy to assist in any of these matters free of charge.

Additionally, many have been concerned regarding documentation that has been destroyed such as Wills, Power of Attorney forms, etc. Any victim that has lost important documentation similar to these will be eligible to have new documents prepared free of charge.

Our thoughts are with you and your families during this difficult time.

If you should have any questions or would like more information, please do not hesitate in commenting this post or feel free to email or call (718) 377-7798 to speak with a member of our staff.

DISCLAIMER:

The use of the Internet or this forum for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this forum. This information is for general information only and should not be relied upon without consulting with an attorney.

In our current real estate market, the term “Short Sale” is among many conversations whether you are a home buyer, home seller, Investor, or Real Estate Broker. However, many individuals do not truly understand the term and what it means for those involved in a short sale transaction.

A Short Sale, is the term commonly used when a home owner is selling a home for less money than the balance owed on their mortgage. Sometimes this is referred to as a “short payoff”.

This type of sale is one where the lender allows the property securing a mortgage loan to be sold for less than the existing loan balance due to several factors such as the borrowers financial circumstances, the property’s physical condition, and the local real estate market conditions.

If a homeowner purchased their home five years ago, and took out a $400,000.00 mortgage and their home which is only worth $350,000.00, they would need to consider a short sale if they had no additional funds to payoff the mortgage balance, and closing costs. In this example, the seller is considered to be “upside down”; the home is worth less than the outstanding mortgage balance.

In some areas, as many as twenty-five (25%) percent of the homeowners owe more on their mortgages than the value of their homes.

A recent report on the sale of existing homes indicated that almost forty (40%) percent (four out of ten) sales involved homes that were either short sales, or foreclosures. With all of the upside down sellers who want to sell, it seems evident that for now, short sales are going to play a major role in the real estate market.

If you have any questions, concerns or just want more information on Brooklyn Short Sales email or call  (718) 377-7798 to speak with Michael Reinhardt.

DISCLAIMER:

The use of the Internet or this forum for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this forum. This information is for general information only and should not be relied upon without consulting with an attorney.