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What is a Short-Sale?

A short sale is an arrangement where a lender agrees to a sale of a property for less than is owed under the existing note. For example, picture a homeowner owing a balance of $100,000.00 on his home (the home being designated as collateral). The homeowner is in financial trouble, knows he cannot afford to keep his home, and is considering a bankruptcy. He also wants to make sure that the property is officially removed from his ownership. The homeowner finds a buyer willing to pay $85,000 for the property, and due to market conditions and/or the condition of the property, $85,000.00 seems to be the best offer available. The homeowner can approach the lender, give details as to his financial hardship, and ask the bank to allow him to sell the property "short." If the bank crunches the numbers and finds them agreeable (the bank usually wants to come out at least with all of its expenses paid and no further losses), it may agree to the short-sale. Keep in mind that the bank does not have to agree, but in many cases the bank will realize that something is better than nothing, and it will approve a short-sale. Please call in for more details as they may apply to your situation.

Attorney Paul B. Sherr serves clients in the following areas:
 

New York: Albany, Troy, Rensselaer, Saratoga Springs, Clifton Park, Schenectady, Hudson, Glen Falls, Washington County, Schoharie County, and Greene County.

 

Massachusetts: Berkshire County, including Pittsfield, Dalton, Washington, Otis, Becket, Hinsdale, Richmond, Lenox, Lee, Stockbridge, West Stockbridge, Great Barrington, Alford, Sheffield, Tyringham, Monterey, Egremont, Cheshire, Adams, North Adams, Hancock, Williamstown, and Lanesboro.

 
 
 
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We hired Attorney Sherr for litigation with great results. His work is outstanding and to this day, he is my business attorney.
With my sincere thanks,
- - Mary A Busch
 

Dear Paul, I just want to take a few moments to express my gratitude for all the support and expertise you provided me in a situation I was certain had no solution. You were wonderful Paul. Thank you for my peace of mind.
- - Rose M.

 

I recently enlisted his help in a home owners insurance claim issue. He was very quick to get to the heart of the matter and had it settled in a very timely manner.
- - George and Carol Karlewicz

 

I needed advice about a financial problem, and I needed advice about bankruptcy. Attorney Sherr is accountable, thorough, and down to earth. I recommend him without hesitation.
- - N. Lowe

 
Paul Sherr made a difficult situation easy and understandable. I highly recommend his services. He took care of my case is a quick and efficient manner, while being generous with his time and fair with his fees.
- - Kathryn Levin
 
 
149 Main Street
Ravena, New York 12143
Phone: 518-533-5982
Fax: 312-253-1173

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