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Short Sales & Foreclosure

Navigating Short Sales with Expertise

Foreclosure is a legal procedure wherein the property is seized from the homeowner and subsequently sold by the lender to recoup the outstanding mortgage debt and eliminate the lien on the property. This occurs when property owners find themselves owing more on their mortgage(s) than the current market value of their property.

If you’re a homeowner contemplating a short sale, it’s crucial to engage the services of an experienced real estate attorney. Pun & Associates’ New York Real Estate attorneys will work in your best interests, offering top-notch legal counsel to effectively guide you through the complex short sale process.

At Pun and Associates, we are here to assist you in understanding how the foreclosure processes work, navigating New York and federal laws about foreclosures, and ensuring your best interests are prioritized throughout the entire proceedings.

Tailored Legal Advice

Every short sale situation is unique, and our approach reflects that. The short sale agreement stands as one of the most pivotal and intricate legal documents within the short sale procedure, encompassing all the details of the transaction and delineating the rights and responsibilities of each party involved. These include various aspects such as the listing price, deductions from the sales price, cancellation clauses, property maintenance responsibilities during the listing, submission of the sales contract, release of personal liability, suspension of foreclosure, and conditions for contract termination.

Due to the comprehensive nature and intricate legal nuances contained within this contract, our legal experts invest the necessary time to dissect its contents thoroughly. Our goal is to ensure that you gain a complete understanding of all facets of the short sale. We provide tailored legal advice specifically designed for each individual circumstance. Our experienced team works diligently to explore alternative solutions, aiming to find the best outcome for our clients.

What We Do for Short Sale and Foreclosure Purchasers

  • Assessing legal/financial aspects to guide the purchaser on short sale/foreclosure risks and benefits.
  • Negotiating sale terms with the seller’s lender for short sales or auction bids.
  • Performing due diligence, including title searches, to uncover liens or legal issues.
  • Explaining transaction documents for clear understanding of purchaser rights and obligations.
  • Ensuring compliance with jurisdiction-specific short sale and foreclosure laws.
  • Coordinating with involved parties (banks, brokers) to streamline the transaction.
  • Advising on financing and secure favorable loan terms for the purchase.
  • Handling lender negotiations to achieve an agreeable purchase price in short sales.
  • Protecting purchaser interests, negotiating warranties in “as-is” sales.
  • Facilitating closing, ensuring legal and financial readiness for ownership transfer.

What We Do for Short Sale and Foreclosure Sellers

  • Evaluating seller’s financial and property status for short sale or foreclosure advisability.
  • Negotiating short sale approval or foreclosure alternative loss mitigation options with the lender.
  • Submitting short sale documentation, including hardship evidence and financial details.
  • Handling buyer offers and lender requirements for short sales.
  • Advising on legal and tax consequences of short sales or foreclosures.
  • Representing the seller in all negotiations to optimize outcomes.
  • Coordinating with real estate agents and title companies for transaction smoothness.
  • Ensuring legal compliance in short sale or foreclosure processes.
  • Protecting seller’s interests, minimizing legal and financial impacts.
  • Facilitate closing, ensuring proper document execution and legal compliance.

Providing Full Support and Peace of Mind

Our New York Real Estate attorneys possess great proficiency in the intricate legal landscape of short sales and can instill confidence and peace of mind in sellers. They prioritize the homeowner’s best interests, safeguarding them from lenders or other entities that may try to take advantage on financial hardships of the homeowner.

Furthermore, our experienced lawyers will handle all communications related to short sales, alleviating the stress associated with payment demands, creditor harassment, and other stressors.

Choosing a short sale is an important decision. If you find yourself in this situation, it is imperative that you hire a real estate lawyer well-versed in the short sale process. This ensures you have the necessary support and tools to make an informed decision in navigating this intricate matter.

Pun & Associates, Your Trusted New York Real Estate Attorneys

For more information on how Pun & Associates can assist you in short sales or foreclosure matters, please reach out to our law firm. We are here to provide the expertise and guidance you need to find solutions and move forward.

Welcome to Pun & Associates – Your Trusted Partner in Real Estate Challenges.

Call us today at (718) 661-0010 or contact us online to schedule a consultation with one of our attorneys.

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    What Our Clients Say

    Linda Yung
    Linda Yung
    It had been my great pleasure working with Gary Chen , the Paralegal, for closing my sale of my house for the last two months, He iwas always polite and knowledgeable to have my questions solved. It made me a very smooth closing. I appreciate his work.
    Priscilla Tran
    Priscilla Tran
    Gary and Shearon were a crucial part of our co-op purchase process. Our apartment was an estate sale that took 8 months to close, which is not typical. Gary and Shearon exercised their patience and expertise to walk me and my husband through the ordeal and we always felt like they went above and beyond for us! They were prompt in their response and never made me feel like any concern was too small to bring up. I highly recommend their services and would not hesitate to have them on our team for future real estate transactions.
    Got a deed transfer done , Shearon and Gary are so friendly made me feel as I was more than just another client . Very professional also GREAT service went above and beyond. Will definitely come back and recommend anyone.
    Theresa Mancusi
    Theresa Mancusi
    Shearon was ABSOLUTELY AMAZING with handling our real estate. She was so nice, communicative, and incredible in the way she handled things. Our situation was not easy and she handled it incredibly.
    Becky Ngo
    Becky Ngo
    Shearon and her team recently helped close our first home, and to say they were fantastic is an understatement. It was a more than usual complex transaction, with seller being out of the country and other factors coming into play, and there was more than one time that Shearon's expertise and negotiation has helped the deal move forward and taken us to the finish line. She was always available for a call if any issues or questions were to come up, offered suggestion, advice and knowledge, and worked tirelessly to ensure we as her clients are satisfied with the transaction terms. Without her, I don't think we would have been able to closes this deal this smoothly. Thank you Shearon!
    We used Pun & Associates for our residential sale, it was a wonderful experience. Gary and Shearon are a pleasure to work with. They are very responsive with emails and calls. It's complicated to deal with contracts but they are very patience, took their time to explain and walk me through the process. Most of all, they have my interest at heart, and I appreciate that. It's a great team dynamic, will definitely use them again for any legal service or representation.
    Pin Tai
    Pin Tai
    I really appreciated the Pun & Associates legal team in helping me closed the sale of a property in Flushing. They are very professional, friendly, great attention to details and efficient. They helped me prepare the PSA, deal with the buyer's attorney, set up the escrow and coordinate the closing, all done in less than one month. I would highly recommend them to everyone.
    lilian zhen
    lilian zhen
    I highly recommend Pun & Associate to everyone who looking for purchase a new house! They are so professional and care about the clients! They walked me through every detail on the contract and really care about my right! I received the house closing notification three days before the actual closing date from seller. it's so tight but Gary was able to have all the docs and list prepared for me and finally we were able to finished closing on time! I really appreciate all the hard work that Gary had done for me! The whole process is so smooth, I don't need to worry anything cause Gary followed up everything very well! I definitely will recommend them to my friend and family! It was a great experience and I am so glad that I choose their firm!

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