Robert Newton graduated from Thomas Jefferson School of Law, cum laude, while...
Phone: 214-957-1292

The Law Office of Robert Newton was formed in 2005. We are located at 6959 Lebanon Road, Suite 212, Frisco, Texas. We practice real estate law, business law, and estate planning (wills and trusts).
Short sales offer a unique opportunity to buy a property below market price during a seller's market. A buyer must have the ability to be patient with the process. It can often be very slow. And the bank may not accept the price you are willing to pay.
A short sale merely expands the role an attorney can play during the home buying process. Attorneys often represent buyers in negotiating the contract, drafting the contract, managing the contract period, and then reviewing (and potentially drafting) the closing documents. During a short sale, an attorney must make sure the buyer has the ability to exit a short sale without any damage. Additionally, the attorney may have some correspondence with the bank that is being asked to approve a short sale.
Before the contract process, it is important that a buyer have the ability to cancel the contract and receive back their earnest money in the event that the bank doesn't approve the short sale.
The biggest challenge is the patience that may be required. Banks are often slow to approve a short sale. Further, the short sale may be denied during the final days prior to closing, which can truly upset the buyer and the seller. Worse, the buyer may have spent money on inspectors and other service providers.
To give yourself the best chance of a short sale being approved, be sure to put your best foot forward early in the process. Review the filing history of the property to estimate how much is owed on the loan. Buyers don't want to waste time and money on a contract that will be rejected.
Buyers and sellers may contact me by phone or e-mail. My phone number is (214) 957-1292. My e-mail address is rnewton@rnnlaw.com.
Leave a comment:
Robert Newton graduated from Thomas Jefferson School of Law, cum laude, while...
Phone: 214-957-1292
Have some knowledge to share, and want easy and effective exposure to our audience? Get your articles or guides featured on Texas Homes today! Learn more about being an expert contributor.
Learn More