Usually, ordinary people don't participate in property sales transactions on a regular basis. They are not used to selling something so expensive or so integral to their lifestyle. Real estate sales take longer than other transactions and may also attract legal implications which they cannot comprehend or have no experience of. This is especially possible where the owner's estate has debts. In such instances, a short sale attorney Oak Brook can be invaluable in their assistance.
All a short sale is, is the sale of property to repay the outstanding debts of the estate that is selling it, but with the added issue that the transaction won't generate a high enough price to settle those debts. This is obviously a thorny issue legally, and so a lawyer should preferably be asked to examine the matter.
Usually, people do not sell their property to service their debts. So, it would typically imply that the debtor is bankrupt already. It may also be the property of a deceased estate, in which case the deceased person plays no role in the execution or winding up of their estate. The absence of their input also has legal implications.
The first and most obvious question is - if the sale is supposed to service the owner's debts, how are the proceeds going to be allocated to the creditors? What is the order of priority? Or, in a split allocation, what percentage should each creditor receive? These are issues that need to be addressed on paper, legally, so that all parties are satisfied and there are no secondary actions or grievances.
Where creditors are trying to pressurize the estate into disposing of the asset as soon as possible, the attorney will know how to handle their attitude and correspondence or approaches. This type of pressure can jeopardize the transaction value because it does not provide enough time for a buyer to be found more naturally. This, in turn, can result in a lower sale price than was possible ordinarily. The attorney should prevent this eventuality.
On the same note, once the property has in fact been sold, people need to know that the price obtained was relevant to the market value. Creditors make this evaluation harder to perform. The attorney should make sure that they do not sabotage the sale and cause a reduction in potential revenue.
A deceased estate might also be subject to the provisions of a last will and testament. This can in turn block or re-arrange the distribution of the revenue. Beneficiaries of the will need to be told about the sale, and their vested interests are sometimes equally or more important. This is a potentially vexed issue, especially where the deceased contracted debt that was not permissible legally. The creditors cannot then claim repayment from the deceased estate.
A short sale suggests that there is a negative issue concerned with the owner's estate or the property itself. It is a potentially fractious situation and one which a trained, experienced attorney can handle with the necessary sensitivity. The estate needs to be protected against insistent creditors who are concerned that their debts will not be met in full at the expense of the others or the estate itself.
All a short sale is, is the sale of property to repay the outstanding debts of the estate that is selling it, but with the added issue that the transaction won't generate a high enough price to settle those debts. This is obviously a thorny issue legally, and so a lawyer should preferably be asked to examine the matter.
Usually, people do not sell their property to service their debts. So, it would typically imply that the debtor is bankrupt already. It may also be the property of a deceased estate, in which case the deceased person plays no role in the execution or winding up of their estate. The absence of their input also has legal implications.
The first and most obvious question is - if the sale is supposed to service the owner's debts, how are the proceeds going to be allocated to the creditors? What is the order of priority? Or, in a split allocation, what percentage should each creditor receive? These are issues that need to be addressed on paper, legally, so that all parties are satisfied and there are no secondary actions or grievances.
Where creditors are trying to pressurize the estate into disposing of the asset as soon as possible, the attorney will know how to handle their attitude and correspondence or approaches. This type of pressure can jeopardize the transaction value because it does not provide enough time for a buyer to be found more naturally. This, in turn, can result in a lower sale price than was possible ordinarily. The attorney should prevent this eventuality.
On the same note, once the property has in fact been sold, people need to know that the price obtained was relevant to the market value. Creditors make this evaluation harder to perform. The attorney should make sure that they do not sabotage the sale and cause a reduction in potential revenue.
A deceased estate might also be subject to the provisions of a last will and testament. This can in turn block or re-arrange the distribution of the revenue. Beneficiaries of the will need to be told about the sale, and their vested interests are sometimes equally or more important. This is a potentially vexed issue, especially where the deceased contracted debt that was not permissible legally. The creditors cannot then claim repayment from the deceased estate.
A short sale suggests that there is a negative issue concerned with the owner's estate or the property itself. It is a potentially fractious situation and one which a trained, experienced attorney can handle with the necessary sensitivity. The estate needs to be protected against insistent creditors who are concerned that their debts will not be met in full at the expense of the others or the estate itself.
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