Why Short Sales Need Attorneys

Our guest blogger is Jerry Probst, owner and attorney at J. Probst Law in Burnsville.  Jerry and his team specialize in short sales, foreclosure avoidance, and creditor/debtor law.  You can learn more about J. Probst Law here.

If your real estate agent truly has your best interests in mind when advising you about the possibility of short selling your home, they will definitely tell you to speak to an attorney. And not just any attorney, but one knowledgeable in short sales, foreclosures and creditor/debtor law. This will ensure that the sale would be the best choice for you. It is important for you to understand all of your options and the subsequent ramifications.

There is only one common denominator with all short sales - that is, the property is worth less than the amount that is owed. Other than that, a multitude of factors need to be addressed which differ for each individual or family. Some of those issues include how many mortgages are against the property and if they are current or not, whether there are tax liens or judgments, the nature of your hardship, your overall financial situation, what your future plans are, as well as your expectations about the process. Inevitably, other issues unique to your situation will come up that will need to be addressed.

It is only after you and the attorney have discussed these issues, and you understand the options you have and their possible ramifications, that you can make a knowledgeable decision on how to proceed.

If you decide on a short sale you will list the property with the agent.  If you decide a short sale is not a viable option at this time, you will remember the agent had your best interests in mind and will refer business to them and use them in the future!