Importance of a Real Estate Attorney in a Short Sale

By
Real Estate Agent with Revelation Real Estate SA639670000

In a short sale it is important to start out by having an initial consultation with a real estate attorney.  The reason for this is that the real estate attorney can examine your situation and help you to decide if a short sale is right for you.  They get paid whether you short sale your home or not so their is no financial incentive for them to tell you to list if it is not in your best interest.  A good real estate attorney is versed in every aspect of the laws and legal issues affecting your  short sale and can help you foresee any problems that may arise in the future.  They can also look over the agreement letter that is delivered by the lender before the sale is completed so that you will know that your best interest is protected.

Your realtor is also important in getting the deal completed but they are not as well versed in the legal system as a real estate attorney is going to be.  With all the legal issues facing short sales and the fact that banks are sometimes pursing deficiencies after the short sale is complete it is becoming even more important to have a good real estate attorney.  There is no doubt that the bank has an attorney on their end as well.  Do you really want your real estate agent trying to interpret a legal agreement that was probably written by an attorney?

My team and I think that it is so important to use a real estate attorney that we are even helping to pay for it.  We will pay half of the cost associated with the initial consultation.  The only catch is that you use our real estate attorney and that you end up listing the property with us.  Our real estate attorney not only provides the initial consultation but will review the payoff letter from the bank and generally answer questions during the process.  For more information or to schedule a short sale consultation call Rocky at (520) 413-1520 today.

Comments (3)

Dan Hopper
Dan Hopper - Gold Way RE - Westminster, CO
Denver Broker / Real Estate Advocate

Rocky, you are correct in stating the need for a good real estate attorney on short sales.  We make sure our clients have that option to discuss their situation with the attorney, first, before moving forward on a short sale.  Keeps us Realtors out of the "legal" chat!!

Mar 09, 2012 09:42 AM
Rocky Dole
Revelation Real Estate - Maricopa, AZ

That is why we do it.  It is just so important to involve an attorney in a short sale.

Mar 09, 2012 09:46 AM
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Rocky, we always suggest that the client or potential client seek advice of counsel and an accountant of some type to ascertain what the ramifications might be.  Sometimes they decline, but, more often than not they check with someone.  Good information, Rocky!

Mar 25, 2012 07:49 AM