Most people don't sell their properties more than once or twice in their entire lives. They are unaccustomed to disposing of such an immensely priced asset, and definitely not one which is so central to their lives, either. Property transactions take much longer than others to finalize and are associated with legal regulations which the seller is not conversant in or was unaware of. This is particularly possible if the property is being sold by an indebted owner. If that is the case, a short sale attorney Oak Brook should be consulted to assist.
A short sale of a property simply means that the price of the property is not going to cover the debts of the owner's estate. The latter therefore owes more than they can raise by selling it. This has obvious legal implications, and a lawyer should be asked for advice.
Selling your property to settle your debts is not common. It presupposes that the debtor is already insolvent. Or, the property may be part of a deceased estate, so that the dead person is not available to play a role in the winding up of their assets. Trying to work around a dead person has its own legal provisions to consider.
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.
A short sale of a property simply means that the price of the property is not going to cover the debts of the owner's estate. The latter therefore owes more than they can raise by selling it. This has obvious legal implications, and a lawyer should be asked for advice.
Selling your property to settle your debts is not common. It presupposes that the debtor is already insolvent. Or, the property may be part of a deceased estate, so that the dead person is not available to play a role in the winding up of their assets. Trying to work around a dead person has its own legal provisions to consider.
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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