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.
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.
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 main issue in short sales is as to how the money from the sale is assigned to the creditors. They either need to be ordered into a list of priority, or where they are all entitled to an equal share a percentage yield must be determined. These matters should be settled in a proper administrative fashion, so that no-one is prejudiced and there are no consequent legal proceedings instituted by wronged or dissatisfied parties.
Another point is that creditors are not always patient with the indebted estate. They are interested to know what the time-frame of repayment is, so they might try to force the sale through earlier. This distorts the sale process, because it is not usually how property is sold. It risks securing a lower sale price than was possible in time. Attorneys know how to keep creditors at bay and prevent financial disaster caused by their impatience.
It also begs the question - was the property sold for its market value? The presence of creditors skews this assessment and an attorney needs to ensure that, legally, they did not interfere with the sale or influence it negatively.
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.
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 main issue in short sales is as to how the money from the sale is assigned to the creditors. They either need to be ordered into a list of priority, or where they are all entitled to an equal share a percentage yield must be determined. These matters should be settled in a proper administrative fashion, so that no-one is prejudiced and there are no consequent legal proceedings instituted by wronged or dissatisfied parties.
Another point is that creditors are not always patient with the indebted estate. They are interested to know what the time-frame of repayment is, so they might try to force the sale through earlier. This distorts the sale process, because it is not usually how property is sold. It risks securing a lower sale price than was possible in time. Attorneys know how to keep creditors at bay and prevent financial disaster caused by their impatience.
It also begs the question - was the property sold for its market value? The presence of creditors skews this assessment and an attorney needs to ensure that, legally, they did not interfere with the sale or influence it negatively.
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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