The sale of your property is perhaps an extremely traumatic time. Most people seldom, if ever, are required to sell something with such a high price or so important to them. It is also a long-term process and may involve legal points which they do not understand or have never encountered before. One such situation arises where the owner's estate is in debt. A short sale attorney Oak Brook can assist here.
The term "short sale" of property means nothing more than that the price is too low to service the entire debt structure of the owner's estate. Their debts exceed the revenue generated by the sale. Legally, this can be difficult to resolve, and an attorney should be contacted for help.
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 primary inquiry revolves around the allocation of the revenue to the creditors. There needs to be some decision as to how they are prioritized, or if the money is going to divided among them, what percentage each one is going to get. It is important to answer these questions officially, using proper legal documentation. Otherwise, subsequent lawsuits or unhappiness might be the result.
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.
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.
Where the owner is deceased, the latter's last will and testament may also obstruct the division of the proceeds. If their will does not recognize the estate's debts, the will's stated beneficiaries need to be informed and their interests also taken into account. This can start to become tricky, because the deceased may have incurred debts that they were not legally permitted to, in which case the creditors have no claim to the sale's proceeds anyway.
In general, a short sale implies that there is something the matter with the selling estate or with the actual property. It can give rise to arguments and tension. A competent attorney in Oak Brook is required to resolve this situation through professional communication and conduct. They also need to defend the estate against unscrupulous creditors whose only priority is to secure repayment at any cost to anyone else, legally or otherwise.
The term "short sale" of property means nothing more than that the price is too low to service the entire debt structure of the owner's estate. Their debts exceed the revenue generated by the sale. Legally, this can be difficult to resolve, and an attorney should be contacted for help.
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 primary inquiry revolves around the allocation of the revenue to the creditors. There needs to be some decision as to how they are prioritized, or if the money is going to divided among them, what percentage each one is going to get. It is important to answer these questions officially, using proper legal documentation. Otherwise, subsequent lawsuits or unhappiness might be the result.
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.
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.
Where the owner is deceased, the latter's last will and testament may also obstruct the division of the proceeds. If their will does not recognize the estate's debts, the will's stated beneficiaries need to be informed and their interests also taken into account. This can start to become tricky, because the deceased may have incurred debts that they were not legally permitted to, in which case the creditors have no claim to the sale's proceeds anyway.
In general, a short sale implies that there is something the matter with the selling estate or with the actual property. It can give rise to arguments and tension. A competent attorney in Oak Brook is required to resolve this situation through professional communication and conduct. They also need to defend the estate against unscrupulous creditors whose only priority is to secure repayment at any cost to anyone else, legally or otherwise.
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