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.
All a short sale is, is the sale of property to repay the outstanding debts of the estate that is selling it, but with the added issue that the transaction won't generate a high enough price to settle those debts. This is obviously a thorny issue legally, and so a lawyer should preferably be asked to examine the matter.
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 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.
Usually, a short sale is going to encourage the opinion that the seller has serious financial issues or that the property is in some way weighed down by trouble. An experienced attorney in Oak Brook can solve the issues related to the sale through their professional handling of the matter. They can also provide yeoman defense against hostile creditors who are trying to obtain their money whether at the expense of parties or not.
All a short sale is, is the sale of property to repay the outstanding debts of the estate that is selling it, but with the added issue that the transaction won't generate a high enough price to settle those debts. This is obviously a thorny issue legally, and so a lawyer should preferably be asked to examine the matter.
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 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.
Usually, a short sale is going to encourage the opinion that the seller has serious financial issues or that the property is in some way weighed down by trouble. An experienced attorney in Oak Brook can solve the issues related to the sale through their professional handling of the matter. They can also provide yeoman defense against hostile creditors who are trying to obtain their money whether at the expense of parties or not.
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