Many sellers of a short sale home will try and make negotiations on their own or simply ask for some advice from a real estate agent. The problem with this is that the laws on short sales change constantly, meaning that some information you heard about negotiating a short sale may not work now. Plus, a real estate agent does not specialize on real estate laws, which means their advice could be null, as well. Here are three of the main reasons you should hire a real estate lawyer when you decide to negotiate your short sale:
Release You of Personal Liability:
When you hire a real estate lawyer, they are going to work to be sure that you are released from personal liability from the bank. Sometimes, when a short sale home is sold, the bank still holds the seller responsible for personal liability on it. This means that the bank is going to continue trying to get money from you by either garnishing your wages or attaching your bank account to the short sale home. Your lawyer is going to look through the approval letter to ensure that the bank is not going to hold you liable any longer.
Protect Your Assets:
When you sell a short sale home and are approved to do so due to financial hardship, the bank is going to look through all your financial accounts. The bank will receive your financial statements, tax returns, and even your credit. If the bank finds that you aren't under a great deal of financial hardship, they may ask you to contribute to closing costs. This is especially true if the bank feels they are suffering from a loss on the short sale home. Your real estate agent will help to protect your financial accounts from being pulled by protecting your rights under the approval you received to sell the short sale home due to financial hardship.
Makes it Less Stressful:
Selling a home is stressful enough, especially when it comes to selling a short sale. When it comes to trying to negotiate with the bank, the stress levels can increase because the bank is always trying to look out for their best interests, which can contradict your own. Your lawyer is the best person to try and negotiate with the bank since they have the experience, knowledge of the laws, and more.
Knowing these three reasons to hire a real estate lawyer like Steve Butcher Sr will guarantee that the short sale home is sold in favor of your own financial situation instead of the bank's.