Why You Should Consult a Real Estate Lawyer Before You Pursue a Short Sale

Short sales are becoming more and more common in the real estate market. Some buyers actively pursue short sales in the believe that they represent a tremendous opportunity and great value, but purchasing a home that is being sold as a short sale can be a complex process. Short sales are often far more time-consuming that traditional home sales, and they can be bogged down by a bevy of legal issues. Though some buyers feel confident that they can handle short sale transactions on their own, doing so can be ill-advised, as there are a number of serious legal pitfalls that can be avoided by having an attorney by your side during this complex legal transaction.

There are a number of ways that a lawyer can help you with a short sale, and the attorneys at Rothamel Bratton are available to provide you with the legal assistance you need. Not only are there specific legal issues that can arise in a short sale, but the transactions are managed so differently from traditional sales that it is essential to have a lawyer available should you need help in negotiating any of them. Though you may be working with an experienced real estate agent, the truth is that it is their job to help facilitate a sale: they are not permitted to provide you with legal advice. The contracts that they provide for signature have not been written with you in mind, and therefore are not mindful of any specific considerations or requirements that apply to your situation.

Here are just a few of the things that you need to know about a short sale:

• As the buyer of a short sale property, you may find yourself being told that you are responsible for a number of costs that are not reflected in the selling price.
• When a property is being offered under a short sale, it is usually because the owner is in some kind of financial distress. A real estate attorney can help you determine whether the homeowner has more than one loan, which can make it far more difficult to get a sale approved. They can also do the legwork to determine whether the seller has even gotten confirmation that their bank would entertain the idea of a short sale.

When you work with a real estate lawyer from Rothamel Bratton when buying a short sale, our interest is in protecting you. It is our goal to make the process go as smoothly as possible and to make sure that you are in the best possible position at every step along the way.