You want to sell your house short, and you’re confused about whether you need a real estate agent or a lawyer. Both could be helpful in certain specific situations, but often you really only need one or the other. Here’s how to decide who to go with.
When To Hire A Lawyer
A short sale lawyer NJ can do a lot things that a real estate agent can’t. For starters, the lawyer can negotiate any legal contract set in front of him. He can also advise you about the legality of what’s going on, what you should do, and how to benefit from the situation you’re in with the seller.
Lawyers can also write, review, and submit short sale letters so that they have the highest chances of being accepted by a bank. If the seller has a deficiency, judgment, the lawyer can also help you figure out if this will impact the sale of the property in any way that would be detrimental to you.
An attorney may also be able to negotiate a waiver of your deficiency if you’re the seller. Deficiency judgments mean that there is still money owed on the mortgage after the sale and the bank is going to pursue you for the money.
Lawyers can also help you settle the deficiency for a lesser amount, thus reducing your future debt burdens. Lawyers can also help you escape a foreclosure by reviewing the papers and advising you about your other options (i.e. a short sale).
Since banks often scrutinize a seller’s financials, lawyers can be helpful when it comes to asset protection. If a bank is taking a loss on the short sale, then it obviously wants to recoup as much as possible. If the seller is attempting a short sale without a hardship, it’s unlikely a bank will accept the offer. A lawyer can potentially help make the offer more appealing to the bank.
When To Hire A Real Estate Agent
With all of the advantages of a lawyer, why hire a real estate agent? The biggest reason is because the real estate agent has market experience. When a lawyer gets involved, you’re seeing everything as a legal problem.
When a real estate agent is involved, it’s a market problem. And, real estate agents are experts at solving market problems. So, while a lawyer can help you overcome the legal issues surrounding a sale, a real estate agent may be able to help you avoid the legal hassle altogether by picking up deals where the short sale is relatively straight-forward.
On the seller side, the real estate agent can help market your home and get it sold, fast. That’s something lawyers aren’t always that good at.
At the end of the day, it all depends on what you want. If there are a lot of legal complexities to your case, and you need to sort out a lot of contracts and legal documents with the bank, go with a lawyer. If you want to find or sell a house quickly, go with a real estate agent.
Guest Blogger: Lisa Anders loves to research and learn about real estate. Now semi-retired from the real estate industry, she spends some time sharing what she has learned. Look for her interesting articles on legal, financial and real estate websites and blogs.