QUESTION
Do we need legal representation for a short sale transaction?
Asked on May 24th, 2013 on Real Estate - Colorado
More details to this question:
We owe $340k on our bed and breakfast and the short sale offer is $270. We have 2 lien holders that have agreed to the offer, but the first lien holder wants $23k from us at closing. We put our last dime into the property and don't have the money. Should we consider bankruptcy? Also, we feel the second lien holder acted unethically in the beginning 6 years ago when they were requiring 15% down but then changed it to 20% after we had already closed with the first lien holder. We were going to use that money for advertising and improvements. If we had known they were going to require 20% we would have walked away. That's pretty much it in a nut shell. Any thoughts or advice would be greatly appreciated. Thank you!
1 ANSWER
3 Awards
First, you raise the question of bankruptcy, that is certainly an option and has some advantages if you are considering a short sale. Definitely, do no raid your retirement accounts to pay the lienholder!
Do you need legal representation for the short sale? That is a question that only you can answer, however, I think that an attorney would more than pay for himself.
Feel free to contact call my office and ask for a free consultation with Ryan if you are interested in exploring your bankruptcy option or with Don for assistance in executing your short sale.
Don Eby
303-688-0944
Answered on May 24th, 2013 at 3:34 PM
Call Don at (303) 688-0944 or email at Reception@RobinsonandHenry.com This information is provided AS IS; and does not create Client Relationship.