Why you need an Attorney to negotiate a Short Sale


To cut to the chase, if you have legal questions, you need to hire a lawyer. It is against the law for a real estate agent who is not licensed to practice law to dispense legal advice. Even if the agent knows the answer to a legal question, a real estate agent is not allowed to tell you.

Laws change all of the time. Banks have lawyers on staff who graduated from top-tier law schools. If a bank can find a way to put the squeeze on the seller of a short sale, do you think the bank will hesitate in the slightest? Here are 3 good reasons to hire a lawyer to negotiate a short sale: 

Why Some Sellers Don''t Hire Lawyers to Negotiate Short Sales

Who has more power in negotiations with a bank? A lawyer or a real estate agent? The correct answer is the lawyer. So, why don''t more sellers hire a lawyer to negotiate the short sale? For the following reasons: 

Personally, I believe every short sale seller can benefit from a legal consultation prior to putting a home on the market as a short sale. I suggest to all of my clients that they obtain legal advice. Especially if I spot red flags that could come back to bite them. While the temporary HAFA short sale program that sunsets December 2012 offers some protections for sellers, it doesn''t take the place of obtaining legal advice.

Source: about.com author Elizabeth Weintraub