Short Sales, Foreclosures, and More: How a Lawyer-Broker Can Help You Deal With Distressed Properties

Many homeowners have trouble understanding and navigating the sale of distressed properties — a complex landscape like this one often calls for the assistance of an experienced real estate lawyer. The term “distressed property” refers to a home or other piece of real estate that is already owned by a bank or lender or a property about to be foreclosed upon. Navigating the sale of a distressed property generally requires the services of both a real estate broker and an attorney. A lawyer-broker can streamline the sales process by combining those services.

Foreclosures and short sales can be a challenge for even real estate agents to handle. If you want the process to be as smooth as possible, you need the experience of both a lawyer and a seasoned realtor. When you work with a lawyer-broker, you get the best of both worlds.

Distressed Properties — A Complex Landscape 

The sale of a distressed property is a complicated undertaking for everyone involved, including homeowners, buyers, and lenders. Here’s a look at some of the factors making these sales so difficult:

• Banks tend to be very slow to respond to offers, making it difficult for would-be buyers to secure financing.
• If multiple lenders are involved, coordinating them can be complicated.
• Not all real estate agents have experience with the process.
• Because so many documents are involved, you typically need a real estate lawyer to review them.
• Lenders might refuse short sale offers if they think they can get more via foreclosure.
• If part of your debt is forgiven in a short sale, tax implications can be complex.
• Short sales require buyers to deal with both the homeowner and the lender.

The complexity of a traditional home sale is minimal compared to that of a foreclosure or short sale. If you anticipate dealing with either issue, working with an experienced attorney is vital.

What Is a Lawyer-Broker? 

The Efficient Representation You Need

When buying a home, most people hire a real estate attorney as well as a real estate broker. A lawyer-broker simply combines these two services in one. If you are buying or selling a home under ordinary circumstances, you might not need a lawyer-broker. However, foreclosures and short sales make the sales process infinitely more complicated. These sales almost always go more smoothly if your real estate agent is familiar with the laws surrounding foreclosures and short sales.

The best way to ensure you’re working with a qualified real estate professional is to choose a lawyer-broker. And because working with a lawyer-broker means you don’t have a real estate broker and an attorney who must communicate back and forth, you can avoid communication errors and misunderstandings as you work toward a resolution.

How a Lawyer-Broker Can Help With Foreclosures 

Foreclosures and short sales are the two most common distressed property transactions. Unfortunately, both of them tend to be time-intensive and require a lot of paperwork. They also are difficult for many homeowners to navigate. Before and during a foreclosure, a lawyer-broker can guide you through the process while handling the duties of both a realtor and a real estate attorney. A lawyer-broker will:

• Help you communicate with the lender
• Negotiate with the lender
• Verify that the lender’s actions are in line with Florida foreclosure laws
• Help you determine whether forbearance or loan restructuring may be options
• Handle all court proceedings related to foreclosure.

While going forward with foreclosure may be the best option in some cases, many homeowners want to see whether they may be able to keep their home. A professional with the knowledge of both a real estate broker and an attorney may help you explore all available options before going forward.

A lawyer-broker can make the process of foreclosure or short selling less stressful and more straightforward. Call The Law Office of Carlos M. Amor, P.A. at 954-453-7200 today to book a free consultation. Attorney Carlos M. Amor can meet with you in person or consult with you via a phone or video call.

How a Lawyer-Broker Can Help With Short Sales 

While short sales aren’t especially common, they are a viable alternative to foreclosure. Short sales involve more work on your part than foreclosures, but because they cause less damage to your credit report, they may help you get approved for another mortgage sooner.

If you decide a short sale is an option, a lawyer-broker may be able to help. Short sales take a considerable amount of time and lots of paperwork, and many real estate agents don’t have the necessary experience to handle them. Here’s a look at what a lawyer-broker may do to help you navigate a short sale:

• Decide on a price that will likely result in a sale while meeting lender requirements
• Draft sales contracts that protect your rights
• Negotiate with your lender
• Develop strategies to reduce the amount you owe after the sale
• Effectively market the property
• Handle the logistics of closing.

Short sales are logistically complex, but because you’re losing your home, they can also be extremely emotionally challenging. Lawyer-brokers may be able to help you understand the overall process while offering you the support you need.

Carlos Amor, Your Partner in Distressed Property Transactions

The Experience You Need for Complex Transactions

Buying or selling a home is not necessarily a simple process. When it comes to distressed properties, the sale process is even more intricate. Attorney Carlos M. Amor has more than 15 years of experience in real estate law, and he combines the legal knowledge of an attorney with the sales experience of a broker. As a result, he is uniquely equipped to help you understand the process of foreclosure and to guide you through any options you may have for stopping it.

Are you facing the prospect of foreclosure? Call The Law Office of Carlos M. Amor, P.A. at 954-453-7200 to schedule a free consultation in person or by phone or video call.