Why would a broker or seller want to involve a law firm in the short sale process? Here is what the State of Washington directs: “A broker should advise a short sale seller to seek appropriate…legal…advice or counsel.” Short Sales – Guidance For Licensees (12/10/2010) (Washington Department of Licensing (DOL) and Department of Financial Institutions (DFI)).
Why would the State of Washington say that? Because short sales can involve complicated legal issues and it might not be a homeowner’s best or only legal option in dealing with the home. Only attorneys can give legal advice. In fact, it can be a felony for a non-attorney to give legal advice. RCW 2.48.180.
Accordingly, the State of Washington specifically cautions homeowners: “Before proceeding with a short sale” a seller should “obtain legal advice” and that “an attorney can advise you about your options and legal liability.” Further, the State of Washington also notes how an attorney can provide ongoing assistance through the transaction if a short sale is the best option and pursued: “Legal counsel can help you determine whether a short sale is the best option and can advise you during the short sale process. A short sale is a complex transaction.” WA DFI/DOL’s Short Sale – Seller Advisory (3/29/2011).
Of course, our referring brokers understand all of this. Further, our referring brokers want what is best for the homeowner. If the homeowner wants to keep their home and can, our referring brokers are happy for the homeowner. If the homeowner elects to pursue a short sale (which happens about 90%-95% of the time), everyone can rest easy knowing that the homeowner made an educated choice and is committed to the short sale effort.
The Robert Russell Law Group offers the homeowner a free initial consultation to go over our processes and their options. If needed, the homeowner can also a second free initial consultation to specifically discuss their bankruptcy options. We make it easy.
This is why short sale consideration should involve a law firm and why so many brokers and homeowners use the Robert Russell Law Group.
For a free initial consultation to discuss short sale options, please call (360) 896-9562. To schedule a free initial bankruptcy consultation call (360) 882-8990.