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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 54846
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I am the adminustrator of my sisters estate. Sold the house

Customer Question

I am the adminustrator of my sisters estate. Sold the house and just found out the estate would have had to bring money to the table.. The bank had foreclose and set up a sheriff's sale. Supposedly, the bank said they would cancel the sheriff's sale but it happened anyways. With having to bring money to closing as the seller, which is better for the state and me? The sheriff's sale or the regular agent sale?
Submitted: 6 months ago.
Category: Real Estate Law
Expert:  Richard replied 6 months ago.

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 6 months ago.

You have no personal liability for the loan deficiency. So, if the estate has no assets to pay the deficiency and the lender is not willing to release its lien without being paid in full, then just let the lender foreclose on the property. The lender cannot pursue you personally for the deficiency. Typically, if you let the lender know that if you do the sale to the third party rather than the foreclosure, which is what a short sale is, then the lender is going to have to release it's lien even though the lender is not getting paid in full. Generally, once a lender understands the situation, the lender will agree to the short sale; but if not, let the bank foreclose.

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (hopefully Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Customer: replied 6 months ago.
should I tell the lawyer to stop trying to overturn the sheriff's sale? He is friends with a guy who is also friends with the realtor. Both got pushed on me when I was falling apart after my sister's death by the same guy. The estate lawyer seems to be working more for the realtor than the estate or myself. They have stayed in contact to each other while ignoring me and not responding to frequent calls asking about the final figures for the sale. Like, will the estate get any money, did the HOA acquiesce to their fee, etc. The closing was supposed to be today at 11 am. EST. I was told at 9 EST today about everything. I really need advice.
Expert:  Richard replied 6 months ago.

Yes...let the lawyer know this is a short sale and the estate has no funds to pay the shortfall. So, the buyer can either increase the price to pay the loan or you have no choice but to let the lender foreclose and the buyer can buy the property at the foreclosure sale. Realtors don't like this solution because they get no commission which is likely why the realtor is objecting. :)

Expert:  Richard replied 6 months ago.

If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (hopefully Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!