“[Attorney Burton] got creditors to back off and was able to devise a plan that not only satisfied creditors but also enabled us to keep our house and other assets.”
We Can Answer Your Legal Questions – Call (818) 514-1355 For A Free Initial Consultation
We Can Answer Your Legal Questions – Call (818) 514-1355 For A Free Initial Consultation
As housing prices soar in Santa Barbara, homeowners are increasingly likely to default; if you are planning to buy or sell a property with an active lien or foreclosure proceeding, contact the Burton Law Offices to speak with a real estate lawyer.
While the pandemic temporarily reversed the upward trend in housing prices in Santa Barbara County, home values have already recovered and risen even higher. Now, they are nearly twice what they were just 10 years ago, putting significant stress on many homeowners and creating exciting opportunities for investors.
When those pressures catch up with property owners in financial difficulty, properties can often end up being distressed. This means they are at risk of foreclosure or other threats, and owners may understandably want to sell if they can to get what they can out of it. Buyers, however, have to be wary, as snapping up a seemingly attractive distressed property brings its own share of complications and risks.
If you are looking to do either in Santa Barbara, you should be sure to work with a skilled real estate attorney to minimize the risks and avoid costly mistakes. Navigating such situations is just one example of how an experienced Santa Barbara attorney can help you prepare for or execute real estate transactions.
The Central Coast is often renowned as a gorgeous wine country, and agriculture remains a big part of the Santa Barbara County economy. Nevertheless, despite the acres given over to strawberries and now Cannabis cultivation, areas like Santa Barbara’s coast and inland vineyards are quite a draw for tourists and many homeowners looking for a retreat from the larger metropolises of Southern California.
These trends, however, have pushed up prices dramatically in Santa Maria and other Santa Barbara County cities, upsetting the real estate market for some and making it even more attractive for others. Rising housing prices come with higher property taxes and other expenses, which can cause homeowners to fall behind and end up with a lien on their property.
Conversely, rising prices, especially on such a consistent trend, can bring in more buyers and investors looking for real estate placement opportunities. This rising tide can make people jump on chances when they emerge, such as when distressed properties hit the market. Sometimes, they might even be tempted to buy without looking too closely or considering the consequences.
Before too long, however, they might wish they had spoken to a real estate lawyer about the transaction beforehand.
Call For A Free Initial Consultation (818) 514-1355
You should never buy or sell anything as expensive or complicated as real estate property in Santa Barbara without consulting with an experienced attorney first. An attorney will accomplish essential tasks like verifying liens, checking the property title and deed, and ensuring that the contract for sale and the bank’s payments and conditions are clearly understood by all.
This is true for any transaction, as a buyer or seller, but it is even more important when you are looking to unload or acquire a distressed property.
To know when to reach out to a lawyer about your project to buy or sell a distressed property, you first need to understand what that means and what its legal status might be.
A property is considered distressed in the California real estate market if its legal status is in jeopardy. This can occur if
These and other causes of distressed properties tend to drive the purchase price down or make it available through cheaper channels than a traditional real estate purchase (such as auctions). However, this reduced price does not always convey the true extent of the risk and extra costs that the property might be hiding.
Investing in any property comes with substantial risks, but buying a distressed property is doubly dangerous for a number of reasons.
For one, you need to understand what extra debt or risk you are taking on by buying a home with an outstanding lien. If you are buying it as is or on auction, you are also acquiring any damage or problems with the building or property, which can sometimes be quite extensive.
A real estate lawyer can help you anticipate these problems. A lien and title check can ensure you are aware of any additional encumbrances on the property. A lawyer can also ensure you understand the difficulties of getting work done or working yourself on such properties if you intend to flip them.
Because of the unique nature of foreclosure proceedings, you want a real estate lawyer with substantial experience dealing with distressed properties, debt, and foreclosures, like Stephen Burton.
Call For A Free Initial Consultation (818) 514-1355
Alternatively, if you are a homeowner struggling with foreclosure or unable to pay your mortgage, taxes, or other debts in Santa Barbara County, you might also want to speak with Stephen Burton.
Not only is attorney Stephen Burton an experienced real estate lawyer who can help you figure out if you should sell and how to do so safely to maximize your gain or minimize your loss, but he might also be able to help you avoid foreclosure in the first place.
As a bankruptcy lawyer, Stephen Burton has decades of experience helping families struggling with debt in Santa Barbara and across California. Unlike most real estate attorneys you can find on the market, his cross-applicable experience dealing with debts and foreclosures makes him an ideal choice to consult when facing a complication on your property.
Burton Law Offices | The real estate lawyer you need when seeking answers and guidance for the purchase or sale of distressed property in Santa Barbara, California.
Both sides of any real estate transaction should work with an attorney to ensure their decision is correct and all risks are minimized. Nowhere is this more true than when dealing with the complications of a distressed property facing a lien or foreclosure.
If you are thinking of buying or selling such a property, or any other, in Santa Barbara, you can call (818) 514-1355 to set up a consultation with Stephen Burton, an experienced lawyer who can handle all aspects of the real estate transaction with an extra eye on the complications of liens, debts, foreclosures and bankruptcies.
Call For A Free Initial Consultation (818) 514-1355“[Attorney Burton] got creditors to back off and was able to devise a plan that not only satisfied creditors but also enabled us to keep our house and other assets.”
“We were impressed by his knowledge, skill and his reassurance that we could get through this…having someone like Steve Burton there to protect our interests has given us peace of mind.”
