San Diego Short Sales  - Orange County, Riverside, Temecula and L.A.

 

 

What if you owe more on your home than it is worth? 

 

 "A short sale to an attorney is like a scalpel to a surgeon.  A short sale is not always the right tool and even when it is the right tool it must be used in conjunction with informed consent and properly drafted legal releases". 

Just a few of the issues to consider:

1. Federal loan forgiveness law does not relieve all sellers from loan forgiveness and does not relieve sellers from California taxes on loan forgiveness. 

2. CA loan forgiveness law expires in 2012.  

3. Tax consequences will differ depending on whether you have recourse or non recourse loans and whether you have a residence or a rental.  Proper planning can be done to minimize your tax exposure.  

4. Realtors are not licensed to suggest improvements to your contracts or review your closing documents, contracts and escrow instructions.  
5. Lenders are paying the Realtor's, fees make sure you have someone who is looking out for your interest.  .  

6. If your Realtor has an attorney, make sure the attorney signs a retainer agreement with you, making sure you are the client, not the brokerage.

7. Know when to offer a deed in lieu.

8. Know what to do after a notice of default.

9. Know that 75% of short sale do no close.  Very few Realtors have the skills to close their short sales.  Make sure your Realtor has closed at least 50 short sales.     

10. Know what you will do if the short sale is taking too long to get approved.

11. Know what to do about property taxes, homeowners dues and other likely questions.

12. Determine whether you should reveal your financial information to your lenders and whether they can use that info to deny your short sale and go after your assets.   

 

The easy part of the short sale is finding a buyer.  In fact, if necesary we can get the negotiating started by asking one of the investors we know to make a bid.  The hard part is doing the short sale the right way...which we think means negotiating to keep the sellers free from a deficiency.  (Something many Realtors fail to do.)  To find out more about short sales and Deeds in Lieu of Foreclosure contact us.


Remember you see us first we can either list or refer out your short sale... So, you will not have attorneys fees, related to your short sale.  
 

 

John McConnin, Esq.

McConnin & Company Realty

Licensed Real Estate Broker since 2003.

Licensed CA Attorney since 1991.

Practicing real estate law since 1991.   

 

Note: If you have two loans do not go into to default on your first until you find out if your junior lien holder is a sold out junior who can go after you for the deficiency. 

 

If you have questions please fill out this form.  If you do, your consultation will be free.  (free consult).  

 

 

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