Did you know that short sale transactions require a tremendous amount of legal and ethical considerations? Short sale approval is likely to be successful when systematic procedures are carried out from the moment a property owner is identified as a potential short sale candidate. The process should begin with an educational consultation between a qualified real estate attorney, the property owner and the real estate agent. Important information should be disclosed to the consumer during the initial consultation. Such information might include lender short sale factors or considerations, potential tax implications including an overview of the Mortgage Forgiveness Debt Relief Act of 2007 and a discussion of what financial disclosures and information will be required of the homeowner throughout the short sale process. The lender requirements differ significantly from one bank to the next and those requirements are being revised on a weekly and sometimes daily basis in an effort to keep up with the high volume of short sales nationwide. If the consultation reveals that a short sale is in fact a viable option, the homeowner should retain an attorney for legal guidance and protection. The short sale negotiation is extremely complicated and very time consuming. A seller should only retain an attorney whom they trust to represent and counsel them with knowledge, experience and compassion. As a nation we are confronting an unprecedented economic crisis, and we understand the real live struggles for homeowners in our local communities as well. We sense the need for urgency and true support, which is required to have already negotiated hundreds of successful short sales bringing properties and people to settlement.If you or someone you know would like a consultation with one of Lakeside Title’s dedicated real estate attorneys, please contact me to schedule aconfidential appointment.
