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Replies (8)
- broker_GRI
- Contributions:3454
Susan,
You are posting very specific advice for a very broad subject.
A subject which is usually outside the scope of a real estate agents.
You are posting very specific advice for a very broad subject.
A subject which is usually outside the scope of a real estate agents.
- Christine McGinty, "whitemountainagent"
- Contributions:273
I agree. This can differ from state to state and much depends if there are second mortgages or HELOCS involved. There are so many variables in short sales and each one has different criteria that need to be determined by the lending institution.
- Michael Emery, "MikeEmery"
- Contributions:7298
Better yet have your client spend the money on an attorney to review any and all documents pertaining to the sale of their home.
It's unfortunate that real estate agents end up having to provide legal counsel, but in this litigious society, legal counsel is best left to an attorney.
It's unfortunate that real estate agents end up having to provide legal counsel, but in this litigious society, legal counsel is best left to an attorney.
- broker_GRI
- Contributions:3454
Yes,
"Better yet have your client spend the money on an attorney to review any and all documents pertaining to the sale of their home"
"Better yet have your client spend the money on an attorney to review any and all documents pertaining to the sale of their home"
- Tiffany Bond, "TiffanyBond"
- Contributions:3010
I can't believe anyone would consider a short sale without first talking to an attorney. I think at this point I would turn down a listing if they hadn't to avoid any appearance of impropriety or suggestion of delivering legal advice. It is far too easy to put your own career in peril by dispensing legal advice without being properly licensed to do so.
- Doug Francis, "Doug Francis"
- Contributions:41
I think that short-sellers are so happy to finally see the approval of their short sale that they must gloss through the conditions, and naively believe that there problems are over.
When I wrote a blog post on this topic, I was surprised to actually get phone calls from local short-sellers who had reread their short-sale approvals and now understood that they would be pursued after the sale. In each case, I referred them to a lawyer because no one else had.
When I wrote a blog post on this topic, I was surprised to actually get phone calls from local short-sellers who had reread their short-sale approvals and now understood that they would be pursued after the sale. In each case, I referred them to a lawyer because no one else had.
- Susan Barnes, "Susan Barnes"
- Contributions:59
I was merely voicing what I had been advised by a very good Real Estate Attorney. Anyone who comes to me to do a short sale, I always recommend they consider this very carefully and seek legal advice as to what is in their best interest. It has been his experience in the State of Florida, that the banks are refusing in some cases to put any wording in the Closing Documents which clarifies that the Sellers will not be chased down. Don't you think it is really annoying the fact that the banks are getting money from the Government, which is really our hard earned Tax Dollars, then they are taking forever to do the short sale, and there is no real help for the people who are suffering, yet the banks keep taking big bonuses.
I was shocked recently when I sold a house to a couple of Bankers who told me that the money from the Government was at 0% interest, the husband left the bank in disgust and has a job now overseas consulting because he did not like what was happening. He said it really annoyed him that people were suffering yet the Bankers were taking really big bonuses, and they were receiving the money at 0% interest, and they were also claiming from the Insurance Funds. This is likely why the banks are trying not to do the modifications.
Business sales are down dramatically too. As a Business Broker I was speaking with a Closing Attorney who said he was down 75% on last year.
WHO IS GOING TO HELP US???? Many of our colleagues are losing their homes yet the banks are not doing anything to help, and the Government will be looking to us for more Taxes and so we are on the merry-go-round.
I just think it is time someone did something for these poor people who are losing their homes. It is a disgrace that now in Florida millions of dollars are being handed out to government agencies to put homeless families into foreclosure houses, yet it appears little or nothing is being done to help people caught in the trap of being unable to modify their loans.(not that I disagree with helping the homeless, but the banks are making people homeless instead of modifying loans - everyone I have spoken to about doing these modifications have been told they did not supply all of the information requested, yet they had originally been told they had, so to me it is a con.)
Sorry everyone I am just sick of the whole affair, no one seems to care about our industry.
Susan
- SoCal_Engr
- Contributions:5667
Hear you, feel your sentiment, don't necessarily agree with everything you said.
I think the intent behind most of the posts is to caution that Zillow is a national forum, and the advice you received is applicable to your locale.
While your intent is good, it might be better phrased as...
"If you are considering a short sale, make sure to talk to a local RE attorney about any potential consequences and steps to take to make sure there are no post-sale issues."
I think the intent behind most of the posts is to caution that Zillow is a national forum, and the advice you received is applicable to your locale.
While your intent is good, it might be better phrased as...
"If you are considering a short sale, make sure to talk to a local RE attorney about any potential consequences and steps to take to make sure there are no post-sale issues."
WARNING TO SELLERS OF HOMES WHICH ARE SHORT SALES -
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