Short Sale Negotiations by our Real Estate Attorneys
Short Sale Negotiations by California licensed Real
Estate Attorneys
Interested in a short sale but concerned a short sale
might leave you vulnerable to the lender's collection attorneys.
(If your property is in San Diego, Riverside or Orange County, and you list with McConnin & Company Realty, we can port this program (with no charge) to your needs. Our brokerage lists and negotiates short sales throughout Southern California. To see some of our san diego short sale listings go to www.FavoriteRealEstate.com)
1. Upside Down Analysis -
2. Timing of when to let you loans go into default
and why.
- If you have purchase
money loan we explain your rights and suggest what clause you must add to
purchase and sale agreements.
- If you have recourse loans we make sure you
understand how to apply pressure on the second before you start the short
sale process. If you have already started the process we advise you on
how to best minimize the financial harm you may face from a sold out junior lie3.
Makes sure your short sale is conducted
in the right sequence of events
3. Clauses designed to protect you from your own listing broker, the buyer and
the buyer broker.
- In our opinion the
California Association of Realtors short sale addendum does not fully protect
the seller. We will make sure you are protected by suggesting the
addition of certain clauses.
4. We review your tax exposure to loan
forgiveness and capital gains for both CA and the IRS. (we don't do your taxes)
5. We help you understand how the different
pre-foreclosure options may impact your credit.
6. We review your short sale package to make
sure you are not providing too much information about your job and your assets
to your lenders.
7. If you hire us to do the negotiations, we submit your
short sale package with a cover letter from our law firm and we followup with
the lenders to make sure you short sale package is moving along in the
system.
8. We will let you
know what to do when a Notice of Default gets filed.
9. We will review the closing documents to see whether you are being
released from a deficiency.
10. We will also create a qualified written Request under RESPA to put pressure
on the lender and let the lender know you are aware of your legal rights and
that you are now well advised. These RESPA letters have helped many of
our clients gain leverage against lenders like Bank of America, Countrywide and
others
11. We will also coordinate the timing of an offer and if necessary the
negotiations of a deed in lieu of foreclosure.
