Short Sale Package

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Short Sale Package - Work with our legal team and the Realtor of your choice We have two types of short sale programs - The one on this page is designed to work with those of you who are confident enough in your Realtor to allow him or her to negotiate with your lender but still want to make sure it is done right.      Here is what our Professional Assist plan does:  1. We start with our Upside Down Analysis to make sure a short sale is right for you.  2. We provide you with on point tax information from the IRS and the CA Franchise tax board.   3. We go over your work out strategies.  For instance should you remain current on one or both of yoru loans?    Should you pay HOA and property taxes.  We advise you when and why to offer a Deed in lieu, when you should fight foreclosure or when you should accept a foreclosure if the lender does not approve your short sale.  4. We explain the foreclosure time line and what you should do if you get a Notice of Default.   5. We explain the consquences of not paying homeowners insurance, association fees and Mello Roos. 5. We explain whether you should find a renter or let the property sit vacant 6. Should you accept rent or turn it over to the lender 7. We provide you with questions to help you choose your Realtor     Transactions:  8. We will provide you with a template for the listing agreement you will sign with your Realtors brokerage.  We make sure there are important addendums in the agreement and provide you with the legal language you should use to protect you from your Realtor' Broker.  Our legal clauses are designed to give you the ability to cancel the short sale without owing anything to the buyer, the buyers Realtors or your Realtors.       9. We provide you with a template for the Purchase and sale agreement.  Again we give you sample clauses to supplement the purchase and sale agreement.  In about half the transactions we have reviewed the short sale forms have been filled out incorrectly.  We tell you what to look out for as some Realtor seem to incorrectly use certain addendums like the San Diego Association or Realtor's short sale addendum.  In our opinion that addendum should not be signed by a seller unless there are multiple other addendums being used and a lawyer reviews the material very carefully.  We have no idea why Realtors keep trying to make the transaction so complicated.  Use the basic forms, check the correct boxes and add supplemental language to protect the sellers (and buyers) from the lenders.   We will review the short sale package you put together with your Realtor and if requested we can provide a cover letter on legal letterhead informing the lender that you are submitting the materials under certain conditions which we discuss.  We will also provide one (1) closing transaction audit where we have one of our lawyers review the closing escrow instructions and the lenders instructions to your Realtor to see if you are really being released from a deficiency and not just being released from the lien.  There is a differnce and your Realtor is not even licensed to give his or her opinon on the subject.  So what are you going to do if you get the wrong advice.  If your Realtor is advising you,  make sure the advice you get is in writing, it is on brokerage letterhead and co-signed by the Broker in charge at your Realtor's brokerage.   We will provide our analysis in writing.     You also have two 20 minute consultations via phone or in person with one of our Real Estate attorneys   Please fill out the form to find out more.

Last Updated ( Wednesday, 30 July 2008 )

 

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