Don't let common Short Sale pitfalls come back to Haunt you!

As we see more and more warnings coming out about the banks slipping some sneaky verbiage into the closing settlement and acceptance of short sales (What is a Short Sale?). Such as this article By Zach Fox - Staff Writer for North County Times: EXCLUSIVE: Lawyers say lenders set stage to collect on 'short sales' Foreclosure may be better option for some struggling homeowners. I first find it very important to note that the representative from Countrywide (now Bank of America) stated that if they are challenged on this verbiage they will drop it off. I also want to stress that the verbiage may not be as forward or plain as they indicate in this article. As I showed in my July 31, 2008 post on Recourse vs Non-Recourse Loans in California the importance of differentiating from 'Released' vs 'Satisfied'. So what's the bottom line solution?

Hire a Real Estate PRO!

It is very important if you are going to list your home as a short sale to hire a pro that will follow the entire transaction through for you, and who isn't afraid to walk away from the deal (unpaid) in the end if it turns out that foreclosure will be a better option for the client (not the Realtor's checkbook ;)...).

If you or someone you know is in need of a professional Realtor that stands with integrity please do not hesitate to let us know, we are always accepting referrals.

Seth Miller | West Covina Real Estate Consultant

Associate Brokers Real Estate Hound West Covina

www.MyRealEstatePro.net

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We Are Always Accepting Referrals!