There are many questions regarding title issues which need to be dealt with in a short sale. Many people only focus on the obvious issues such as the default/foreclosure proceedings and fail to search for other potential issues which could arise when purchasing or selling a short sale property. When a person is not paying their mortgage and is in default, more than likely they are also not paying their taxes, Home Owner's Association dues, special assessments, and water/sewer bills which can all cause clouds to the title of the property and potentially cost thousands of dollars in fees and fines to clear title if not properly handled at the time of closing. There are many items which need to be checked to ensure that the title to the property is transferred free and clear to the new owner and releases the seller from further liabilites and obligations. It is important to work with a Realtor who has the knowledge and experience when dealing with a short sale; equally important is utilizing the right title company with the expertise and savvy to work with the lenders, realtors, and customers to help make the transaction as smooth and worry free as possible.
At Mercury Title Company we not only handle the closings to make sure that our clients and their customers have a smooth transaction, we also offer short sale training to Realtors to educate them on all aspects of the short sale from listing to negotiation as well as making them aware of some of the pitfalls and dangers which can occur in a short sale. We work with our Realtor clients to make sure their short sale closings are in compliance and their customer's are protected. Always consult with a title professional prior to purchasing or selling a short sale property to make sure you are in compliance and protected. As always, myself and our Closing Attorney are available to assist Realtors with any questions they may have concerning short sales as well as to provide training to you and your Real Estate office free of charge. Please contact me at james@mercurytitle.net with your questions or to set up a training seminar for your office. Also, please feel free to ask any title/short sale questions here in the 'Ask a Title Pro!' section here on Active Rain.
Thank you and God Bless,
James
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