Friday, April 3, 2009

Potential Legal Issues in Short Sales

Short Sales are a quagmire of potential problems that do not exist in a traditional real estate transaction. If you are in the unfortunate situation of being involved in a Short Sale, you and your agent must be aware of the legal risks that exist. These include.

1. Misrepresenting tax consequences
2. Misrepresenting how secondary debt is treated
3. Acting on inappropriate lender requests for seller contributions
4. Breaching fiduciary duty
5. Providing poor oversight of a loss mitigation company
6. Lacing the required license to undertake loss mitigation
7. Facilitating transactions not listed on the HUD-1 form

Please get the advice and counseling of professionals should you get involved with a Short Sale.


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darrell said...
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darrell said...
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