realestate short sale?
March 252010
has anyone done this short sale thing? I need to know process,procedure…were u scammed? screwed? I need advice. Firm wants power of attorney over the proprty..is that a normal procedure? what about putting the home in a trust fund…what does that mean?
What you meantioned I’ve never heard of. Do NOT give anyone power of attorney. That is crazy!! And why would you want to put it in a trust?
If your goal is to get rid of the property, talk to an attorney and an accountant to understand the legal and tax ramifications.
I’ve done several short sales for clients and recommend you connect with a realtor who is knowledgable in Short Sales. She/he can get you in contact with an accountant and lawyer, if you don’t know of one.
Good luck!
March 25th, 2010 at 5:32 pm
If you do not understand what is being proposed, see a lawyer. But before you start, know this, you cannot short sale a house without the mortgage lender’s approval. Also, do not give anyone power of attorney unless you understand the full ramifications of the act.
References :
March 25th, 2010 at 5:53 pm
What? the bank or lender approves any offers made and then sends it to any PMI company for their approval. Once both have agreed then the house can be sold. The current owner retains all rights in the home unless it forecloses
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March 25th, 2010 at 6:23 pm
Certainly don’t do "short sale" unless you have time to kill because this can be a very lengthy process and you might not even end up with the house. Most of the time too, you end up investing a lot of money into the house because people are not caring for the house since they can’t keep it anyway. I’ve looked at short-sales and they are all being left in disastrous states.
References :
March 25th, 2010 at 6:56 pm
What you meantioned I’ve never heard of. Do NOT give anyone power of attorney. That is crazy!! And why would you want to put it in a trust?
If your goal is to get rid of the property, talk to an attorney and an accountant to understand the legal and tax ramifications.
I’ve done several short sales for clients and recommend you connect with a realtor who is knowledgable in Short Sales. She/he can get you in contact with an accountant and lawyer, if you don’t know of one.
Good luck!
References :
Short sale/foreclosure consultant