San Diego Short Sale Lawyer
What is a short sale?
A short sale is the sale of a property where the owner owes more to the bank than the property is worth. In this case, a sale is often made in order to avoid foreclosure or bankruptcy. This may be the best option when the value of the property has declined to the point where it looks unlikely to recover.
Benefits include, but are not limited to the following:
- It can help both you as the owner as well as the lender to recover a fair price for the property before its value further declines and conclude a bad investment with no continued liability.
- The lender cannot pursue a deficiency amount in this situation if the owner still has the original purchase loan on the property.
- As this is done in coordination with your lender, it can help you avoid legal action from them at a later time.
There are some risks of which to be wary. Real estate agents only receive a commission on short sales that actually close. This can create a conflict of interest in which the agent pursues a deal which is not in the homeowner's best interest. They may ask you to sign a promissory note or agree to liability after the transaction is completed. In such cases, you can be left in a worse financial position than the one in which you began. A San Diego bankruptcy lawyer should be retained in order to help protect you from such pitfalls.
San Diego Legal Pros: Protecting Your Interests
At San Diego Legal Pros, our knowledge of and experience with the short sale process and its complexities allows us to act competently in protecting your rights. We can provide legal advice which is impartial in light of any particular transaction and which only looks out for you interests. You can, therefore, know your rights as you liaise with real estate agents, or have us do so on your behalf. We can also advise on tax implications and ensure your short sale is structured correctly to protect you from undue liability.
Contact San Diego Legal Pros
if you are considering a short sale so that your interests may be protected.