Another Santa Clarita Short Sale scenario from the Paris911 Team short sale files.
An Investor client had 5 properties that he was losing his tail on. Some of the reasons for the seller’s hardship were, Renters and tenants that were not taking care of their end of the bargain. The “seller” became ill with personal medical issues, the seller was laid off from work and everything in his life started to fold in on him and his family.
The short sale interview went well. We suggested he seek council from an attorney and to talk with his tax advisor.
A few days passed and we received an email from our prospective client with a list of changes that his attorney wanted to the Short Sale Contracts. After looking over the list, Paris made a comment, “There is no way this list had it’s origination from a Real Estate attorney…”
She could easily tell. After conducting a follow up call to the potential SCV short sale seller, we had some concerns of our own. After addressing the concerns we had, with the changes wanted by the “non real estate attorney”, it was revealed by the short sale seller that this was not a real estate attorney.
Reminding the reader that the only contracts that were sent were “standard, California Association of Realtor Short Sale contracts”, some of the changes that the attorney wanted would have created “harm” to the seller. One such change was the reduction of “contract length” from 6 months to 3. If we are in a binding contract with a buyer on one of the sellers short sales, and if the contract expires, this could create an issue with the Bank who is in the process of approving the short sale.
With the Debt Forgiveness act not having been renewed at the time of this post – time is of the essence…
Get good advice – check out the post we just did on the Short Sale collection departments from the banks – it is a good listen. We used our Sound-cloud embed for this show.