California Short Sales
Definition:
California short sales are also
known as the alternative to foreclosures. A short sale
in California is the process of taking an existing
secured real property mortgage and
reducing it to equal or less than the actual market value of the property,
depending on the current market value. In a California short sale
transaction, the secured lenders and mortgage holders agree to reduce
their mortgages and in exchange allow the homeowner to sell the property at
a reduced price. Even though the homeowner will receive little or no money,
they benefit by avoiding a real property foreclosure
from being on their record. The buyer will also benefit by having the chance
to purchase real property with reduced value compared to market prices.
Consequences of California Short Sale:
Short sale transactions can be tricky and turn into a mess for the homeowner and buyer. If not properly addressed in advance, a California short sale transaction can have legal consequences and even lead to loss of investment. For example, since reductions are taxable, it is important to negotiate terms and conditions so that the short sale transaction will not have serious consequences for the homeowner and buyer.What a Lawyer can do for you:
California short sale transactions should be carefully considered and terms should be outlined before-hand in order to avoid future litigation. Seeking the advice of a qualified real property lawyer is recommended in this case. A lawyer can assist in reviewing the terms and conditions, negotiating disputes and creating/completing a short sale transaction for homeowners and buyers. A lawyer is a good resource to have for minimizing risks of potential problems.Lawyer Referral Service:
If you are considering or are in the process of a California short sale transaction and need the assistance of a California short sales lawyer, call Attorney Search Network. Attorney Search Network can help you locate a California short sales lawyer in your area who can handle California short sale transactions.
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