Verbiage to look for on an approval from the lender in a short sale

Did you know that if the lender approves a short sale and in the approval letter it states that the" lender will prepare a release of lien " this does not mean that the lender is releasing your client of all liability. You want to see in the approval letter that lender will prepare a release of the NOTE. To protect your client, give them the opportunity to decide what they want to do. Advise them to seek advice from an attorney and a CPA. This should be done when you take the listing and if the approval letter comes back with the above verbiage. This will also protect you against a potential lawsuit if the lender comes after your client for a deficiency, or they have a big tax issue on their hands. You never want to be in a position where your client says" but my agent never told me". Remember...we give them "just the facts" advise them to seek proper counsel" and let them make the decision. Most importantly, make sure it is documented.

Once a month I meet with my real estate attorney whom is on the board of C.A.R and attends the monthly meetings,  to keep up to date with new laws, and legal issues he is seeing and what to avoid when negotiating a short sale along with new forms and regulations.  There are many things we need to be aware of as agents to protect ourselves and our clients.

I specialize in short sale negotiations. I am happy to take on that responsibility for you. I can help you pre qualify your clients, (They are your clients, not mine) I will do all back office and negotiations, I will coach you along through the whole process. I do the work and you get your full commission. I can give you the expertise necessary to help you help your clients, help our market and earn your commission you may have otherwise walked away from, without having to do all the work.

Call today to find out how our program can help you....