What happens to a short sale when the homeowner dies?

Recently we had a case where an agent reported that the homeowner of a home being sold as a short sale had just died.  What happens then?  Can the home still be sold in a short sale?
I receive a number of inquiries concerning the steps to take when the homeowner dies before the Continue reading...

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Short Sales: A Commission Modification Agreement can protect agents from liability

In my 20 years of practicing law, I have seen a lot of lawsuits over some of the what sometimes seem to be the least likely situations.
I have written in the past on several cases some various situations in which real estate agents may be at risk from seller clients in short sale cases.
However, Continue reading...

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Short Sales & Seller Clients: A Binding Contract Waiver may save you from liability

A recent court case underscores a recommendation I have been making for agents involved in short sale cases.
The homeowners contracted with a real estate agent to sell their home.  With the drop in market values, the agent helped the homeowners understand that they could still sell their home as a short sale.
The homeowners agreed Continue reading...

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Are we changing to a new short sale system?

Ready for change?  Here it comes…or is it?
Through these articles, or blog posts, I have been attempting to educate agents concerning the many, many issues of misinformation that have provided in short sale books, courses, and training seminars.  Since I really have more of a warm heart of a teacher than a lawyer, I want Continue reading...

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New Treasury announcement to improve short sale approvals

There was a recent press release from the U.S. Treasury that stated that the Treasury Department would soon finalize plans to increase incentives for “banks” to approve short sales.
The “banks” here includes both the servicing lenders and the secondary market investors, and it is usually (but not always) the secondary market investors who approve the Continue reading...

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