McFarlin & Geurts, LLP: Your Short Sale Specialists

Unfortunately there are many Realtors and groups out there calling themselves "short sale specialists," a "short sale company," or "short sale experts." Consumers should be aware that such designations do not actually exist and by and large, these groups are nothing more than common Realtors trying to drum up business by creating a fake title for themselves. Sadly, the California Department of Real Estate does nothing to police such claims of short sale specialist or short sale expert. You should know, there simply is no such thing as a short sale specialist or a short sale expert, it's a made up title!
McFarlin & Geurts, LLP is comprised of experienced real estate attorneys and real estate brokers with many years of experience, and many short sale transactions completed. Nonetheless, we can not call ourselves short sale specialists or short sale experts because there is no such legal specialization and to do so would be misleading to consumers. The same type of obvious ethical realization is apparently not made by your garden variety real estate agent calling themselves an official short sale agent or short sale company. These so called short sale specialists are intentionally misleading the public by implying they are something they are not: short sale experts.
If you, the consumer, happen to come upon a "short sale specialist" or "short sale expert" or even just a common short sale company or short sale agent, here are 20 important questions to ask the short sale agent, or so called specialist:
1. How did you become a short sale specialist or short sale expert?
2. When did you become a short sale specialist or short sale expert?
3. How many short sale transactions have you closed in total? Please provide MLS numbers?
4. How many short sale transactions have you completed in the previous three months? MLS numbers?
5. How did you ensure the seller would not be pursued for a deficiency judgment after the short sale transaction?
6. Did you draft the releases?
7. May I see copies of said releases, with personal information redacted, of course?
8. Do you have a lawyer on your staff? Will I have a written attorney-client agreement with the lawyer, or will you, the short sale Realtor be giving me legal advice?
9. Who will answer my legal questions and give me legal advice?
10. What if no acceptable offer is submitted? Do you let my property go to foreclosure and do nothing further?
11. How do you deal with junior lien holders who have not taken their "one action" under California Law if the property is foreclosed?
12. Do you provide deed in lieu of foreclosure services?
13. When the Notice of default is filed do you give me legal advice at that point?
14. Are you familiar with the foreclosure consultant act?
15. Who will review short sale documents with me and advise me? Are you licensed to give legal advice?
16. Do I have a non-recourse loan? What is the "one action" rule? What is an "anti-deficiency" state?
17. What are the tax implications of a short sale? Is the answer the same if I've converted it to a rental property?
18. Aren't these questions for a lawyer?
19. What should I do if I am still current? Are you advising me to stop making mortgage payments, even if I have the ability to do so?
20. Who will advise me as to whether the short sale agreement I'll be expected to sign with the lender is to my benefit? Who will review it with me?
Obviously, these are tough questions for a "short sale specialist" or "short sale expert." Just by asking the questions, you will find out that your short sale agent or short sale company is nothing more than a common Realtor, and certainly not a short sale specialist, as such a designation does not actually exist, not even for lawyers.
If you are interested in getting real short sale legal advice that you can count on from a professional, please contact McFarlin & Geurts, LLP and speak with one of our lawyers today.