Real Estate Agents & Short Sales
If you think a pre-foreclosure sale might be right for you, working with the right professionals is critical. Real estate agents are paid only on short sales that actually close, which can create a terrible conflict of interest if closing the sale would not be in the homeowner's best interest. Frequently, lenders ask homeowners to sign a liability agreement (e.g. a promissory note) after the transaction closes. Closing a pre-foreclosure sale on these terms leaves the homeowner worse off. Only qualified real estate attorneys can give you sound legal advice and fully represent your interests.
Navigating Tax Issues
Due to potential tax repercussions, it is important to talk to your tax advisor or work with a law firm before selling your property. If you sell your home for less than what you owe, the IRS may consider this difference as income and tax it accordingly. Most pre-foreclosure sellers can close the transaction without owing any additional taxes, but the deal must be structured correctly. Again, only qualified attorneys can advance your best interests.
Need Assistance with a Short Sale?
Whether you are selling your house as a short sale or you are interested in buying a short sale home, McFarlin LLP in-house brokerage Clear Point Real Estate Services can meet all of your needs. We want to make your short sale process a success and protect you from the complications that may arise. We offer free consultations to prospective clients.
For more information about your rights in real estate transactions, call McFarlin LLP at (949) 570-5025 or contact us online today. A consultation with our Irvine short sale lawyers can help you make the right choices in your sale or purchase.