Real Estate, Sale by Owner, Leases & Evictions
- Real Estate Matters
- Sale by Owner
- Short Sales
- Party Wall Agreements
- Mortgage Modifications
- Leases - Residential and Commercial
- Section 8 Housing
- Commercial Land Development
- Title Review
- Boundary Disputes
- Patented Mining Claims
- Access Issues
Real estate laws keep changing. In a down market many people either take advantage of those in trouble or offer solutions that are not really solutions. As attorneys we understand the law, both the state laws as well as the new federal laws passed as part of the effort to save people’s homes and to avoid eviction. Most of these laws became effective just this year.
We also have the knowledge and skill to prepare all your real estate documents and provide you with clear advice regarding real estate issues. And in providing advice and documents for real estate clients, we continue to live up to our promise to provide Legal Services At A Price You Can Afford!™
SHORT SALES FOR PERSONS IN SERIOUS FINANCIAL TROUBLE MAY OFTEN LEAD TO UNFORSEEN PROBLEMS THAT ARE EVEN BIGGER THAN THE FORECLOSURE ITSELF. SEEK LEGAL ADVICE BEFORE SIGNING ANY SHORT SALE AGREEMENTS!
In a short sale where the first sells the property to a new buyer for less than your mortgage, and the second does not get paid in full, the following is the actual result for the seller:
1. the seller will receive an IRS form 1099 from the first mortgage company for the amount that the first loan was reduced to the new buyer, and the seller will have to pay income tax on that amount;
2. the seller will be sued by the second mortgage company on the promissory note; the fact that the deed of trust goes away in the short sale does not make the loan go away;
3. and finally, the taxes imposed in the short sale on the seller won't be dischargeable in bankruptcy for almost 3 years after the sale.
In our experience, unless the seller is receiving significant cash out at the closing, there is no reason for a seller to enter into a short sale. The impact of the foreclosure on your credit is not worth the trouble that is waiting around the corner.