William D. Tucker Business Law Blog on Lawyers.com

Tucker's Tip 14-2009: Short Sale Deficiency

Wednesday, October 28, 2009 by William D. Tucker

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Short Sale Deficiency:   

I am seeing more and more transactions which involve a short sale.  In negotiating the approval from the lenders, you should try to include an agreement that the lender will not report the short sale to any credit reporting agencies. (This may not be as important if the seller is already seriously delinquent with their mortgage payments.)  More important however is to try to negotiate that any deficiency is “without recourse.”  This is perhaps one of the most important considerations to the seller who has already lost a lot. 

Please contact me if you have any questions, or visit my real estate blog at www.TGBlawre.blogspot.com.

Charlottesville real estate attorney William D. Tucker, III, Tucker Griffin Barnes P.C., Charlottesville, Virginia 434-973-7474, Tucker@TGBlaw.com  www.TGBlaw.com  www.TGBlaw.blogspot.com

And now the legal disclaimer:  This advice is based on Virginia law and is not meant to apply to any other state.  If you have questions that apply to another state, please contact an attorney who is licensed to practice in that state.

 
Posted at 18:03 PM
Topic: Business Law
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