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California short sales are also known as the alternative to foreclosures. A short sale in California is the process of taking an existing secured real property mortgage and reducing it to equal or less than the actual market value of the property, depending on the current market value. In a California short sale transaction, the secured lenders and mortgage holders agree to reduce their mortgages and in exchange allow the homeowner to sell the property at a reduced price. Even though the homeowner will receive little or no money, they benefit by avoiding a real property foreclosure from being on their record. The buyer will also benefit by having the chance to purchase real property with reduced value compared to market prices.
Short sale transactions can be tricky and turn into a mess for the homeowner and buyer. If not properly addressed in advance, a California short sale transaction can have legal consequences and even lead to loss of investment. For example, since reductions are taxable, it is important to negotiate terms and conditions so that the short sale transaction will not have serious consequences for the homeowner and buyer.
California Short Sale transactions can be tricky and turn into a mess for the home owner and buyer. If not properly addressed before-hand, a short sale transaction can have legal consequences and lead to loss of investments. California short sale transactions should be carefully considered and terms should be outlined in order to avoid future litigation. Seeking the advice of a qualified short sale lawyer is recommended in this case. A real property lawyer can assist in reviewing the terms and conditions, negotiating disputes and creating/completing a short sale transaction for home owners and buyers. A lawyer is a good resource to have for minimizing risks for potential problems.
California short sale transactions should be carefully considered and terms should be outlined before-hand in order to avoid future litigation. Seeking the advice of a qualified real property lawyer is recommended in this case. A lawyer can assist in reviewing the terms and conditions, negotiating disputes and creating/completing a short sale transaction for homeowners and buyers. A lawyer is a good resource to have for minimizing risks of potential problems.
If you are considering or are in the process of a California short sale transaction and need the assistance of a California short sales lawyer, call Attorney Search Network. Attorney Search Network can help you locate a California short sales lawyer in your area who can handle California short sale transactions.
If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out our online form for your Real Property lawyer referral.
If you have any questions about the information provided above, please contact Attorney Search Network.
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