Posts

Showing posts from April, 2012

Disclose Disclose Disclose

In Real Estate there is one responsibility that easily outweighs any other that a seller (or his agent) have. That is the one regarding disclosure. Simply stated if you know a pertinent fact or detail germane to the property, it must be disclosed. Failure to do so could put the offending party at severe risk of litigation.
For the seller, the form most commonly used to achieve this purpose is the Real Estate Transfer Disclosure Statement or the TDS for short. I thought it appropriate to spend a little time investigating this form because properly filled out it can be a shield, improperly completed and it will be the spear by which you are skewered.
As with all of the CAR forms, the first section identifies the property in question and confirm that it is in compliance with section 1102 of the civil code as of the date it is completed. Section two clarifies whether or not the seller is living in the property, and the amenities of the home. Through a series of check boxes we confirm the ex…

TOP 10 SHORT SALE MYTHS

Recently the California Association of Realtors sent out a press release regarding the top ten myths of a short sale. After reading it I thought that some of you might benefit from the topic. Here is my adaptation of the story.  I hope you enjoy.
First it is important for you to note that by most accounts 2012 is expected to be the year of the short sale. This will be for a number of reasons, not the lease of is the likelihood that the IRS could begin taxing forgiven debt beginning in 2013 if their current policy is allowed to sunset.  So the motivation for sellers who are in a delinquent situation to sell will be a major driving force.
Myth 1: The homeowner must fall behind on a mortgage payment in order to qualify for a short sale. Truth: This was the case years ago. In fact it was common place for real estate professionals to consul their clients to intentionally halt payments to “motivate” the banks to cooperate with the transaction. Today what a seller must be able to prove is…