Good series on short sales for Realtors
Short Sale Legal Issues Affecting Real Estate Agents Part #5
MORTGAGE, EXPERT, MICHIGAN, BIRMINGHAM, BLOOMFIELD, DETROIT, ROCHESTER, ROYAL OAK, TROYÂ Â
This series of posts is meant to assist real estate agents in recognizing:Â
Disclaimer:Â This series is not intended to advocate the hiring of attorneys and CPA’s for short sales, but rather that agents should fully research and be aware of the potential legal liabilities and tax issues for themselves and their clients.
A decent portion of the feedback I’ve been getting on this series is from agents stating they have no need for attorneys or CPA’s.Â That may be true, but it also may be a disservice to their short sale seller clients.Â There can be so many convoluted legal & tax issues involved in a short sale and they’re often overlooked by agents.Â
Not that attorneys or CPA’s are perfect either.Â I recently referred a short sale seller to an attorney I prefer, after a very disappointing conversation with the attorney they had found on their own.Â The attorney was the infamous, “jack of all trades, master of none” type that was just looking for a pay day, but barely knew the basics of short sales.Â So, be careful who you refer your clients to!
Short Sale Issues Agents & Sellers May NOT Even be Aware of
These legal & tax issues may not come up on every short sale, but if they do come up & are missed, the ramifications could lead to a lawsuit against an agent.Â Most of these are serious legal or tax issues.Â An agent should proceed with extreme caution if they choose to address these on their own or ignore them.
Stay tuned for the last post in this series…
NOTE: if you’re the impatient type and don’t want to wait to read the series as it’s published, I’ll send you the complete whitepaper for the series when you do ALL of the following:Â
If you’re a Michigan agent, I’d also very much appreciate you joining a new AR group specifically for Michigan real estate professionals willing to share marketing and social media ideas with each other.Â
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