Oct 27, 2009

Tip 29-2009: Short Sales - New CAAR Rules

The new CAAR requirement to disclose the “distressed short sale” is a step in the right direction. This disclosure allows everyone involved in the transaction to be aware in advance of the potential short sale issues. Most of the short sale sellers I have talked to have not objected to such a disclosure. Allowing everyone in advance to understand this is a short sale can save time and potentially many problems. Great first step CAAR!

PS—A future step for CAAR might include providing some uniform Short Sale Addendums and Information Forms.

Please contact me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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