Tip 14-2009: Short Sale Deficiency

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 call me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
Tucker@TGBlaw.com
http://www.tgblaw.com/

Tip 13-2009: Prior Title Insurance & Survey

Prior Title Insurance & Survey: It is very helpful for any real estate purchase if the seller can provide a copy of their prior title insurance policy & a physical survey (if available). This will result in lower closing costs for the buyer and potentially fewer problems at closing. I would even suggest that you may consider language in the contract which provides that the seller will deliver any prior title insurance polices and surveys directly to the buyer within a few days after the contract is ratified. Please call me if you have any questions.


William D. Tucker, III
Tucker Griffin Barnes P.C.
434-973-7474
Tucker@TGBlaw.com
http://www.TGBlaw.com/