Posted on January 7, 2020
Considerations When Pursuing a Real Estate Short Sale
A short sale is a real estate property in most circumstances a transaction the most difficult to handle. The signing away ownership of your valuable property estate investment was a painful decision to make in whatever way you look at it.
This causes a whole lot of other problems, including a damaged credit standing, embarrassment and loss of dignity stripped of ownership to the house owner. You can also search online to find out about homes for sale in Burnaby BC.
The owners who are in this kind of situation should know that there are still ways to get out of a financial bind that comes with their dignity intact. Here are important things you should do if you are going to pursue a short sale of real property:
1. Retain the services of a lawyer – a short sale involves a lot of legal issues and it is important that you are provided with relevant advice by a competent attorney with expertise in short sales transactions.
2. Hire an accountant to learn the tax implications – Before you proceed with a short sale transaction, it is important that you consult with a CPA deals with the consequences of a short sale on a tax exemption under the tax laws and guidelines.
3. Coordinate with Mortgage Lender – Hoping to have regular and close contact with the mortgage lender when you finally decide to make a go for a short sale. It is important that you coordinate with the person who has the authority to make decisions regarding short sale transactions.