Carlsbad Homes - Short Sale Questions and Answers (Part 1) : Carlsbad Relocation A to Z

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An informational source for people who are relocating, with a particular focus on moving to the Carlsbad area of North County San Diego (and nearby coastal communities), with advice, guidance and true stories to help you on your way and make it a great journey, from a REALTOR� with plenty of personal (4 major moves, most recently from Boston to Carlsbad, California) and professional relocation experience. Are you running into problems selling your home? Need to find a new one quickly? Never moved before and haven't a clue? You'll find some great tips on how to solve your relocation issues here. Or ask me a question any time and I'll share some solutions or tell you where to get more information. CA DRE License #01490977

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Carlsbad Homes - Short Sale Questions and Answers (Part 1)

As in many areas of the country, there are a good number of short sale properties in certain communities here in San Diego County, Carlsbad included. I've received a number of inquiries from buyers who are interested in Carlsbad homes, and elsewhere, that are short sales. Since I get some of the same questions over and over, I wanted to share some common issues and answers in a series of posts.

WHO IS RESPONSIBLE FOR TAXES AND PENALTIES?

As in a typical sale, these issues must be satisfied in order for the sale to proceed, and the seller will normally be required to make these tax payments and any penalties due. The taxes will be pro-rated as of the date of closing - if the seller has paid for the tax period beyond the closing date some pro-rated funds will go to the buyers; if the taxes are to be paid, the seller will be responsible for the pro-rated amount due up to the date of closing.

Since a short sale involves a financial hardship, and the lender must approve the sale, any financial obligations of the seller will be factored into the approval process.

NOTE:

Please keep in mind that I am not an attorney so I cannot offer legal advice. Any legal matters should be discussed with a real estate attorney
There are also financial implications of short sales, especially for sellers, and a qualified accountant should be consulted to understand the liabilities
Lastly, while this information is intended for general reading I am now familiar with the laws affecting short sales in states other than California, and those of you working with an agent in your purchase (or sale) should consult them for your specific questions and personal situation.

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Posted: 5:31 PM, Nov. 19, 2007

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Carlsbad Homes - Short Sale Questions and Answers (Part 1)

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