Monthly Archives: February 2012

Behind on a Mortgage? Your Lender Might Want to Pay You!

Residential Real Estate Attorney Guide Mortgage

The big banks have come to the conclusion that more foreclosures will not help the sluggishly recovering housing market. It’s about time. A good alternative to foreclosure or bankruptcy for underwater homeowners – those who owe more on their mortgage than their home is worth – is a short sale. In the beginning of the …


Financing Contingencies: Navigating The Minefield of Real Estate Transactions

Residential Real Estate Attorney Guide Real Estate Transaction

Among the biggest changes we have seen in our market post-Lehman is the return of the financing contingency. Prior to Lehman and the seizing up of the mortgage credit markets, it was quite typical for buyers to “waive” a contingency and accept the risk of financing. With contract deposits typically 10% of purchase price, this …


Exchange Basics: The Rules for Identifying Replacement Properties

1031 Exchange Residential Real Estate Law

A 1031 exchange is a great way for investor’s to develop significant wealth by deferring capital gains tax on the sale of assets that are replaced with like-kind properties. But this generous benefit of the Internal Revenue Code comes with a caveat: the rules for the safe harbor created must be followed exactly, and errors …


Becoming More Than Just a Real Estate Salesperson

Salesperson Residential Real Estate

Today’s brokerage clients demand more of their real estate professional than before, and successful agents and brokers recognize this. I deal with many real estate professionals across the spectrum of success, and have noticed that the more talented brokers are the ones who make themselves the single resource that clients trust in connection with all …


An Expert’s Guide to Succeeding in Your Short Sale

Residential Real Estate Lawyer Guide Short Sale

The decision to sell short is an important one. But for underwater homeowners in financial distress, it can sometimes be the best option. In a short sale, the seller remains in control of the transaction, and no legal proceedings are necessary. Unlike a foreclosure or bankruptcy, which are court proceedings and become a matter of …