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Top 10 Things to Know About Short Sales


1
Seller Beware
Talking to a lawyer can help ensure that you know what's legal and what isn't in your state.
Talking to a lawyer can help ensure that you know what's legal and what isn't in your state.
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When it comes to short sales, both sides of the process can be tricky. If you're the short seller, the bank can sue you for the loan balance on the home, so it's important to protect yourself. So-called "deficiency judgments," in which a borrower can't pay back a loan, are legal in most states, but not all. Talk to an experienced real estate agent or attorney to find out what the laws are in your state. In many cases, you can require that the bank waive the right to come after you for the difference as part of the short sale agreement.

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