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Short Sales

Don’t Pursue a Short Sale without a Miami Real Estate Broker and Short Sale Attorney

Pelayo Duran is both a qualified Real Estate Broker and Short Sale attorney

If you think a short sale might be the appropriate solution for your financial circumstance it is critical that you exercise caution in choosing the professionals who assist you. You should be aware that real estate agents are paid only on short sales that actually close. This can create a potential for extreme conflict of interest if closing the short sale would not be in the homeowner’s best interest.

Lenders frequently ask homeowners to sign a promissory note or specify agreement to liability after the transaction is closed. Closing a short sale on these terms actually places the homeowner at a disadvantage. Only a qualified real estate and short sale attorney such as Pelayo Duran can offer you sound legal advice and ensure that your interests are fully represented.

Addressing Tax Issues & Short Sales

It is important to work with a qualified and experienced short sale attorney and tax advisor before selling your property as a short sale as there could be potential tax repercussions. The IRS considers that the difference between the value at which you sell your house, and the balance on the existing mortgage as income unless directed otherwise.

Most short sale sellers can close the transaction without owing any additional taxes, but care must be taken to ensure that the deal is structured correctly. Once again, only a qualified real estate broker and attorney can give you legal advice and fully protect your interests in a short sale transaction.

If you need a Real Estate Broker and Short Sale attorney in Miami, contact the Law Office of Pelayo Duran now to arrange your free legal consultation.

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