Why you should never let a real estate buyer move in during the short sale process.

Why you should never let a real estate buyer move in during the short sale process.

Based on my experience, you should not assume anything with a short sale until the offer has been accepted and funding has been approved (all documents have been signed).  If you are the selling party during the short sale process, you should never assume anything until it is completed.  Although you think you might be helping the buyer out by letting them move in early and get work done, there is always a chance your lender will reject the buyer’s offer and you don’t want to be in a position where the buyer is looking to you for compensation for money they spent on the property they will not own.   You are also running the risk the buyers will have work done on the property and then not pay for it, exposing the property to potential mechanic liens.   In the case you really trust the buyer and want to help him out, you may be able to have a good real estate attorney draft an agreement between you and the buyers to limit your liability exposure on some of these issues, but it would clearly be safer for you to make your buyers wait to make repairs or improvement until after they actually own the property.  With the improving real estate market, short sales are taking longer for bank approval because the banks are making sure they are getting the what they deserve for the property.  Any questions regarding a similar situation feel free to reach out and contact...
When selling real estate, do I have to attend the closing?

When selling real estate, do I have to attend the closing?

For most of the real estate transaction sales that I handle, I am able to arrange it so that the client does not have to show up at the closing. This is a huge benefit for my clients because they don’t have to take off from work and they can focus on getting out of their old home and into the new one.   The process for not attending the sale closing is that I draft all the sale documents ahead of time, the client comes to my office some time prior to the closing to pre-sign the documents. Additionally, the client also must give me power of attorney to sign the closing statement along with a few other title documents at the closing. The power of attorney also gives me the authority to make any last minute decisions regarding the sale that may be necessary.   What about if you are buying a house and don’t want to attend the closing? Well, that depends. If it is an all cash deal I can easily handle the closing with a power of attorney. However, if you have to take out a loan to purchase the property you will need to attend the closing to sign the loan documents. That is something I will not sign on your behalf.   I have been handling real estate transactions for over a decade. Whatever your situation we can find a solution together. Just give me a call....
Can you change the trustee of a trust?

Can you change the trustee of a trust?

If you happen to be a beneficiary of a trust and you feel the trustee is not acting appropriately by either not following the terms of the trust, or is taking advantage of his or her authority, there may be a way to get the trustee removed from his or her position.   It partly depends on the terms of the trust. One way to find out whether a trustee may be removed is to review the terms of the trust and determine if the trustee has clearly violated any of the terms. If the trustee has, you could petition a court to have the trustee removed. It is not necessarily an easy or fast process, but depending on the size of the trust, or your share of the trust, it may be in your best interest to go through the process.   Another way to have a trustee removed is to show he or she has breached their fiduciary duty. Trustees have a duty to the beneficiaries of the trust and are required to make decisions that are in the best interests of the beneficiaries while utilizing a certain standard of care.  If you determine the trustee has not clearly violated any of the trust terms, but has made decisions that are not in the best interests of the beneficiaries, you may be able to sue him or her for breach of their fiduciary duties.  If you are the beneficiary of a trust and suspect the trustee is not carrying out his or her duties properly, the best course of action is to bring the trust to an...