RE: SHORT SALES
THERE AREN'T ANY TRANSFER TAXES IN A SHORT SALE TRANSACTION since it involves the transfer of a mortgage and not the actual property? Is that correct?
Also, where does the close of a short sale generaly take place? a title company ,the bank, or the banks lawyer's office?
Has anyone here ever done a short sell transaction closing at a title company or escrow company?
Last Question, does it sound logical that in order to do a successful short sale involving a double close, the closing agent would have to be a third party like a title/escrow company as opposed to the bank or the banks lawyer?
THANKS TO ALL!
BRUCE
"THERE AREN'T ANY TRANSFER TAXES IN A SHORT SALE TRANSACTION since it involves the transfer of a mortgage and not the actual property? Is that correct?"
No, a "short sale" involves the transfer of ownership of real estate. A sale. A mortgage would be purchased via an assignment, and would not have any bearing on ownership of real estate.
"Also, where does the close of a short sale generaly take place? a title company ,the bank, or the banks lawyer's office? "
A closing could take place in the office of the Buyer, the Seller, or the real estate professional involved in the sale. Usually, it's done in the Seller's attorney's office.
"Has anyone here ever done a short sell transaction closing at a title company or escrow company?"
There is no reason why you couldn't have a closing in a title company's office.
"Last Question, does it sound logical that in order to do a successful short sale involving a double close, the closing agent would have to be a third party like a title/escrow company as opposed to the bank or the banks lawyer? "
I presume that you refer to the foreclosing mortgagee when you say, 'bank's lawyer."
Their (the foreclosing mortgagee's) lawyer will be very much removed from the closing process... except to receive the approved payoff, deduct their fees, then (eventually) issue and record the satisfaction of mortgage documents.