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DaisyA · Joined: 11 Sep 2003 Posts: 1

Me and spouse are looking into short selling two properties we own in California in a area hit hard by the down fall of the realestate market. (Modesto and Madera)I am currently traveling overseas so I am not able to deal with this personally. According to the spouse, a Banker suggested that I give the spouse permission to sell it on my behalf. So today I was emailed a document entitled. "Interspouse Transfer Deed". (I checked the typed portion of the document indeed the transfer would occur to my spouse not the banker)As far as I know that will relinquish my claim to the property while I will have to continue to be legally responsible for the payments. I find that to be an odd way to allow someone permission to short sell your properties. Do I have a reason to be concerned?DaisyPS: Mind you the properties have no equity right now. The payments are high and no prospective to sell them anytime soon. But they are rented with negative cash flow both of them.

DakB6377 · Joined: 20 Sep 2003 Posts: 2

Call a Realtor who specializes in Foreclosures and shortsales and let them handle it! Non-interested 3rd party. They will sell it for you too! You can sign a mortgage information release form with them and they can handle all of it. Let the spouse, not have to worry about it either! Just extra work-call the professional. p.s. Short sale means they have to be sold! You will want to talk to your CPA or whoever does your taxes about any "profit" and any impact that may have on your taxes.Check the links below to find a Realtor in the areas-Good Luck!

SearchlightCrusade5803 · Joined: 28 Sep 2003 Posts: 2

The better document to use is a Power of Attorney. I wrote an article herehttp://www.searchlightcrusade.net/2007/09/power-of-attorney-for-real-est-2.htmlabout it. You're not all assigning interest in the property, only the right to act on your behalf.Then your spouse can go through all the normal process of vetting agents for the listing.

CWW7790 · Joined: 07 Oct 2003 Posts: 1

A power of attorney is probably a better document to allow your spouse to act on your behalf. In addition, if you are looking for a quick sale agent trained in short sales you may want to go to HouseBuyerNetwork.com and see if they have coverage in Madera. THe service is free to you the homeowner.Good Luck!

CesarMCSE · Joined: 15 Oct 2003 Posts: 1

Dear Daisy:I would be inclined more towards the Power of Attorney myself. In addition, talk to any realtor friends you might have ask for their opinion. If you sign the inter-spouse deed transfer you are still responsible for the payments but no longer have any rights over the properties. That is a little risky to say the least.Secondly, check with both your CPA and your Attorney for further clarification and implication of short selling. Make sure that on your power of attorney you only give very specific powers nothing else, that is for your own protection.Let me know if you have any more questions.Regards,Cesar