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Short selling our properties?
Me and your spouse are investigating short selling two properties we have in California in an area hard hit by fall down of the real estate market. (Modesto and Madera) I'm traveling abroad, so I can not cope with this personal. According with spouse, a banker suggested that spouse to give permission to sell on my behalf. So today I was emailed a document entitled. "Transfer Interspouse Scripture. "(I checked the written record of the transfer actually occur to my husband the banker) As far as I know it will give my right to property, while I will have to remain legally responsible for payment. I find that to be a strange way of letting someone permission to sell expose their properties. I have a reason to be concerned? Daisy PS: that the mind has no property equity at this time. The payments are high and unanticipated sell in the short term. But they are rented with negative cash flow of both.
Dear Margaret: I lean more to the same branch. Also, talking with friends real estate agent may have to ask for your opinion. If you sign the inter-spouse transfer deed is still responsible for payment, but not have any rights over the properties. That's a bit risky to say the least. Second, check with both the CPA and his attorney for further clarification and involvement short selling. Make sure your power of attorney to give only very specific powers only, it is for their own protection. Let me know if you have any further questions. Regards, Cesar
