How California Short Sale Laws Can Backfire

Short sales can be complex in nature, having many different requirements for each situation. This is particularly true from state to state. Each state has its own laws regarding the short sale process. For example, California has much stricter rules that other states. What is permissible in Illinois may not be in California (or any other state), so be sure to do your research about the state your house is located in. Another thing to keep in mind is the varying degree of protection each state offers the homeowner. Although the purpose of a short sale is to relieve the homeowner, some laws actually prevent parties from negotiating the sale. Be cautious when you pursue a short sale and speak to an expert in your area to be sure you are knowledgeable of the local and state laws. Read the full article here: http://homebuying.about.com/b/2013/05/27/how-california-short-sale-laws-can-backfire.htm