Market Wise Q&A: Which Way Do We Turn When Facing Foreclosure?

Pat Kapowich for the San Jose Mercury News

Q: We are facing foreclosure and have decided to list our property for sale while there is still time.  However, we interviewed several neighborhood agents all of whom gave conflicting information.  How do we proceed without a clear picture of what is ahead?

A: You don’t.  You should invest in one hour with a real estate attorney. Be sure to bring all paperwork that is associated with the property.  Real estate agents are not allowed to give legal or tax advice.  When they do they have crossed the line into an arena they are not deftly familiar with, which in turn places the client in jeopardy.  If you cannot afford a real estate attorney, contact the local Board of REALTORS for a referral to a non-profit legal assistance agency. Only list your home after you fully understand the ramifications of selling a home under the threat of foreclosure.

Market Wise Column 2-5-11

Send questions to Pat@SiliconValleyBroker.com