The Salesperson's Responsibilities in a Short Sale

As a salesperson, I vow to carry myself as a professional. I can’t for one minute understand why any of us would choose otherwise. I try, and I hope that every day is another opportunity to share my expertise and knowledge with someone I can help. I just can’t get over some of the stuff I have heard lately.


I had a person come to me the other day and tell me how they were told by their salesperson that there are no tax consequences. That isn’t necessarily true; see, in 2007 the government directed the IRS to not count a forgiven debt as income. However, this only applies to a purchase money mortgage, not a refinance cash-out for a consolidation or home improvements. So, this does have limitations, and as salespeople, we need to know our market, our craft. We can’t mislead people and make them believe something that isn’t true.

Make sure that the person you are dealing with is a professional, and if you don’t feel you can trust them, then don’t do business with them. Ask those around you that you do trust if they know of someone or have worked with someone before. You won’t regret it, and you will feel better about it.

I am a person that you can trust, and I am professional. I am a Certified Distressed Property Expert, and I have over 19 years of experience. For more information you can go to www.inlandempireshortsaleresource.com. You can also call me directly at (310) 498-2700.

-Mayer Dallal

Looking for a Deal?

Those who are looking for a deal on a home, can find one by buying a short sale, but buying a short sale doesn’t happen fast. Short sales don’t mean that they are short on time, but it simply means that the home is being sold for less than what is owed, coming up “short” on the balance.




Buying a short sale can take anywhere from 4 to 6 months to close, so be prepared. If this home is on the MLS, you can ask your agent to find out if this home is a short sale. The reason you’ll want to tune into this is because you may find a home that appears to be much less than the neighborhood calls for. Your agent can get this information for you, and that way you will have an idea of what offer you should really be making if you like this home.



Buying a short sale has its benefits, but just be prepared to wait awhile. If you aren’t in a hurry, then buying a short sale may be for you. You can get more information, by going to http://www.inlandempireshortsaleresource.com/.

-Mayer Dallal

What's Up With Short Sale Fraud?

It's simply criminal that second lien holders are asking for money outside of the closing in order to make up for some of the money they aren't getting.  Second lien holders usually get a specified amount that is negotiated out of the proceeds with the first mortgage holder.  However, the second lien holder is always last on the list to get the benefits of anything.

However, it doesn't mean that they should prompt actions that are illegal.  RESPA says it's illegal and so do I. I know how hard I work for my clients, and this just outrages me to no end.  The only thing we can do is work towards a better process and hold people accountable.  I know I do!

-Mayer Dallal

What is a Strategic Default?

With all of the discouragement and financial hardship, it’s really easy to just throw in the towel. Walking away from your home isn’t the answer.


I have seen families walk away from their home thinking that would be so much easier, but it really just makes things worse. Walking from your home and moving out to let it sit will put you in a position of devastation and heart break. By planning what is called a “strategic default”, you could ruin your credit for years, and eliminate the possibility of homeownership.

A strategic default will have the same affect on you that a foreclosure will, but it happens a little bit differently. The strategic default is when someone is planning to just walk away and they allow this to happen. They knowingly move out and let everything go.

A foreclosure happens when someone has been struck by hardship whether it’s a job loss, high medical expenses, or even a divorce. No matter what has happened to you there are options.

For more information go to www.inlandempireshortsaleresource.com, or call me at (310) 498-2700.

An FHA Checklist for You

When applying for an FHA loan, here are a few things you will need to bring with you to your appointment.


1) Make sure we have your residential address for the past two years.

2) We need your social security number in order to pull your credit report.

3) Names and addresses of your employers over the past two years as well.

4) We will need to know your gross monthly salary at your current job. If you work more than one job we will need that information too, so we can include that in your income.

5) We will need all pertinent information to your checking and savings accounts.

6) We need any pertinent information for any loan you are currently paying on; that includes any installment loans, mortgage loans, and credit cards.

7) All information pertaining to other real estate you might own; this would include rental property, commercial property etc.

8) An approximate of all personal property is helpful, because if you own anything of value, the lender will consider that as security for your loan.

9) If you are a veteran, we will need your certificate of eligibility. This form is also known as a DD-214.

10) Your two most recent paystubs and w2’s for the past two years. We need to make sure that we are looking at the correct year-to-date income for you.

11) Personal tax returns over the past two years are required if you are self-employed, and a business balance sheet is helpful.



This is the documentation that is necessary to help get your loan started. Over the process we may need more documentation as everyone’s needs are different.