Legal Question in Real Estate Law in California

I'm going to short-cut all your questions with an answer to one you haven't asked: "is there any reason I should do a short sale rather than just let the bank foreclose." The answer to that question is, "No, there is absolutely no benefit to a home owner in California going to all the trouble of a short sale, rather than just letting the lender foreclose." The lending industry and real estate agents and brokers have convinced home owners that their credit will not be harmed as much by a short sale as by a foreclosure. This is absolutely untrue. Fair Isaacs is the company that owns the proprietary algorithms used by all credit reporting agencies. They have gone on record saying that their algorithm scores a foreclosure and a short sale EXACTLY THE SAME. The only ones who benefit are the real estate agents who get a commission, and the lenders who get more of the debt paid than if they sold it at a foreclosure sale, or have to take title to the property and sell it themselves, and they shift the burden of disclosures and everything else onto you by convincing you to sell the property for them.

While Mr. McCormick's answer may completely handle your situation, I'll add some answers to the questions as asked: As to the names question, Civil Code section 1096 sets forth how name changes during ownership must be handled when selling real estate. As to banks as entities on title, perhaps; ask your realtor whether the circumstances require it in your case. As to the repair, it would be prudent to disclose it and under your facts I can't see it being an issue for most buyers. However, this may all be moot if you follow Mr. McCormick's advice, with which I agree, if it isn't too late.