The Arizona Short Sale Advisory - tool for consumers
Short sales are plaguing the real estate market. Here in Arizona a Short Sale Advisory has been generated by the Arizona Association of Realtors. This advisory provides valuable information for a short sale real estate transaction. In addition to the information included in the Short Sale Advisory itself, there are multiple hyperlink references for web sites with additional assistance and guidelines.
The Arizona Short Sale advisory has been an example to the rest of the country for providing the consumer with needed information to answer their short sale questions as well point the homeowner to resources available to them. The Short Sale Advisory not only provides specific information related to a short sale but also give a homeowner options to consider regarding lenders and their loan. The advisory alerts the homeowner that a short sale is a complicated transaction and gives them links for attorneys and tax consultants who can give the homeowners advice for their specific situation.
Although the Arizona Short Sale Advisory is not intended to be comprehensive,
it is a excellent tool for the consumer! Check it out.
Arizona Short Sale Advisory
Some of the topics covered in the Advisory:
- Understand a Lender’s Options upon Loan Default
- Be Aware of Predatory “Rescue” Scams & Short Sale Fraud
- Contact a free HUD-approved housing counselor or contact your lender directly
- Utilize free services available to Arizona residents
- Obtain Legal Advice
- Obtain Tax Advice
- Be aware of the Consequences of Committing “Waste”
- Consider All Options such as: loan workout, loan modification, refinance, deed in lieu of foreclosure, work out sale, bankruptcy and foreclosure
- Contact a qualified real estate professional
- Investigate documentation and eligibility
- Determine the amount owed on the property
- Determine the estimated fair market value of the property
- Consult legal counsel
- Understand that a short sale may not discharge the debt
- Obtain tax advice
- Be aware of the impact on your credit score
- Understand that there may be a waiting period before you can buy another home
- Review the Arizona Association of REALTORS® (AAR) short sale forms
If you are considering a short sale, feel free to contact us to assist
you with the marketing and sale of your home.
garyandclaudia@cox.net
480-948-0550