Arizona Association of Realtors New Short Sale Seller Advisory
There is a new document put together by legal counsel for the assocition. There are some really good tools included for Arizona homeowners who are considering a shortsale or who are simply trying to avoid foreclosure. Included in this document, are links to many government assistance agencies, including a link to the Arizona State Task Force Foreclosure Workbook. This is a must read and must complete workbook if you are truly looking for options.
If you or someone you know could benefit from this information, please be sure to pass this blog post along and contact Lynn at 623-238-3875 or email at: lynn@ValleyREadvisor.com
The Short Sale Seller Advisory contains 3 main sections of information.
1. Before proceeding with a short sale -
- Understand A Lenders 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
- Obtain Legal Advice
- Obtain Tax Advice
2. Options other than Short Sale -
- Loan Workout
- Loan Modification
- Refinance
- Deed-in-lieu of foreclosure
- Workout Sale
- Bankruptcy
- Foreclosure
3. Short Sale Considerations
- Contact a qualified real estate professional
- Investigate documention and eligibility
- Determine the amount owned on the property
- Determine the fair market value of the property
- Consult legal counsel
- Understand that the 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 short sale forms
Lynn Otlewski
623-238-3875
lynn@valleyreadvisor.com
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