The information in this Advisory is provided with the understanding that it is not intended as legal or other professional advice. These materials have been prepared for general informational purposes only. The information and links may not be updated or revised for accuracy. If you have questions or need advice, please contact an attorney and your tax advisor.
Outline of the Short Sale Seller Advisory (View Actual Document for Details.)
Before Proceeding with a Short Sale
Before Proceeding with a Short Sale
- 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
Options Other Than a Short Sale - Consider All Options (A short sale may not be your best course of action.)
- Loan Workout
- Loan Modification
- Refinance
- Deed-in-Lieu of Foreclosure
- Work Out Sale
- Bankruptcy
- Foreclosure
Short Sale Considerations
- Contact a Qualified Real Estate Professional
- Investigate Documentation and Eligibility
- Determine the Amount Owned 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 (Contact me if you would like a copy.)
For More Information, Visit:
- The Arizona Department of Real Estate Website: http://www.re.state.az.us/
index.html - AAR's Consumer Foreclosure Assistance Links: www.aaronline.com/documents/
ForeclosureLinks.aspx
If you or someone you know is underwater and are considering doing a short sale, please contact me. I would be happy to assist you in any way I can.
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