Short sales, also known as pre-foreclosure sales, can be an option for homeowners facing the possibility of foreclosure. The Arizona Department of Real Estate and the Arizona Association of Realtors® have put together the Short Sale Seller Advisory to address issues and risks involved when doing a short sale. The Advisory covers three key areas;
- Before Proceeding with a Short Sale - covers topics such as; Obtaining legal and tax advice, How to contact a free HUD-approved housing counselor, and things to investigate before doing a short sale.
- Options Other than a Short Sale – covers Loan Workouts, Loan Modification, Refinance, Deed-in-Lieu of Foreclosure, Workout Sale, Bankruptcy, and Foreclosure.
- Short Sale Considerations – covers actions a seller should take if they decide to do a short sale.
The Short Sale Seller Advisory does a good job of touching on the key issues a homeowner should consider when facing the possibility of foreclosure and providing links to additional resources. Not all short sales are the same and, like the Advisory, I highly recommend consulting a Realtor with short sale experience and an attorney and tax advisor.
Additional resources:
- Short Sale Addendum to the Listing Contract
- Short sale Addendum to the Residential Resale Real Estate Purchase Contract
Foreclosure can be extremely stressful. If you would like more information on doing a short sale please feel free to call or email me 480-820-0043. The advice is free and I’m a good listener.
