Arizona Department of Real Estate creates a Short Sale Seller Advisory

January of 2010 the Arizona Department of Real Estate created a Short Sale Seller Advisory.  This is a very helpful document that Real Estate agents can share with their Sellers who are considering a Short Sale on their home.  Much thought and consideration went into the preparation and below is a hyperlink to the document and the bullet points of what it covers.  Other states that don't already have a Short Sale Advisory for their Real Estate agents could look to Arizona for helpful guidelines in developing their own.

Many of the headings in addition to an explanation have their own hyperinks for more clarification, direction and understanding.

http://www.aaronline.com/documents/ssseller_advisory.pdf

Before Proceeding with a Short Sale

     Understand a Lenders Options upon Loan Default

     Be Aware of Pedatory "Rescue" Scams and 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"

Options other than Short Sale

     Consider All Options

     Loan Workout

     Loan Modification

     Refinance

     Deed-in-Lieu of Foreclosure

     Work Out Sale

     Bankruptcy

     Foreclosure

Short Sale Considerations

     Contact a Qualified Real Esate 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

For More Information, Visit:

More and more home owners may need to consider a Short Sale.  Hopefully, an Advisory such as this can help owners across the nation make an informed decision about how to proceed.