Are you considering a short sale?

Whether you are contemplating strategic default or facing financial hardship, it's best to have all the information and assistance you need. Start by investigating all your options here.

Short Sale Info

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What are the out-of-pocket costs of a short sale?

The AZ Short Sale Team does not charge any upfront fees and all REALTOR® commissions and closing costs are paid for by the lender from the proceeds of the sale. If included in the purchase contract, most lenders will also allow up to 3% of the purchase price to pay for the buyer’s closing costs…

How will a short sale affect my credit?

credit

A short sale will affect your credit in two ways. First, a short sale will be reported to the credit bureaus as an account settled for less than the amount owed and will remain on your credit report for seven years. Second, any loan payments that are more than 30 days late will have a…

What about the tax consequences?

Normally, debt forgiveness results in taxable income, but under the Mortgage Forgiveness Debt Relief Actenacted in 2007, taxpayers may exclude debt forgiven on their principal residence if the balance of their loan was less than $2 million. This law applies to debt used to buy, build or substantially improve a principal residence or to refinance…

Am I eligible for a short sale?

The short answer is YES. Anyone who owns a property with negative equity is eligible for a short sale. Financial hardship is the most common reason for pursuing a short sale. However, there are many different reasons and circumstances that may lead a homeowner to consider a short sale. If any of the following describe…

Wouldn’t it be easier to just “walk away”?

It is true that the majority of foreclosures in Arizona take place through a trustee sale which is a relatively quick, easy and painless process when compared to the judicial foreclosures most often used in other states. This is not, however, a “get out of jail free card.” The foreclosure itself may actually be easier…

Am I protected by the Arizona anti-deficiency statute?

The phrase “anti-deficiency statute” is typically used to refer to the laws that protect residential borrowers from liability for any deficiency balance remaining after foreclosure. In Arizona, most residential loans are secured by deeds of trustrather than mortgages. The term “mortgage” is, however, commonly used to refer to the loan against a property. There are…

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Data last updated 5/18/12 12:23 AM PDT.

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