It's no secret that Short Sales and Foreclosures are a huge market factor nationwide, and for once, Sedona and the Verde Valley are no exception. The impact of these distress sales is significant for both Buyers and Sellers, and a satisfactory experience with either type of transaction requires special expertise and patience.
The first step is education, and understanding where the pitfalls lie. Having an experienced professional on your side can make all of the difference in successfully navigating a Short Sale or Foreclosure.
The following videos will give you a brief introduction to some foreclosure alternatives you may wish
to consider. There is a wealth of information on the web, but you'll want to obtain professional
advice in order to determine the best course of action for your own circumstances.
It is essential to understand that "Real Estate is Local": Arizona has anti-deficiency statues that
*may* apply to protect you from liability for the deficiency amount in a Foreclosure or Short Sale of
an Arizona Property, providing it meets certain requirements. IT IS VERY IMPORTANT TO CONSULT
WITH A QUALIFIED REAL ESTATE ATTORNEY AND A CPA WHO PRACTICE IN THE STATE WHERE THE
PROPERTY IS LOCATED! There can be significant tax and/or legal implications to any mortgage
workout solution, including Loan Modifications, Deed-In-Lieu of Foreclosure, Foreclosure and
Short Sales. What is best for someone else might not be best for your particular circumstances.
If you need help finding legal or tax professionals who can help you review your options,
please contact Beth Larsen.
Guide to Avoiding Foreclosure from HUD
Freddie Mac "Foreclosure Scam 101" video
For information about HAMP, the Home Affordable Modification Program guidelines for loan modifications, please visit Freddie Mac's website.