New from the AAR and ADRE: Short Sale Seller’s Advisory

A big concern in today’s market is how we handle advice and suggestions to our seller when they have to sell their house but it is worth less than they owe on it.

Often we are asked to explain foreclosure/REO transactions. We are asked if a short sale is what they should do. Our clients want to know which method of selling their property is best for them.

At our annual Kick-Off event, Rick Mack, a prominent real estate attorney here in Arizona, addressed some of these concerns. He said our clients need good advice, and have a right to expect us to advise them. The problems arise when we go beyond our level of expertise and legal capabilities. He told us then that the Arizona Association of REALTORS®, through their legal counsel Michelle Lind, was working with the Department of Real Estate Short Sale Committee to develop the “Short Sale Seller Advisory” which would be available soon.

Well – it’s here!!!!!! (Link to: Arizona Short Sale Advisory PDF)

The form will soon be available through AAR, as a Quick Link from our John Hall & Associates Intranet and added to the Phoenix Real Estate Toolbar.

What we love about the form is that:

• it talks about lender options,
• it discusses scams and fraud,
• it gives directions to information for websites and telephone contacts for legal advice, tax advice and helpline services that are available,
• it discusses options other than short sales including but not limited to Loan Modifications, Deed-In-Lieu of Foreclosures, Foreclosures, Bankruptcy………….

AND MORE!!!!!!!!!

We strongly suggest you begin using this form immediately along with the Short Sale Addendum to the Listing Agreement and the Short Sale Addendum to the Residential Resale Real Estate Purchase Contract. It is a great step in the right direction to help and inform our clients.