Billie Ward - Yuma Arizona Real Estate Expert GETTING YOU HOME SOONER!

Selling a Home in Yuma, Arizona


 


Selling your home is an involved process that affects your family and your future.  Before you begin this process, you'll want to ensure that you have the most up-to-date information.  When should you sell?  How do you get the best price? What kinds of renovations should be made prior to the sale? 

These home selling reports will assist you in answering the many questions that arise during the home selling process.  When you're armed with the right information, and an experienced real estate professional, you'll be closer to reaching your goal - selling your home fast, and for the best price.

Please contact me if you have any questions about selling your Yuma home. 

Below, select desired reports and complete the form provided.

The Right Selling Price
When you’re selling your home, the price you set is a critical factor in the return you’ll receive. Learn several factors to base the assessment of your home.
Common Selling Mistakes
Learn the top nine selling mistakes and what steps you can take to avoid them.
Selling Your Home - Where Do You Begin?
Remember what first attracted you to your house when you bought it? What excited you about its most appealing features? Now that you're selling your home, you'll need to look at it as if you were buying it all over again.
First Name: 
Last Name: 
Email: 
Phone: 
Comments: 
 
* * Maximum of 2000 characters


Short Sale Information


Common Short Sale and Foreclosure Questions

By Richard V. Mack, Esq.

Short sales and foreclosures are becoming common place in our market. We are consistently asked questions by owners and agents alike about the Arizona anti-deficiency statutes and the tax consequences of a foreclosure or a short sale and deed in lieu. This article answers the two most common questions we receive.

When do the Anti-Deficiency Statutes Apply?
For the anti-deficiency statutes to apply, three requirements must be met:

  1. The property at issue must be a duplex or a single family residence;
  2. The real property must be two and one-half acres or less; and
  3. The loan at issue must be a purchase money mortgage.

A purchase money mortgage is one where the loan proceeds are used to acquire title to the property. A refinance of a purchase money mortgage is also considered a purchase money mortgage for purposes of the statute. A HELOC that is obtained after the close of escrow is generally not considered a purchase money mortgage.
  
Assuming all three of these requirements are met, the Arizona anti-deficiency statutes apply. What this means is that the lender’s remedy will be limited to regaining possession of the real property at issue through a foreclosure process or otherwise. If the anti-deficiency statutes apply, even if the amount due to the lender exceeds the value of the property, the lender may not pursue the borrower for the difference or deficiency.

What are the Tax Consequences of a Short Sale or a Foreclosure?
Generally, when a lender is unable to collect the full amount due on a note, this forgiveness of debt constitutes a taxable gain for the borrower. The theory is that the borrower is paying less than the full amount originally received when the loan was funded. Thus, where a lender is collecting less than the full amount due on the mortgage, either through a short sale, a deed in lieu of foreclosure or because of the anti-deficiency statutes, there will typically be a taxable gain for the borrower. The taxable gain is the difference between the amount owed to the lender and the amount received by the lender. Many lenders have been and will be issuing a Form 1099 to borrowers for this debt forgiveness. Under certain limited circumstances the Mortgage Forgiveness Debt Relief Act of 2007 may eliminate the consequences of this gain.

The information set forth in this article contains general rules only. It should not be construed as legal or tax advice. If you or your clients have any specific questions based on their specific circumstances, please consult your legal and/or tax advisor.


Contact Me


        

Billie Ward
928-342-3420(Office)
928-920-0513(Other)
(928 580-9468(Cell)
(866) 800-7950(Fax)

11665 S. Fortuna Rd.
Suite D
Yuma, Arizona, 85367
United States


Home  |  Our Listings  |  Search MLS Listings  |  Home Search  |  Home Evaluation  |  Calculators  |  Buying  |  Selling   |  About Arizona  |  1st Time Buyer Tax Credit  |  Utilities  |  Loan Checklist
Contact Me
 

Privacy Policy  |  Site Map  |  Profile  |  Sign In

Choose language: