A big concern in today’s market is how advice and suggestions are given to sellers when they need to sell their house that is underwater. Underwater means more money is owed on a property than its current market worth.
Often agents are asked to explain foreclosure/REO transactions. they are asked if a short sale is what they should do. Clients want to know which method of selling their property is best for there situation.
Clients want and need good advice, and have a right to expect agents to advise them. The problems arise when agents go beyond their level of expertise and legal capabilities. The Arizona Association of REALTORS®, through their legal counsel Michelle Lind, worked with the Department of Real Estate Short Sale Committee to develop the “Short Sale Seller Advisory” that is now available.
What you can expect in the form.
discussion of lender options,
discussion of scams and fraud,
directions to information for websites and telephone contacts for legal advice, tax advice and helpline services that are available,
discussion of options other than short sales including but not limited to Loan Modifications, Deed-In-Lieu of Foreclosures, Foreclosures, and Bankruptcy.