Despite the improving market, short sales are likely to be with us for awhile. Here’s what Mike Orr had to say about short sales in the Phoenix metro area in his March 2012 report for the Center for Real Estate Theory and Practice at ASU:
“Most lenders have recently encouraged homeowners facing financial hardship to use short sales as a preferred alternative to foreclosure. Consequently we have seen single family short sales volumes grow by 18% over the last year. Short sales and pre-foreclosures represent about 19% of single family home sales, up from 15% in March 2011.”
Have you taken advantage of the short sale resources available to you through AAR? Here are a few highlights:
Legal Hotline Q&As on Short Sales
When Arizona brokers have questions, they call the AAR Legal Hotline. Each month, AAR publishes the best questions and counsel’s answers in our monthly magazine. These Q&As are broken out by category on our website–and short sales is a popular topic.
Short Sale Forms
In addition to the Short Sale Seller Advisory, AAR offers three forms specific to short sales: the Short Sale Addendum to the Listing Contract, the Short Sale Addendum to the Residential Resale Real Estate Purchase Contract and the Agreement Notice Pursuant to the Short Sale Addendum (new in February 2012).
FAQ on Short Sales & Commissions
AAR General Counsel Michelle Lind addresses common questions she receives about commission issues.
Arizona Real Estate Book
The second edition of AAR General Counsel Michelle Lind’s book, Arizona Real Estate: A Professional’s Guide to Law & Practice, has a new section on short sales. You can download an e-book version to your phone, tablet or e-reader for just $9.99. (A hard copy is $21.99 plus shipping.)