Here is a recap of a continuing education class on Arizona short sales and Arizona foreclosures. …
Here is a recap of a continuing education class on Arizona short sales and Arizona foreclosures. It listed the statutes in Arizona that are designed to protect the Debtor from a deficiency judgment. Unfortunately there are no statements that can be definitive and apply to all situations. Each situation is unique with it’s own set of facts and there are different interpretations made by different lawyers as well as different judges that help complicate matters.
There is information that can be accessed through the internet as well as given to you by Realtors that are helpful tools, but with this much at stake, you need the guidance and advice of a professional. A good real estate attorney and CPA can help advise and explain the possibilities and consequences of a short sale or a foreclosure. Realtors are not qualified to give any legal or tax advice. Although there are many that have taken classes and received designations as specialists in the areas of short sales or foreclosures, do you really want to rely on an individual that is not trained in that discipline? Case laws and statutory laws can change and evolve and a good lawyer or CPA would be more likely to be current on the most up to date information.
Please don’t take this as a knock on Realtors, but as advice if you are in a position of facing an Arizona short sale or an Arizona foreclosure. You should consult a Realtor but you should also consult an attorney and maybe a CPA. Don’t let a real estate agent let you believe that they can help you without the assistance of other professionals.
Dominion Real Estate Partners, LLC