Real Estate Homes Blog 
NEW LAW AFFECTING ARIZONA FORECLOSURES by Jeffrey Austin
Wednesday, July 15th, 2009 at 7:50pm. 143 Views, 0 Comments.
A New Law that WILL affect our clients in Arizona.
Just when we thought we had a handle on the Arizona Anti-Deficiency Statutes, they have changed
the rules that have been in effect since 1990. On July 10, 2009, the Governor of Arizona signed into law an amendment to Arizona's anti-deficiency statutes. The new law goes into effect September 30, 2009 and limits the protection previously given to investors and homeowners. This is what we know so far....
Under the current statutes, most homeowners are protected from being sued after foreclosure by their lender for any unpaid balance of the loan, i.e. deficiency, if the home was "utilized" as a single family …read more
SHOW SHORT SALES TO YOUR BUYERS-WHAT QUESTIONS TO ASK!!! by Jeffrey Austin
Monday, June 8th, 2009 at 1:01pm. 180 Views, 0 Comments.
When writing an offer on a short sale home, it is critical to ask the listing agent the right questions. It can save you and your client a tremendous amount of time and disappointment as well as keeping your client, YOUR CLIENT.
Which bank are you dealing with? The more information you have about the bank, the better time line you can give your buyer.
How many mortgage liens are on the property? If you are dealing with more than one lender, depending on the loans, the short sale may never work.
What is your submission process with multiple offers? Your local board will have very specific rules which you as the buyer’s agent should know, as …read more
NEW FEDERAL LAW REGARDING FORECLOSURE PROPERTY PURCHASES by Jeffrey Austin
Monday, June 8th, 2009 at 12:10pm. 236 Views, 2 Comments.
To our knowledge on May 20, 2009 President Obama signed a federal law which is suppose to protect the rights of tenants upon a successful closing of escrow for an Arizona Trustee sale.
It pertains to a “Bona Fide” Tenant that currently resides in the property prior to the transfer of title. A “Bona Fide” Tenant is one who is not an immediate relative of the seller and is paying fair market rent.
Apparently, if the tenant does not have a signed lease, is month to month and even if the buyer is purchasing the property as their primary residence, 90 day notice of termination to the tenant will be required.
Please be sure to disclose this to …read more