Send us your questions and we will post them here with the answer.

Short Sale FAQ's (ARMLS Answers)

1. What are the list price requirements for a Short Sale?
       
    Answer:  Rule 8.11 of the ARMLS Rules and Regulations states:  Listing Price specified. The full gross listing price stated in the listing contract will be included in the information published in the MLS compliation of current listings unless the property is subject to auction. If a property will only be sold by auction, the Listing must state whether the Listing has a reserve price or that the property will be sold at auction without reserves. 

        What does all that mean?  The rule only calls for the listing to have the same price that was agreed upon in the listing contract. The price could also have been modified via a price change form. There ar no other special rules governing the list price of a Short Sale Property.

2. Isn't the agent beinig unethical by listing the property for a price below what they or the lender will accept? 

    Answer: ARMLS Rule 17.2 states: Complaints of Unethical Conduct and Arbitration Requests. ARMLS may refer compliants of unethical conduct and requests arbitration to the Association from which the Subscriber receives MLS service. 

        What does this mean?   If you feel that another agent has been unethical in dealing with you or your clients, you or your client may file an ethics complaint with the local association. ARMLS does not hear ethics complaints, nor does ARMLS directly file complaints with the local associations. An ARMLS referral means that we will inform the Subscriber, when appropriate, of their option to file an ethics complaint with their local association.

3. As a buyer, I would like to know how my agent gets paid?

Answer: All commissions are negociated with the seller of the home when the home is listed. It does not matter what type of sale it is, short sale, bank owned or owner occupied home, all commissions are paid for by the seller of the home. In essense the buyer gets to work with an agent for free.  Pretty cool.

4. As a buyer should I get a home inspection?

Answer: The short answer is YES. No matter if it is an "AS IS" purchase or not, it is always a good idea to get an inspection so you know what is wrong with the house before spending your money. If there is a major problem with the home wouldn't you like to know before closing the deal?


5. What are my alternatives to foreclosure?

Answer:  I am going to defer this question to a friend, Mr. Mark Taylor, he is a mortgage broker and has a website that answers this better than I can in this limited space, his link is "The foreclosure process"



Send us your questions to damcintosh@blueskyaz.com



Arizona Blue Sky Realty
15661 W Roosevelt St.
Suite 105
Goodyear, AZ 85338
623.853.0925
1-877-892-5832
Fax 623.925.4785

The Intelligent Choice!


Content copyright . Arizona Blue Sky Realty. All rights reserved.