Today we are exploring the Short Sale Addendum to the Listing Contract. This a form home sellers in Arizona sign when selling their home by short sale. This is a separate form from the short sale addendum a buyer would sign when purchasing a short sale home.
The general purpose of this form is to educate home sellers about the financial, tax and legal concerns when selling your home by short sale. It is a very important and informative document.
Below is a video overview of the short sale addendum designed to provide a sense of the form. We hope you find this educational and informative.
If you would like more information about short sales, please visit our dedicated short sale site: www.short-sale-phoenix.com.
I got a call from News Channel 12, KPNX, yesterday. They wanted to discuss the rental investment market in the greater Phoenix area.
Reporter Melissa Blasious came to my office at Realty Executives Center Pointe where we had a nice chat. Martha Zabala, a property management specialist, joined the discussion as we talked about the mistakes many novice investor make including:
Failure to conduct tenant background checks also known as tenant screening.
Waiving security and pet deposits.
Not having a business plan in place.
Lacking understanding of landlord/tenant law.
Little to no financial reserves.
Believing tenants will show up if you simply put a sign out.
The interview was written up on AZCentral.com and carried by video on the ten o'clock news. (see below)
I really like Mellissa Blasius' work. She asks thoughtful questions and has a charismatic zest that's compelling. This link below will take you to the video news article shown on September 14, 2009.
Gene Urban The Urban Team at Realty Executives 602-234-5777
For more information about the rental market and being a landlord, visit our Real Estate Investing 101, our investment blog site.
Many home buyers are attracted to bank owned homes and short sales for their low prices. As part of the purchase offer, most of the banks/sellers are asking the buyer to sign an AS IS addendum to the contract. So what the heck is this AS IS thing?
We've created a short video introduction to the As Is addendum created by the Arizona Association of Realtor's and used in AAR Purchase Contracts. The video highlights parts of the addendum. We recommend you read and understand the entire document before signing. If you have questions or concerns, we encourage you to seek qualified counsel.
We hope this video has been of help. Please look for other educational videos on this site and check back often as we update the site several times per week.
Many people ask us, "What is an LSR?" We could answer lipolysis stimulated lipoprotein receptor, however, we think most people are referring to a real estate addendum called a Loan Status Report.
Simply stated, the Loan Status Report (LSR) is a standardized pre-approval letter a lender provides for purchasing residential real estate in Arizona. Prior to the creation of the Loan Status Report lenders would supply a pre-qualification letter that varied in content and quality of information. The LSR provides a form for information deemed important to both buyers and sellers of residential real estate.
Some ask if having an LSR is mandatory when financing the purchase of residential real estate in Arizona. It is only mandatory if one is using the ADRE Purchase Contract to write and submit your offer. Since most residential real estate purchase contracts are written using the ADRE form, a LSR is commonly required.
Below is an introduction video provided to help you better understand the LSR document. If you have questions about this or any document used in a real estate transaction, we recommend you contact qualified counsel.
We hope this post and video have been of help. If you have questions, know we are delighted to be of help.
