Archive for the ‘Short Sale’ Category

As Some Real Estate Markets in the US Recover, Investors Drive Home Prices Up

18 May 2012 by arizonabankruptcy  |  Foreclosure Issues, Real Estate, Short Sale, Uncategorized  |  No Comments

Real-estate markets in the US have started to recover from their collapse several years ago. Arizona’s housing market has undergone one of the fastest recoveries in the nation, but unfortunately, that doesn’t mean good news for potential home buyers. Bargains are hard to find anymore. Real-estate investors have already bought the houses at low prices and are now increasing them. One such real estate investor, Tucson firefighter Keith Kubberley explains that “homes that would have sat on the market a couple of years ago are now getting multiple offers.” According to an article by Ted Robbins of NPR.org, “Phoenix-area median home prices rose 20 percent over the past year.”

How Will Potential Homebuyers Know When it is Safe to Buy a Home?

4 May 2012 by arizonabankruptcy  |  Bankruptcy Process, General Bankruptcy, Short Sale  |  No Comments

Though Arizona’s housing market is recovering faster than most states in the nation, prices for homes are still high and inflation remains to be a concern for most potential homebuyers. Houses are like any other functional consumer good, and their prices are affected by short-term supply and demand as well as long-term inflation.

Time Is Running Out to Escape Distressed Property

19 April 2012 by arizonabankruptcy  |  Bankruptcy Process, Distressed Real Estate, Foreclosure Issues, Short Sale, Tax Liability  |  No Comments

It can be surprising to learn that after debts owed to a bank or individual are canceled, income taxes can still remain. This issue comes up frequently in connection with escaping distressed real estate. Following a foreclosure or short sale, it is not uncommon for a bank to issue a 1099 to the borrower and the IRS indicating the amount of debt canceled. The amount of debt cancelled may result in significant tax liability.

Pitfalls in Escaping Distressed Real Estate in Arizona

17 April 2012 by arizonabankruptcy  |  Bankruptcy Process, Distressed Real Estate, Foreclosure Issues, Short Sale  |  No Comments

Since the real estate market began to decline in 2006, followed by its dramatic crash in 2007, I have counseled many hundreds of individuals needing to escape distressed or underwater properties. There are several common elements in the concerns of those homeowners. Some have wanted to attempt a short sale, others preferring to simply allow foreclosure to occur. Over the past few years I have become increasingly convinced that most owners’ concerns are based on three crucial questions which must be answered when determining whether or not it’s possible, or even advisable, to attempt to dispose of a distressed property.

Deciding Between Short Sale and Bankrtuptcy for your Home in Arizona

14 December 2011 by jacksonwhite  |  Bankruptcy Process, Foreclosure Issues, General Bankruptcy, Short Sale  |  No Comments

Due to the unprecedented real estate market, many people are facing the very difficult question of whether to let their underwater homes go by short sale, foreclosure, or surrendering the home during bankruptcy. In many cases a short sale may be the best option; however, in cases that involve recourse loans, it may be in your interest to surrender the home through bankruptcy.


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