If you have job move and you need to go through the process of short sales in Arizona. The main question that should be on your mind is…
Am I screwed?
Listen to this 22 minute interview of Kitt Kritchlow, president of Arizona Short Sale Company, as he explains the 3 things you must know…
- Click Here to Listen Online
- Click Here to Download & Listen on the go [mp3]
Former Engineer Creates a Home Owner Blueprint For Short Sales In Arizona
“I highly recommend that each homeowner have somebody who is very versed in Arizona Deficiency Statutes to give them a consultation and explain what their potential deficiency issues might be,” explains Kitt Kritchlow, president of Arizona Short sale company, during the interview regarding short sales in Arizona.
Kitt Kritchlow (center kneeling)
“The tax consequences of a short sale or a foreclosure generally are very similar. The only difference is there might be a slight difference in the dollar amount owed.
“But whether the house ends up going to foreclosure or you end up doing a short sale prior to foreclosure, the lender is required by law, if they write that deficiency off on their books, meaning they accept that as a loss, to send the homeowner a 1099-C for debt cancellation.
“That 1099 must be filed with your next tax return for whatever year the sale was complete or the foreclosure was complete, you must file that 1099 with that year’s taxes.
So the big question is what does that mean in terms of income tax for that person?”
This is why homeowners, who may need short sales in Arizona, must understand the Mortgage Forgiveness Debt Relief Act of 2007 before it expires. Check out this short sale seller advisory information offered by the Arizona Department of Real Estate.
Conversation with Kitt Kritchlow – KJAM Radio Show Notes:
- How did Kit get into Short Sales in Arizona
- Sell Short & Win! Key Things Every Homeowner Must Know
- Anti Deficiency Arizona Avoiding Pitfalls
- It Takes 7 Months! How To Avoid Buyer Cancellations
- If You Could Go Back and Give Career Advice To Your Younger Self What Would You Say
- The Ultimate Short Sale Plan – 3 Questions You Must Answer Correctly