The Investment Real Estate Corner » arizona real estate http://www.investmentrealestatecorner.com "Down-To-Earth Advice & Tips For Folks Who Like Their Day Job & Real Estate" Wed, 01 Feb 2012 05:11:05 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Understanding The Rules of Short Sales In Arizona – with Kitt Kritchlow http://www.investmentrealestatecorner.com/2011/05/short-sales-in-arizona-kitt-kritchlow-speaks/ http://www.investmentrealestatecorner.com/2011/05/short-sales-in-arizona-kitt-kritchlow-speaks/#comments Tue, 31 May 2011 19:49:40 +0000 Kendall Matthews http://www.investmentrealestatecorner.com/?p=3409

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…

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.

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

 

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]]> http://www.investmentrealestatecorner.com/2011/05/short-sales-in-arizona-kitt-kritchlow-speaks/feed/ 0 8 Dates You Must Know For Arizona Real Estate Tax Liens http://www.investmentrealestatecorner.com/2009/02/8-dates-you-must-know-for-arizona-real-estate-tax-liens/ http://www.investmentrealestatecorner.com/2009/02/8-dates-you-must-know-for-arizona-real-estate-tax-liens/#comments Thu, 05 Feb 2009 22:43:08 +0000 Kendall Matthews http://homeessential.com/investmentrealestatecorner/?p=371

Mark Manoil wrote a book called, “Arizona Property Tax Lien Primer. Below are important property tax time frames that you must remember. If you want to be involved with Arizona real estate tax lien investing, you will probably want to bookmark this page.

Arizona Tax-lien timeline

January, Year 1 - A lien for taxes is attached to the property, even though the amount of taxes due will not be determined until the next fall. The county assessor notifies each property owner of the property’s assessed value.

August-September, Year 1 - The County Board of Supervisors approves the property-tax rate, and residents receive their annual property-tax bills.

October, Year 1 - The first half of the property-tax bill is due.

April, Year 2 - The second half of the Year 1 property tax is due.

December, Year 2 - The county treasurer compiles for publication a list of all parcels with delinquent property taxes.

January, Year 3 - The Treasurer’s Office has the list published in a local newspaper and on the Internet.

February, Year 3 - An online auction is held to sell the tax liens to investors. Bidders compete for the best interest rates, with bids starting at 16 percent. Any liens not sold to investors are “struck” to the state of Arizona but can be sold at subsequent auctions.

February, Year 6 - Lien investor can seek a judgment in court for foreclosure of the tax-delinquent parcel if the investor still has not been repaid with interest.

I plan on interviewing folks who have been successful in real estate tax lien investing, so come back soon.

Moving Forward,

Kendall E. Matthews

P.s. I’m creating a Best Resources Guide for Self-Directed IRA information, would like a copy of it when I’m done?

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]]> http://www.investmentrealestatecorner.com/2009/02/8-dates-you-must-know-for-arizona-real-estate-tax-liens/feed/ 0 Myths About Buying Foreclosures http://www.investmentrealestatecorner.com/2008/01/myths-about-buying-foreclosures/ http://www.investmentrealestatecorner.com/2008/01/myths-about-buying-foreclosures/#comments Fri, 18 Jan 2008 02:58:31 +0000 kendallmatthews http://kendallmatthews.wordpress.com/2008/01/18/myths-about-buying-foreclosures/

This year thousands of homeowners will step into the abyss of having their homes foreclosed. The number of folks who think that buying foreclosures is easy, is staggering.

But that is simply not the case. There are so many things that can go wrong when trying to purchase a foreclosed property. Foreclosures simply aren’t easy to buy!

One of the things that makes’ it difficult, is the uncertainty of communication. There are multiple layers of red tape you have to go through just to get to a decision-maker.

Here are my five Keys to buying a foreclosed property:

1. Don’t assume–no matter what the list price is, do your own comparables. Talk with the neighbors, they might know something about the property that the bank doesn’t know, and wouldn’t tell you if they did.

2. If you want a smoking deal then search for properties that have been on the market for over 200 days then offer 20-30% less than what they are listed at. Just because it is a bank has it listed at a certain amount, doesn’t mean they know how to price properties to sell.

3. Treat your real estate agent as your best friend… even if they aren’t, because you will be talking with them often. Many times they don’t know what’s going on with the bank either… so you might as well be on the same page with them.

4. Don’t be intimidated by the banks seller addendum’s. They aren’t scary… just lopsided because they want all the terms to be in their favor.

5. When you feel like it is a big hassle and you want to quit, repeat three times; “I like helping to pay my landlords mortgage payments!

You have to be patient in dealing with banks, it could take between four to six weeks just to get a response from the banks about your offer. If you’re renting, it’s best to get a month-to-month extension because when it’s time for you to close, you’ll need to close quickly.

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