Trying to Beat the Anti-Deficiency Law SB 1271?
I’ve been receiving quite a lot of calls lately from investors trying to beat the SB 1271 Anti-deficiency law and they have a good plan.
Assuming that Governor Brewer signs HB 2008 in the next few days this will repeal SB 1271 and the September 30 deadline will be no more. However the talk is that even if the law is repealed that the Senate will hold a session in January to discuss the anti-deficiency law again and chances are that this one will fly. We’ll be on hand to make sure that it’s more in favor of Arizona homeowners but with push comes pull so I’m sure the banking industry will get a few perks as well.
So, in order to take advantage of this here’s what my savvy investor clients are doing. We are listing investment properties (or even properties that may fall under the ambiguity of SB 1271 such as those that you may have lived in at one time but now rent) and trying to get them sold as soon as possible. The sooner we can get them listed and contracts on them the sooner we can be into the bank negotiating the deal. With an average close time of 70-90 days from contract that puts us with closings near the end of the year (November/December) and into early January as well which should be well before any new anti-deficiency law is set to take place.
This should clear quite a lot of properties off the books and help a lot of people from having to even worry about what anti-deficiency law they try to pass.
If you are an local investor, second-home owner, out-of-state investor, or just upside down in your property and you want to short sell your home please call us now at (480) 241-4406 or complete one of our contact forms on our Arizona Short Sale website at http://www.AzHomeHelp.com and we’ll help get your property listed and sold as quickly as possible!
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1 comment
The law they are trying to jam down our throats is very sloppy and not clear.
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