Bankruptcy law in Arizona may seem daunting to deal with, especially if this is your first time being in a precarious financial situation. It’s normal to be in a state of panic as you check out your options, which may include finding out how to sell your Scottsdale house fast.
Although these options are all valid, it helps to familiarize yourself with all the information you need to get out of bankruptcy even before you decide to sell your Scottsdale home.
Don’t know where to start? Read on to find out what you need to know so you can deal with bankruptcy as cleanly and as quickly as you possibly can:
How your home value determines in bankruptcy
This is the most important step of the home selling process but can be difficult to navigate if this is your first time selling property. There are numerous ways to determine the value of your home, and we can go through them one by one!
If you have the budget for it, we recommend hiring a licensed realtor to price your home. This will involve them visiting your home and asking all the questions they need regarding how long it’s been lived in, where it’s located, and more! These individuals know the market to a T, so they can definitely give you an accurate quote.
No budget for a realtor? No problem! You can always check out sites like Zillow, Trulia, and Realtor to compare your home with the prices of other surrounding homes like it. We suggest not going too high above or too far below the average selling price of the houses surrounding you. You can only really price low if your home comes with issues.
Lastly, the most expensive option will be going with a licensed real estate appraiser. This individual will inspect your property, come up with a list of comparable prices, and give you a report showing the rationale behind their pricing.
Short selling or surrendering your home
Short selling your Scottsdale home while in bankruptcy is entirely possible, but there is a due process that must be followed. You must first file a Motion to Approve Sale with your local court and wait about 14 days to get approval. If you’ve followed all the requirements, approval should be yours soon and you can sell the property however you want to.
Take note that even without approval, you can still prepare for the selling process, albeit privately. This is so you won’t get overwhelmed once the court gives you the go signal to sell your property!
Exemptions in property
It’s possible for a trustee to seize your assets in the case of bankruptcy, especially if you file Chapter 7 bankruptcy. They will then not be considered as exemptions, and can be subject to immediate sale. These proceeds will then automatically go to paying off your debts to your creditors and legal fees.
Exemption limits don’t apply in Chapter 13 bankruptcy, and you can ask your lawyer about filing for this kind of bankruptcy instead to keep your assets protected.
Why trustees go after equity
Non-exempt equity can be ideally pursued by your trustee.
Why is this so? Your trustee will receive a portion of your plan payments in Chapter 13 bankruptcy. In Chapter 7 however, a certain percentage of assets sold for your bankruptcy estate can go to your trustee as well.
If you are concerned about these factors, speak to your lawyer immediately and ask them how this could affect you personally.
Sell to a professional home buyer!
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No need to worry about issues too, ‘cause we buy houses in any condition! Just fill in the form on our homepage to get started with us today.
