Sunday, August 23, 2009
Phoenix Real Estate – The Pros and Cons of Short Sales
When it comes to real estate in the Phoenix Arizona area, many who are facing foreclosure decide to learn more about short sales, and how they work. No one wants to lose their home, but when financial worries are steadily increasing due to the economy, sometimes we feel we have no choice. This article will give you a clearer picture of the process, so that you may make an informed decision.
When it comes to short sales, you should speak with your real estate agent who will help you with any questions or concerns you may have. You know that foreclosing on a home will ruin your credit, and cause you embarrassment. Add to that the fact that you most likely will not be able to purchase another home for several years, and it simply is not an attractive option.
Here are some of the pros and cons of short sales:
You can purchase another home in only two years, instead of waiting five years. This is probably the biggest motivating factor for most people when choosing a short sale.
Your credit won't be as badly damaged.
You may avoid the embarrassment and stress of the process for you and your family. A short sale as opposed to a foreclosure can also help your neighbors. One less foreclosure in the neighborhood will help the community.
Sometimes there may be a lengthy wait for the bank to respond to the offer.
There may be many potential buyers taking a tour through your home to see if it is something they are interested in, so keeping your house straightened and cleaned constantly may be a chore.
Although it most likely won't be a problem, there is no guarantee that the lender will accept the buyer's offer.
The paperwork can be frustrating. The bank will ask you for personal records, other bank accounts, assets and liabilities, etc. This is done in order to prove your hardship, and additionally they may want a hardship letter in writing from you.
If you don't mind a little extra work, this may be a way for you to avoid foreclosure and all of the nasty things that come with it. Money worries are a huge concern recently, and many are facing the possibility of losing their homes. Before you make a final decision, speak with a reputable certified distress property Phoenix realtor about how short sales may be the best option for you.
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties