Thursday, October 29, 2009

Selling Real Estate in Phoenix - Reasons You Should Consider a Short Sale

When you are looking to sell a home in the Phoenix Arizona area, you may want to consider contacting a reputable realtor to learn about the benefits of a short sale. Current economic conditions have led to fewer people purchasing homes, which makes it more difficult when you want (or need) to sell. If you find yourself in financial straits and paying your mortgage is a problem, this may be a viable solution for you.

No one wants to go the foreclosure route. Not only can it be embarrassing, it destroys your credit and ability to make any substantial purchases in the near future. When a short sale offer is structured and negotiated properly, there is often no need for the seller to wait for the buyer to obtain financing or make repairs while every minute that goes by is bringing you closer to bankruptcy. Some people don’t even consider a short sale because they have heard that the process takes forever. In some cases it can, but a qualified and highly experienced Phoenix real estate agent can help you avoid much of the red tape so that the transaction is handled as smoothly and swiftly as possible.

Another benefit of short sales is that you, as the seller, do not have to spend money you do not have trying to “fix up” and repair. These things are typically handled by the seller, but in this instance a home is frequently sold as is, which means the buyer will be responsible for making any changes they desire to the home.

A short sale does affect your credit rating, but usually isn’t nearly as devastating as bankruptcy or foreclosure. By going this route, you will most likely be able to purchase another home in just two short years, whereas with bankruptcy or foreclosure your credit is completely obliterated, and it is normally about five years before you can purchase again.

Finances and money are tough issues for many people today, and paying your mortgage can often become a burden that is too much to bear. If you live in Phoenix and surrounding areas and are looking to get out from underneath your mortgage, contact a well seasoned and knowledgeable Certified Distress Property Professional Realtor to help you determine if going the short sale route may be the answer to your prayers.

No comments: