Tuesday, November 24, 2009
Short Sales Allow Phoenix Homeowners to Exit With Fewer Worries
Many of life's problems can cause a homeowner to become upside down with their mortgage. A death in the family, divorce, or losing your job can mean that you can no longer afford your home. In Phoenix Arizona, short sales help those who are desperate to get out from under their mortgage payment do so without facing foreclosure. While having to sell your home is never a pleasant experience, you want to do the best thing for yourself and your future.
How does a short sale work? A certified reputable realtor to help you through the process is advised, as it can get lengthy if you go it on your own. Foreclosure sticks on your credit rating for years, and often prevents you from purchasing another home. No one wants to go this route unless there is just no other option; fortunately, a short sale may be your best bet. If your bank is willing to sell your home at a loss, then you find a good real estate agent to find a buyer for your home.
What often gets lengthy is going through the process of locating a buyer for your home. The buyer proposes an amount they want to pay for your home, then the bank must approve it. If the buyer offers a ridiculously low amount, the bank may decline the sale. Then, it's start over from step one. When you hire a Certified Distressed Property Realtor who is experienced in the short sale process, they know how to handle buyers, lenders and anyone else involved so that no time is wasted. You want to get the ball rolling, and hiring an agent is your best bet.
Why would your bank settle for less than what is owed on your home? They would rather take a loss than have a home sitting empty. If the buyer comes up with an amount that is acceptable, you have sold your home. This means that you can get out from under those monthly payments without completely destroying your credit, and without the embarrassment some feel when faced with foreclosure.
The truth is, banks deal with money and do not really want to own property, which is what essentially happens in foreclosure. They would rather get a fair market offer, and when a buyer offers an amount in this range, that is often all it takes. Do you live in Phoenix and find yourself in dire financial straits? Consider a short sale, and hire the best realtor you can find to assist you in finding the perfect buyer for your home!
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties