Saturday, December 12, 2009

A Phoenix Short Sale is a Real Option For Homeowners Who Find Themselves Under Water

If you live in the Phoenix Arizona area and have fallen on hard times, you may find yourself in a situation where you must sell your home. A short sale is a solution for many who meet the qualifications. You will need a reputable realtor with experience in short sales to help you negotiate the process. They will also do their best to quickly find a buyer for your home, so that you can get out from under the financial stress.

While the process can get lengthy and often does, it will go much more smoothly if you choose an experienced certified in short sales real estate agent that thoroughly understands the process. It is their job to find a buyer for your home, and a reliable agent will handle all of the details they possibly can for you. With the declining economy and tremendous job loss currently being experienced, many homeowners now find that they simply cannot pay their mortgage any longer. If you live in Phoenix and this describes you, learn more about the short sale process.

How does the process work? Here is a basic explanation:

1. In order to choose a short sale, you must qualify. Qualifying may include proving that the market value of your home has dropped. In addition, some lenders will consider this option if your mortgage is in or near default. You should also be ready to prove that you have fallen on hard times, and this does not mean spending your money foolishly. An example of a hardship would be: Loss of employment, death, divorce, unexpected medical bills, bankruptcy
2. You, as the seller, sign a listing agreement with a realtor who is experienced in the short sale process. The agent should then attempt to find a buyer who will make an offer for less than the balance of the mortgage.
3. As the seller, you will be responsible for accepting the offer of the buyer.
4. It is then up to your lender to decide if they are willing to accept the buyers offer.
5. The lender either accepts or declines the offer. If accepted, the lender will release the lien and you, as the seller, will give the buyer the deed.

If you do consider a short sale for your Phoenix home, be aware that your credit will be affected, but it will not be completely ruined as it would with foreclosure. With a short sale, you can generally purchase another home within 18 months to two years, whereas a foreclosure makes it nearly impossible to buy another home for about 5 to 7 years. Foreclosure is also embarrassing to many people, so taking this route helps you avoid the stigma.

Does a short sale sound like a good solution for your problems? Contact a reputable and experienced Phoenix realtor, who can explain the process in detail and help you make an informed decision.

Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

Saturday, December 5, 2009

Glendale Arizona Short Sales – How Sellers and Buyers Benefit

In Glendale Arizona, just as with the rest of the nation, people are losing their homes. Jobs are scarce, and unemployment rates are soaring. If you find yourself unable to pay your mortgage, a qualified realtor can help you make some wise decisions as to whether a short sale may benefit you. They can also help negotiate the sometimes tricky details, so that perhaps you can avoid foreclosure.

For buyers, the housing market is paradise! Home prices are at their lowest in years, which means you can get a real bargain on a home. Short sales in Glendale Arizona benefit both sellers and buyers, although you may sometimes hear otherwise. However you look at it, the buyer is going to get a deal. For the seller, while your credit won't be completely left intact, it may not be completely ruined. In many instances, deciding on a short sale means that you may purchase another home in as little as two years. With foreclosure, the time period is usually 5 to 7 years!

A short sale is usually negotiated between the seller, their lender and the sellers agent. There are quite a few details to be worked through and sorted out, and the process can get pretty lengthy. This is where an experienced Certified Arizona realtor comes in. They have been through all of this before, and can help make the process less complicated and lengthy. Think of them as a 'negotiator' on your behalf.

Another benefit to the buyer is that they offer a price for the home. Of course, anything that is ridiculously low would be refused by the lender, but the buyer can often get a home at 30 – 40% lower than the normal asking price would be. This means that if you could not afford a $300,000 home previously, you may now be able to get a home in that price range for around $200,000. Quite a substantial savings!

In Glendale, whether you are a buyer or seller, you want to know all you can about the short sale process. This helps avoid much confusion and anguish. Many times, people get frustrated or lose patience with the process. If you are a seller who can no longer pay your mortgage, or a buyer looking for your dream home, contact a reputable Certified Distress Property Arizona real estate agent today. It will help make the entire process one you can endure!
Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties