Monday, January 18, 2010
Phoenix Short Sales Help Make Short Work of Selling a Home
You may not know what the term “short sale” means. All you know is that you live in the Phoenix area, and that you need to sell your home. However, the economy has slowed the buying trend, and you don't know what to do. A qualified Ceritifed Short Sale Phoenix realtor can explain the short sales process to you, and help guide you every step of the way. There is a way to sell your home!
The economy has affected many people; jobs have been lost and hours cut. Through no fault of your own, you find yourself in a situation where you are behind on your mortgage and could be facing foreclosure. The only solution is to sell your home – but to who? In Phoenix and surround areas, short sales have helped many individuals and family's get out from under mortgages they can no longer afford.
An experienced real estate agent can explain every aspect of the process, so that you fully understand how it works. Some people bash short sales, but this is usually due to the fact that they want to sell a home NOW, and the process can get lengthy if you don't have the right realtor to help you along. A Short Sale agent can help locate the perfect buyer for your home, so that the process does not drag out over an extended period of time.
Here is a short overview of the process:
Your Certified Short Sale Realtor will provide this process for you at NO cost
Get approved for a short sale from your bank. Usually, there are two factors that allow you to do this; either you are facing a hardship, or you owe more on your mortgage than your home is worth. Hardships may include loss of job, divorce, a death in the family, etc.
You will need to submit a financial package to your lender, containing various documents including a hardship letter, bank statements for a selected period of time, financial statement, tax returns, etc. A reputable Short Sale Phoenix realtor can help so that you have everything in your package that is needed.
Now, your agent can begin searching for a buyer for your home. Of course your lender does not want an empty property, they would rather have some sort of payment for your house. That being said, they do not want ridiculous offers; they would like an offer from a buyer that is somewhat close to market value of comparable homes in the area.
Once your bank approves a buyers offer, you are on your way to being free of the debt! While short sales do affect your credit rating, they do not completely destroy it as the foreclosure procedure does. Normally, within just 18 to 24 months you can purchase another home, whereas with foreclosure it will be about 5 to 7 years before you can attempt to buy a home. In Phoenix, short sales are the way to go if you want to avoid foreclosure and be able to purchase another home in the near future. Contact an experienced short sale Arizona realtor today!
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties