Saturday, January 9, 2010
Scottsdale AZ Short Sales: Relief For Homeowners Drowning in Debt
If you live in Scottsdale and can no longer afford your mortgage, short sales may be just the solution you need. You are drowning in debt due to any number of reasons – the economy, loss of job, divorce, a medical emergency. For whatever reason, you are behind on your house payments and are afraid that foreclosure is just around the corner. You are worried, stressed out and in desperate need of an answer.
In instances like these, a reputable Scottsdale realtor can be your best friend. They understand the short sale process inside and out, and can help you sell your home quicker and more efficiently. While this process can get drawn out, it is usually due to the fact that potential buyer's offer way too little money. A real estate agent who knows the market can find the perfect buyer for your home.
While you cannot choose to do a short sale yourself, you can submit a financial package to your bank so that they can approve this method to sell your home. Banks are in business to manage money, not to own vacated homes and properties. They would much rather take a loss on your home than to actually have it in their possession. If you can prove that you have a hardship or owe more on your mortgage than your home is worth, your lender may approve this process.
Once you are given the green light, a qualified Certified Short Sale Arizona realtor will locate qualified buyers for your home. This is the crucial aspect of the process; the buyer should be willing to pay a price that is close to the market value of other comparable homes in the area. The bank is not likely to accept an amount that is substantially too little, so a realtor can really come in handy in this instance. They know what homes in the area are worth, and can find buyers who are genuinely interested and qualify.
When you face foreclosure, you face a bleak future. Your credit will be destroyed, and you may be unable to purchase large ticket items such as a home or vehicle for years. The short sales process does affect your credit, but not in the way that foreclosure does. You will likely be able to purchase another home for you or your family in just two years or less. This is the very best solution when you are drowning in debt and have no idea how to get back above water! If you live in Scottsdale or surrounding areas, consider the short sales process. A real estate agent with years in the business can place a “Sold” sign on your home fast!
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