Saturday, February 20, 2010

Phoenix Homeowner Drowning in Mortgage Debt? Consider a Short Sale

If you are under water on your mortgage for your Phoenix home, you aren't alone. The downturn of the economy have left many homeowners unable to pay their mortgage. An Certified Short Sale Arizona real estate agent can help you determine if a short sale may help you get out from under the cloud that is hanging over you. Hardships often happen without warning; divorce, death or loss of employment can leave you stressed financially, and you get months behind on your mortgage. A short sale provides hope where you may have believed none existed.

You may have heard stories about the short sale process, and how lengthy it can be. While this is sometimes true, an experienced Short Sale Phoenix realtor can explain the entire process, and help you find a buyer quickly. With full support and their knowledge, make all aspects of the process simple and easier. In the end, you will realize that the length of time it took to sell your home was well worth the effort.

As a homeowner, you want to avoid foreclosure if at all possible. Your credit will be completely ruined and unable to purchase another property of your own for approximately 5 to 7 years. If you do decide that a short sale may be appropriate for you, it will affect your credit – but it won't completely destroy it as foreclosure does. Most likely, you will be able to buy another home in just two years or less. You will also avoid the stigma often associated with foreclosure.

A short sale simply means that you sell your home for an amount less than what is owed on the home. Your lender will have to decide if this is feasible, and approve any buyer offers. While the lender would absolutely rather have some money on your property instead of having it sit empty, they want reasonable offers. Home sellers are required to submit a hardship letter, detailing why you are in financial trouble (loss of job, divorce, etc.)

As you can clearly see, there is a good deal of work and detail involved in the short sale process. This is why you need the services of a professional and established Arizona short sale realtor with extensive knowledge in the process. You want someone who understands every detail of the process, and who can advise you as well. Real estate agents often have several buyers looking for properties, and can help match your home with the perfect buyer. This simplifies everything, so that you can get out from under your mortgage and go forward with life. If you are a Phoenix homeowner who cannot pay your mortgage, contact a Certified Short Sale Phoenix realtor today to learn more about the short sale process!

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

Thursday, February 18, 2010

Arizona Homeowners: Understanding The Short Sale Process

Are you a Phoenix, Scottsdale or Glendale homeowner who is upside down in your mortgage? You owe substantially more than your home is worth, and paying the monthly mortgage payment is something you can no longer do. A short sale may be one option you want to consider; although you have likely heard the term, you don't really understand what it means or how it works. This article will explain the process, so that you can make an informed decision whether or not a short sale may benefit you.

The weakened economy has affected many people. Jobs have been lost, plants shut down, and hours reduced. The market value of homes has taken a nose dive as well. Now, you may have fallen on hard times and you simply can't afford your home anymore. In Arizona, short sales have helped many home owners avoid foreclosure and completely ruining their credit. The process can be lengthy, but with the assistance of a reputable Certified Short Sale Phoenix realtor you can be sure it will go as smoothly and quickly as possible.

Here is an overview of the short sale process:

1. As the homeowner, you contact the Short Sale Realtor to discuss whether a short sale may be possible, and to learn how their process works for completing the sale.

2. You issue a letter giving permission for the Realtor to have access to private information about the property or loan.

3. Your lender will review documentation concerning the short sale, which indicates the proposed selling price, balance remaining on the loan, and itemization of all expenses, fees, realtor commissions and any other closing related expenses.

4. You will be required to submit a hardship letter, which explains in detail why you are having financial difficulties. This could be a death in the family, divorce, loss of job, etc. The lender will want to validate your hardship by reviewing your investment and bank accounts, paycheck stubs and other financial information.

5. One reason you want an experienced Short Sale Arizona real estate agent is that the lender will want an opinion on the condition of the home or property, and the market value of homes comparable to yours. The lender also insists that the property is listed for sale with a realtor.

6. Your lender will then review the purchase agreement in order to confirm that all amounts are within reason and that commissions due to the realtor is acceptable.

You can see that the process is a little complex, which is another reason you need an Arizona realtor with experience in the short sale process. This helps make the process simple, and the realtor can handle much of the work for you. Don't be forced in to foreclosure; it will adversely affect your life for years to come. Contact a seasoned professional now, and find out if a short sale can help you get out from under the huge debt that is hanging over your life.
Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

Thursday, February 11, 2010

Phoenix Homeowners – Learn About Short Sales & Avoid Foreclosure At All Costs!

Phoenix Homeowners – Learn About Short Sales & Avoid Foreclosure At All Costs!

Foreclosure is an ugly word. It can ruin your credit, affect your ability to find employment, and prevent you from purchasing a home for years to come. If you live in the Phoenix area and are upside down in your mortgage, talk to an Arizona Certified Short Sale realtor about the benefits of a short sale. Protecting your future as much as possible should be your number one priority.

A short sale is not something that you would normally want to do, but in cases where you have no option other than foreclosure you certainly want to consider it. Besides avoiding the social stigma related to foreclosure, you can save your credit from being completely ruined. You may also be able to purchase another home much sooner, and filling out a loan application is much simpler.

With a short sale, the lender simply settles for less money than what the home is worth. However, a lender will not take just any amount of money; the buyer for your home should be someone who is willing to pay close to current market value. Finding the right buyer is often what prolongs the process, but a reputable real estate agent can help find the perfect buyer for your home to speed the process along.

As a Phoenix homeowner, you never imagined you would be in the place you are right now. Economic problems have taken their toll on many people; jobs have been lost or hours cut back. You never wanted to lose your home, but now you are months behind on payments or your payment is going to adjust higher and see no other way out. A short sale may be the perfect solution for you. You can actually tell others you sold your home, although it will affect your credit score somewhat. With foreclosure, it is normally about 5 to 7 years before you can purchase a home again. The short sale process allows you to buy another property much sooner, usually within 2 or 3 years depending upon Fannie Mae guidelines and whether you choose an FHA loan.

You can read all over the internet about short sales, and you will find that all of the information communicates something different. Is it good, or is it bad? Depending upon your situation, it is nearly always highly preferable to going the foreclosure route. If you are about to lose your home and feel there is no solution but to walk away, contact a reputable Certified Short Sale Phoenix realtor today. A good agent will explain all of the details, so that you can make an informed decision.

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