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

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.








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

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

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!

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

Arizona Short Sales in Scottsdale

Most people know that Scottsdale Arizona is an upscale area where you will find lavish, elegant homes. Short sales have become popular over the past few months, due to the economy and housing market. What does this mean for you, as a buyer? You can get a home that was most likely beyond your price range previously. When you are dealing with this process, having a certified, reputable and experienced realtor helps make the negotiations much quicker and seamless.

Why would homeowners be selling their homes for prices that are affordable? The economy has caused many people to lose their jobs, and all over the country people are having financial hardships. This happens, even to the wealthy! They find that they cannot pay their mortgage, and don't want to face foreclosure. In Scottsdale, finding a short sale home can mean that you get a lot of house for your money!

An Arizona real estate agent who is certified and experienced in this area can help make what can be a lengthy process much simpler. Why do short sales have such a bad rap? Because it can take a long time, and you are dealing not only with the seller, but their lender and agent as well. When you determine how much you want to offer for the home, the bank makes the decision on whether it is an acceptable amount. This can all get exasperating, but a good agent will represent you to insure that everything runs smoothly.

Foreclosure not only ruins your credit, it can also be very humiliating for some. Those who live in the Scottsdale area are people too, and bad things can happen. When tragedy strikes and a homeowner can no longer afford their home, they must take action. Short sales help them get out from under their mortgage, without completely destroying their credit. While it is a sad situation, it is the chance of a lifetime for a buyer to get a beautiful, lavish home at a steal!

If you are considering purchasing a home in the Scottsdale Arizona area, you would be well advised to have a highly qualified real estate agent help you locate available homes. One who knows the area and what you are willing to spend can help you find a great deal, and make the transaction much less stressful and confusing. Short sales, when handled properly, are a wonderful opportunity for a buyer! Don't let the opportunity slip away from you.

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

Selling Real Estate in Phoenix - Reasons You Should Consider a Short Sale

When you are looking to sell a home in the Phoenix Arizona area, you may want to consider contacting a reputable realtor to learn about the benefits of a short sale. Current economic conditions have led to fewer people purchasing homes, which makes it more difficult when you want (or need) to sell. If you find yourself in financial straits and paying your mortgage is a problem, this may be a viable solution for you.

No one wants to go the foreclosure route. Not only can it be embarrassing, it destroys your credit and ability to make any substantial purchases in the near future. When a short sale offer is structured and negotiated properly, there is often no need for the seller to wait for the buyer to obtain financing or make repairs while every minute that goes by is bringing you closer to bankruptcy. Some people don’t even consider a short sale because they have heard that the process takes forever. In some cases it can, but a qualified and highly experienced Phoenix real estate agent can help you avoid much of the red tape so that the transaction is handled as smoothly and swiftly as possible.

Another benefit of short sales is that you, as the seller, do not have to spend money you do not have trying to “fix up” and repair. These things are typically handled by the seller, but in this instance a home is frequently sold as is, which means the buyer will be responsible for making any changes they desire to the home.

A short sale does affect your credit rating, but usually isn’t nearly as devastating as bankruptcy or foreclosure. By going this route, you will most likely be able to purchase another home in just two short years, whereas with bankruptcy or foreclosure your credit is completely obliterated, and it is normally about five years before you can purchase again.

Finances and money are tough issues for many people today, and paying your mortgage can often become a burden that is too much to bear. If you live in Phoenix and surrounding areas and are looking to get out from underneath your mortgage, contact a well seasoned and knowledgeable Certified Distress Property Professional Realtor to help you determine if going the short sale route may be the answer to your prayers.

Searching for a Home in Phoenix, AZ? Consider Short Sales, and Save Big

Searching for a home in Phoenix? You may want to consider contacting a reputable certified Arizona real estate agent to help explain the short sale process to you. While price may not be that big of a problem for you, the opportunity to save a bundle of money usually sounds appealing to anyone! An increasing number of homeowners are having trouble paying their monthly mortgages, which means substantial savings for those looking to purchase a home.

Those who are unable to meet their mortgages would usually rather sell their home through the short sale process than to go the foreclosure route. Why? With a short sale, although it does affect the sellers credit, it does not completely destroy it like foreclosure does. Most people are eligible to purchase another home within two years, which is a much better situation than having to wait seven or more. These homeowners can also avoid the embarrassment and social stigma that often comes with foreclosure.

For you, a Phoenix short sale simply means that you can save more money than you ever imagined when you are looking to purchase a home. Many people avoid this process due to the fact that it can get confusing and lengthy, but that is ok. This simply means that there are more houses available for you to choose from! If only they knew that having an experienced and knowledgeable Arizona realtor could help make the process so much quicker and easier, perhaps they would think twice.

The simple fact is that the lender would rather get some money against what is owed on the home, and will negotiate the price. Phoenix short sales involve working with the seller, the sellers lender, and the sellers agent, which can get involved. This is why having a realtor to represent your interests is important. It will also save you a huge amount of time and headaches, as the realtor can handle everything for you.

While it is true that the economy has had negative effects on nearly everyone in some way, there are a few good points. When it comes to buying a home, there has never been a better time. If you want to save a good deal of money, you should buy now while the time is right. When the market stabilizes, these low prices will be gone forever. Phoenix short sales are a chance for you, as a buyer, to get an incredible bargain! Contact a well qualified, certified in distressed properties Arizona realtor today, and be in your dream home in no time


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

Scottsdale, AZ – How Short Sales Help You Snag a Great Deal

It's certainly no secret that the housing market has plummeted over the past couple of years. What does this mean to you, if you are looking to buy an upscale home? In Scottsdale, a well qualified realtor who is experienced with short sales can help you get the home of your dreams, at a greatly reduced price. There has never been a better time to buy! You do need guidance through this process, as it can get lengthy and you want to complete the deal as soon as possible.

Why can this take so much time? When you decide to purchase a home through a short sale, you will be dealing with the seller, their agent and the sellers lender. The bank must make the decision on whether they will accept the amount you are willing to pay. If you have an experienced and certified distressed property Arizona realtor to represent you, they will handle the negotiations for you which can make the entire process much quicker, increase your chances of a successful transaction – and definitely less stressful on you.

Scottsdale is known for elegant, lavish, upscale homes. The entire area is absolutely gorgeous, but out of many peoples price range. Homeowners who live in the area are having a difficult time paying their mortgages, just as people in other areas are. To avoid foreclosure and completely ruining their credit, they will often decide to go the short sale route. This helps the owner save face, and decreases the damage done to their credit.

To you as a buyer, this means a savings of as much as 40% on the value of a home. For instance, if a home would have sold for $400,000 before the housing market crashed, you may now be able to purchase that home for approximately $240,000 - $250,000. Quite a substantial savings! In essence, this means that for many buyers who would not have otherwise been able to afford an upscale home before, many can now.

The process can take anywhere from two to six months to complete, but much of it depends upon whether you have someone to help you negotiate. When you try handle the process yourself, it will definitely take longer. If you are interested in learning how short sale homes in Scottsdale may be an affordable option for you, contact a reputable Arizona realtor who knows the process inside and out! With the time and hassle saved, you will be glad you did.

Phoenix Real Estate – The Pros and Cons of Short Sales

When it comes to real estate in the Phoenix Arizona area, many who are facing foreclosure decide to learn more about short sales, and how they work. No one wants to lose their home, but when financial worries are steadily increasing due to the economy, sometimes we feel we have no choice. This article will give you a clearer picture of the process, so that you may make an informed decision.

When it comes to short sales, you should speak with your real estate agent who will help you with any questions or concerns you may have. You know that foreclosing on a home will ruin your credit, and cause you embarrassment. Add to that the fact that you most likely will not be able to purchase another home for several years, and it simply is not an attractive option.

Here are some of the pros and cons of short sales:

Pros

You can purchase another home in only two years, instead of waiting five years. This is probably the biggest motivating factor for most people when choosing a short sale.

Your credit won't be as badly damaged.


You may avoid the embarrassment and stress of the process for you and your family. A short sale as opposed to a foreclosure can also help your neighbors. One less foreclosure in the neighborhood will help the community.

Cons

Sometimes there may be a lengthy wait for the bank to respond to the offer.

There may be many potential buyers taking a tour through your home to see if it is something they are interested in, so keeping your house straightened and cleaned constantly may be a chore.

Although it most likely won't be a problem, there is no guarantee that the lender will accept the buyer's offer.

The paperwork can be frustrating. The bank will ask you for personal records, other bank accounts, assets and liabilities, etc. This is done in order to prove your hardship, and additionally they may want a hardship letter in writing from you.

If you don't mind a little extra work, this may be a way for you to avoid foreclosure and all of the nasty things that come with it. Money worries are a huge concern recently, and many are facing the possibility of losing their homes. Before you make a final decision, speak with a reputable certified distress property Phoenix realtor about how short sales may be the best option for you.
Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

Phoenix Homeowners: How Short Sales Can Help You Avoid Foreclosure

Phoenix Homeowners: How Short Sales Can Help You Avoid Foreclosure

The recent downturn of the economy has affected many homeowners in a very negative way. In Phoenix, the

housing market is such that many are facing foreclosure. Short sales can help you avoid this so that you don't

risk ruining your credit. This article will give you more information in order to help you make a smart decision

concerning your home and your credit.

Of course the best solution is to obtain the services of a reputable Arizona realtor certified in distressed
properties to help guide you through the process.
Many areas dealing with real estate are confusing to someone who has not dealt
with these types of issues before, but much stress and time can be saved by getting
professional assistance.

There are numerous costs involved in foreclosure. If you live in the Phoenix area, you may want to consider a

short sale if foreclosure is looming in your future. What this means is that the lender, usually the bank, will agree

to accept less than what is owed against your home. Banks generally prefer to work with real estate agents,

because they have the ability to help minimize the banks losses during the process. It is also very beneficial for

the home owner, as the
process and paperwork is mind boggling, not to mention time consuming. You need
the professional that is actually trained in the process and committed to helping you
save your family from foreclosure

You may wonder why a lender would often prefer a short sale rather than going through the foreclosure

process. The costs involved with foreclosure are tremendous. After you consider legal fees, repairs to the home,

the eviction process and the actual foreclosure itself, these costs can very well exceed the actual value of the

home. An experienced Phoenix realtor can save much time and expense for you as the homeowner, as well as

the bank. It simply makes everything as stress-free as possible for everyone involved.This of course only
happens if the realtor you are working with is trained in this area of real estate
and you are willing to be pro-active in making sure your agent has every statement
and /or documents required from you.

With a short sale, the listing price is determined by the owner and listing agent. The essential difference between

this and a normal listing is the time constraint. A competitive price must be chosen based on present market

value
because there is limited time before a possible foreclosure sale. While these types
of sales do affect the homeowners credit, it does not have near the devastating impact as foreclosure.

In the Phoenix area, the process is fairly simple. You, as the seller, and the listing agent decide upon an

agreeable price, which should be close to market value. When an offer is submitted and the seller agrees,

necessary paperwork is submitted to the lender for approval If all is agreed upon and the lender determines the

price is sufficient, the transaction closes pretty much as normal.
It is important to emphasize once more that all the statements etc must be presented
to the lender to help them make that informed decision that you are hoping is in agreement
with your plan.If you are a homeowner facing the possibility of foreclosure, talk to a reputable Arizona realtor

today about how a short sale may benefit you.