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

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

Why Phoenix Arizona Sellers Prefer Short Sales Over Foreclosure

The housing market continues to decline, and more people are finding themselves under water. In Phoenix, Arizona, people are selling their homes because they can no longer afford the mortgage. While foreclosure is an option, short sales are fast becoming the more frequently chosen route. Why? This article will explain the benefits so that anyone who finds themselves in this position can make an intelligent decision.

Due to the declining housing market, many homes are now worth less money than they were when the owner bought the home. If a homeowner gets behind on their monthly payments, they are unable to refinance since the home is worth less. Many feel at this point that foreclosure is the only option, but Phoenix realtors have noticed an increase in short sales. This is advantageous for the seller in several ways.

One advantage is your credit rating. While a short sale does have a negative impact on your rating, it is less severe than foreclosure. When you go into foreclosure, your credit rating drops by 250-280 points, and you usually cannot purchase another home for at least 36 months, usually 4 years or longer. When you choose to go the short sale route, your credit score is reduced, but it is usually around 80-150 points and you may qualify for another mortgage in only 18-24 months.

Perhaps the most attractive benefit of a short sale is that if you do sell your home but the selling price isn't enough to satisfy the mortgage, the bank or lender will often forgive the shortage. This route is beneficial for the lender as well, because he doesn't have to endure the process of foreclosure. While the process can be a little more lengthy and annoying for those with little patience, a reputable Phoenix real estate agent can take care of the details and transactions for you, which often speeds things along.

There are some other benefits when you decide to take this route as well. Sellers usually have time to make other living arrangements, and may stay in the home during the sale. Avoiding foreclosure is a relief to many, and saving face by not having to file bankruptcy is important to many people. If you find yourself in dire financial straits and wonder if a short sale would benefit you, contact a highly-qualified Arizona realtor today. Your future may depend on it!









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