 What Is An Arizona Short Sale?An Arizona Short Sale refers to a lender(s) accepting a sales price that is less than what is currently owed plus all related sales expenses. So basically, a potential buyer can make an offer on the home for thousands less than what is currently owed, and get it accepted by the bank! This is common in a declining housing market and can be a win-win for both the bank and the homeowner. Home sellers should consider an Arizona Short Sale when the value of their home is LESS than the amount of their outstanding loans. For example, if your home is worth $225,000 but you have a loan of $250,000 then a short sale is a consideration. Normally a bank will begin to look at the Arizona Short Sale option only if the homeowner is behind on payments and begins to face foreclosure, but not always. In rare instances, the bank will still accept an Arizona Short Sale if the mortgage payments are current. The process to end up at the Arizona Short Sale option typically works like this:
Now, if you do not have to sell your Arizona home, you could wait out the market and hope for a turnaround in real estate values. However, if you do have to sell your Arizona home you basically have three options. First, you can bring cash to the table. In today’s declining real estate market and using the example above, you would sell your home for $225,000 and pay another $25,000 to the lender out of your pocket to pay off the loan on your property. This does not include other selling costs such as closing costs, real estate commissions, taxes etc. Second, you could let the home go into foreclosure. The lender will go through the Arizona Foreclosure Process, force you out of your home and then auction it off to the highest bidder at a foreclosure or Trustee’s auction. The third and best option is to pursue a Arizona Short Sale. Why Would A Lender Accept A Short Sale?The lender has to incur expenses to complete an Arizona Foreclosure and take the property back. These expenses include attorney fees, court fees, and the lack of income from your monthly payments. Lenders also face unforeseen losses from damage to the property, vandalism if the property is vacant and then the additional costs of selling the property. Along with the expenses comes the risk of the property depreciating further, and having to hold the property on the books for an undetermined amount of time. Having a non-performing asset on their books prevents them from lending out more money that will produce a return. Plus, banks are not in the business to own real estate. They have to take back, inventory, and then hire a REO Realtor to list the property for retail on the open market. We all know how horrible the real estate market is right now and therefore they end up holding the property for many months, and then fire selling it for a loss anyways! Plus, if the homeowner leaves the property and it is left vacant, many times the property is vandalized and becomes more costly and harder to sell! Lastly, statistics show that in almost 50% of homes that go to foreclosure, just before the foreclosure sale, the old homeowners gut the house and sell all the items as a way to “get back” at the lender(s). This is illegal but nonetheless happens on occasion. Many lenders are tired of taking back trashed homes and choose to short sale instead. So basically, in most instances, a short sale is less expensive than the Arizona Foreclosure Process so lenders choose to cut their losses early. This is why an Arizona Short Sale is accepted by a bank! What Are The Steps In A Short Sale? ->
A QUICK LIST OF OUR OTHER SERVICES: ARIZONA REINSTATEMENT PLAN ARIZONA REPAYMENTPLAN ARIZONA LOAN REFINANCE ARIZONA PARTIAL CLAIM ARIZONA PRE-FORECLOSURE SALE ARIZONA DEED-IN-LIEU OF FORECLOSURE
JUST TO PROVE THAT SELLQUICKFORCASH.COM CAN HELP YOU SHORT SALE YOUR HOME: Here are some examples of Arizona Short Sale agreements from our actual client cases. These clients contacted us for help regarding an Arizona Short Sale. We negotiated the Arizona Short Sale on their behalf to allow them to sell their house for a discount and walk away from the home. These are only recent documents and are just a sampling of the approved Short Sales we have completed for our clients. These documents are on the mortgage company letterhead for authentication.
This client had a first and a second. The first was with National City Mortgage for $825,000, and the second was with Chase (HELOC) for $200,000. We shorted the first down to $674,000, and the second down to $1000. It took us a total of 5 months to complete the whole transaction from beginning to end and we started when the client just missed their second payment. Because it was their primary residence, they were protected under the Mortgage Debt Forgiveness Act Of 2007 and they had no tax consequence. We also helped the client and his family find a good rental home that fit his large family! National City Mortgage Short Sale Agreement - Click To View Chase Home Finance Short Sale Agreement - Click To View
We currenlty negotiate Arizona Short Sales in the following Arizona cities: Ahwatukee Short Sale | Avondale Short Sale | Carefree Short Sale | Chandler Short Sale | Glendale Short Sale | Gilbert Short Sale | Higley Short Sale | Litchfield Park Short Sale | Paradise Valley Short Sale | Peoria Short Sale | Phoenix Short Sale | Queen Creek Short Sale | Maricopa Short Sale | Mesa Short Sale | Scottsdale Short Sale | Tempe Short Sale
What Is A Short Sale ----> Why Would A Lender Do A Short Sale ----> What Are the Steps In A Short Sale ----> What Is In A Typical Short Sale Package ----> Brokers Price Opinion (BPO) ----> Short Sale Hardship Letter ----> Credit Consequences Of A Short Sale ----> Tax Consequences Of A Short Sale ----> Why Use Sell Quick For Cash To Negotiate My Short Sale
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