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Short Sales in Phoenix Arizona – Benefits When Compared to Foreclosure

If you live in the Phoenix Arizona area and are selling your home, you may want to discuss the possiblity of a short sale with a reputable realtor.  Of course there are good points and bad points to nearly any type of transaction you choose, but you may find that this option is very beneficial to you and your family.  This article will explain a little more in-depth, so that you better understand how this works.

No one likes to go through foreclosure.  It destroys your credit and can make you feel embarrassed.  In many instances, you will not be eligible to purchase another home for five years, which means you will have to rent.  Short sales are not the perfect solution if your mortgage is pulling you under, but it is certainly better than the alternative in many situations.  Here are a few of the advantages of this option:

Benefits of Short Sales:

As mentioned before, you won’t have to face the embarrassment of being in foreclosure.  You can maintain your dignity, knowing that you sold your home.

You will no longer have mortgage payments to make, unless you choose to do so.

Under Fannie Mae guidelines, you will most likely be able to purchase another home in only two years, instead of having to wait for five.  Additionally, if your credit report shows no late payments past a 60 day time period, you may be eligible to purchase another home immediately.

With foreclosure, your rights as a homeowner are literally stripped away from you.  You can forget purchasing anything with credit, as you will have absolutely no credit for ten years.  An experienced Phoenix real estate agent can help you by clearly explaining your options, and how they work.  If you choose one who works personally with you, you can be sure that they will support you and your best interest.

Obtaining the services of a realtor is beneficial when it comes to short sales.  The agent will be paid by the lender, and will make certain to find a buyer for your home.  If a professional can help you find the right buyer, they make a commission.  With foreclosures, the agent makes no money so of course they would rather find a buyer for your home.  To sum it all up, choosing this route is best for you as a homeowner, as well as the agent.

Do you have a home in the Phoenix area that you are about to lose, due to financial difficulties?  Before you decide to go the foreclosure route, speak with a highly-qualified Arizona realtor.  He/She can discuss all of the aspects of a short sale, and how it may be the perfect solution for you

Short sales is a term that causes mixed feelings.  Is it a good thing, or is it bad?  For the most part, it depends on how you approach it.  If you live in Glendale, Mesa, Phoenix or nearby areas in Arizona and are looking at the possibility of facing foreclosure, you need this information.  An experienced certified realtor who is intimately familiar with the area is your best weapon in making an informed decision. As you are well aware, the economy has gone off course over the last several months, and the housing market has gone with it.  The value of homes has decreased significantly, and many who are trying to sell are facing selling their home for less than they owe on it.  This means you could be facing foreclosure, which no one wants to have to endure.  If you live in the Phoenix or surrounding areas, you may want to discuss the possibility of a short sale with a reputable Arizona real estate agent.

Facing these issues alone is a very long and difficult process.  Lenders (usually the bank) would rather work with a realtor who is knowledgeable and can handle all of the processes involved.  They know that an agent can minimize their losses.  Foreclosure is a very expensive process, and often when all is said and done all of the costs involved outweigh the value of the home.  In this instance, a short sale is a good thing.

For the home seller, choosing a short sale is often the best route to take.  While your credit will be damaged, it will not be completely eradicated as it usually is with foreclosure.  You can essentially save face and a good portion of your credit.  Going this route commonly means that your credit report will state “property not paid in full” rather than foreclosure.  Basically with this method, the bank is willing to take less than they are owed on the property.  The entire process can be stressful and confusing to a homeowner who doesn’t really understand the details, which is why employing the services of a realtor is highly advised.

A highly-reputable Arizona real estate agent can be your biggest asset when it comes to selling your home, protecting your credit from foreclosure, and streamlining the entire process.  The lender prefers that you have a realtor guide you, and it saves them money as well.  If you live in Glendale, Mesa, Phoenix or nearby areas, contact a realtor certifed in distressed properties who can advise you in the area of short sales.

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 certified Arizona realtor today about how a short sale may benefit you.