Why Scottsdale Homeowners Facing Foreclosure Should Consider a Short Sale
Posted in Real Estate, Short Sales to Avoid Foreclosure on 03/04/2010 07:08 pm by admin
Designated Broker/Owner
If you live in Scottsdale Arizona or any of the surrounding areas and find yourself buried under your mortgage, the short sale process may be of interest to you. A Certified Short Sale Arizona realtor can explain every detail, so that you can decide if this may be the answer to your problems. Loss of a job, divorce, a death in the family and other factors can affect your life and your financial situation much more than you realize. If you are falling behind in your mortgage, do not wait – time is of the essence!
Foreclosure is an ugly word and an even uglier reality of life. When you can no longer pay your mortgage and go the foreclosure route, it affects your life for years to come. Your credit will be totally ruined; you will not be able to purchase another home for at least 5 to 7 years. On top of that, many people want to avoid the stigma that often comes along with losing a home.
An experienced and reputable Phoenix short sale real estate agent can help you understand the short sale process so that you can determine if it may be the right course of action for you. The process can be lengthy, but with the help of a knowledgeable realtor it will be much quicker. A professional will assist you with every aspect of the process, and help locate the perfect buyer for your home.
Scottsdale residents who can no longer afford their mortgage need to understand how a short sale works. First of all, your lender will most likely be willing to work with you because they really don’t want an empty property – they would rather have money, even if it is not the full amount you owe on your mortgage. They can then mark the property as paid, instead of having an empty home sitting on their books. Once a buyer is found, your lending company will need to determine if they are willing to take the amount offered for your home.
A short sale will affect your credit adversely, but not to the extent that foreclosure does. You will most likely be able to purchase another home within 2 years and in some cases right away, instead of waiting 5 to 7. When you sell your home, you will be able to honestly tell anyone who asks that you sold your home – and not have to tell them that you were foreclosed upon. .
If you own a home in Scottsdale and feel things are getting beyond your control, or will be with your next mortgage adjustment, contact a highly respected Arizona realtor with vast knowledge of the short sale process. Right now, the future may look bleak and you may feel there is no way out. Thankfully, there may be a brighter tomorrow on the horizon.
Maureen Karpinski
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