There are thousands of people considering a Short Sale of their home in Arizona.
More than 50% of homes are "under water" in Arizona - in other words - the homes are worth less than the loan balances owed - so it's not surprising that Goodyear homeowners are looking for solutions to avoid foreclosure.
A Short Sale is one such solution.
A Short Sale is a "regular resale" with one distinct and significant difference.
The agreement of your lender(s) to accept less than the balance(s) owed on the loan(s).
Whether or not a homeowner meets the other "requirements" of their lender(s) such as a "valid" hardship can only be determined by consultation with a skilled and experienced professional with a solid Short Sale track record - we recommend a minimum of 25 closed Short Sales with a 90%+ Short Sale List to Close ratio.
The purpose of a Short Sale is not to get the Buyer Leads from the listing but not be able to get the Short Sale closed - it's to get the Short Sale closed for the benefit of the homeowner, so they avoid foreclosure!
Ask anyone making that claim to log in to the MLS and display the results of a "live search" for CLOSED, CANCELLED and EXPIRED Listings flagged with "Short Sale Aprvl Req" associated with their MLS ID.
Count how many closings versus the total of CLOSED, CANCELLED and EXPIRED.
9 CLOSED out of a total of 23 CLOSED, CANCELLED and EXPIRED calculates to a 39% List to Close ratio or a 61% failure rate!
A FREE CONFIDENTIAL Short Sale consultation with an experienced and qualified Short Sale Listing Agent or an attorney qualified and experienced in Short Sales should be the first step in the process of deciding whether to Short Sale a home in Goodyear.
The consultation should include a comprehensive description of the Short Sale process, and should provide sufficient information to determine whether pursuing a Short Sale is the best course of action.
Short Sales are not something to rush blindly into - they require commitment from the Sellers to see it through, and hinge on the Short Sale Listing Agent's skill set in
- securing a fair market value contract for the property
- presenting the Short Sale package to the Sellers Lender(s) for approval
- and knowing how and when to escalate to senior executives at Bank of America, Chase, Citi, Wells Fargo and other Short Sale lien holders.
If you know of someone considering a Short Sale in Goodyear Arizona, we ask that they contact us to schedule their free, confidential, no obligation Short Sale consultation.
For more information and access to our "Homeowner Toolbox" visit www.AvoidForeclosureInPhoenix.com
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