A short sale, also called a preforeclosure sale, occurs when homeowners can't afford their home mortgage payments and the house is worth less than they owe on it. The lender accepts the proceeds from the sale, even though the price doesn't cover the entire debt.
The knock on short sales is they take too long. A short sale can be done only with the lender's permission, and the lender sometimes takes months to decide whether to accept the buyer's offer. This allows the seller to stay in their home until the Short Sale has been approved buying the seller adequate time to make additional living arrangements.
Finally, the seller gets $3,000 in moving expenses for leaving the house in decent shape.
What A Short Sale Home Owner needs to know:
- The borrower must hire a skilled Arizona Short Sale Real Estate Agent. Meanwhile, the lender will hire someone to assess the property's value. They will perform what is referred to as a "BPO"
- Lender(s) will agree to the "Minimum acceptable net proceeds" which is a term that represents the smallest amount of money a loan's owner will accept.
This sum and agreement is affected by:
- How much the borrower owes on the first mortgage.
- How much is owed on the second mortgage.
- The unpaid interest racked up.
- Expenses such as closing costs.
- The real estate agent's commission that is to be paid by the lender not the seller.
After a successful close of Escrow, the seller is entitled to a "relocation incentive" of $3,000.
This is very useful information for Arizona Sellers who are considering Short Selling their home.
Contact us for additional information to find out if you qualify for a Short Sale and the $3,000 moving assistance program.
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