Short Sale Myths in Gilbert, AZ

By
Real Estate Agent with Keller Williams Integrity First Realty

Short Sale Myths in Gilbert, AZ

Myth #1:  "The bank would rather foreclose on my property than deal with a short sale."  

Banks are in the lending business not in the business of owning real estate. In most cases the much rather that you stay in the home and care for the property so that they do not have to spend money doing so.  

Myth #2:  "I have no hardship so the bank will not consider me for a short sale."  

Hardship does not necessarily mean that you have financial problems. A hardship can be a divorce, medical condition, job transfer, unsafe housing or community and a variety of other reasons. Everyone's situation is different and you may be surprised to know that in some cases the bank does not require a hardship of any kind to approve a short sale.  

Myth #3:  "I have not missed any payments or been late on mortgage. They will not allow me to short sale my property."  

Again, a hardship can consist of many different scenarios and bank will, in some cases and more often than you might think, allow you to short sale your home without having ever missed a single payment.  

Myth #4:  "I have missed multiple payments and received a notice from my lender saying that a Trustee Sale has been scheduled. It is too late to save my home from foreclosure."  

It is never to late too try! Even if the "Trustee Sale" date has passed in some cases the bank will extended the date out and try to work with you to short sale. Again, banks do not want to own real estate.  

Myth #5:  "Short selling my home will be embarrassing. Everyone in my neighborhood will know."  

The social stigma that used to go along with short sales is not what it used to be. Millions of families in the United States have short sold their homes in the last few years and more than half of the housing for sale in Phoenix Metro is short sales. We treat all of our short sale listings like any other listing. A regular for sale sign goes up in the yard, a listing goes in MLS, a virtual tour is created and you and your family are in control the entire time of the listing. The only difference is that at the time we receive a contract a third party, the bank, becomes involved. Other than that your listing looks like any other.  

Myth #6:  "Short sales never get approved."  

The Flowers Team success rate in getting banks to approve short sales is over 85%. Rarely does a home that we list go to foreclosure.  

Myth #7:  "Short selling my home will be extremley expensive and I cannot afford it."  

In a short sale situation the bank pays all of the Realtor commission fees and closing costs for the seller. You will have to pay a Short Sale Processing fee and possibly a few lawyer fees. The average total out of pocket cost for you is less than $700.

Thinking of Short Selling your home in Gilbert? Click Here.

Comments (1)

Brint Wahlberg
Windermere Real Estate - Missoula, MT
The Wahlberg Team

Very good stuff, neatly organized and solid points!

Sep 23, 2010 06:25 AM