The short sale process in Arizona has 7 steps (for a video on the short sale process in Arizona):
- Get a checklist and Arizona short sale forms and gather all the required documents.
- Hire an Arizona short sale realtor. Give them all the documents from step 1. The realtor will forward the documents to your mortgage companies, list your home for sale and follow up continuously with your mortgage companies to get your short sale approved. When you accept an offer on your home that will be forwarded to the mortgage companies as well.
- The mortgage companies order an appraisal or BPO (broker price opinion) to determine what they think your home is worth.
- The mortgage companies compare their valuation of your home from step 3 to the offer you've accepted from the buyer, and negotiates the price and any other terms of the sale.
- The amount of relocation assistance paid to the homeowner is determined. In preapproval programs such as the HAFA Program, this is determined at the beginning of the process.
- The mortgage companies issue the short sale approval letter.
- The sale can proceed like a normal sale from this point forward with the buyer closing in 30 days or less depending on financing.
For full details on the short sale process in Arizona, or for more information on Arizona short sales.
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