A "short sale" is an agreement with your lender to accept less money than they're owed as full payment for your loan. This solution often makes sense when you owe more than the property is currently worth. Basically, you have no time or equity to sell your home traditionally because you cannot afford to pay a Realtor and cover your closing costs!
There are multiple companies and realtors that will help you short sale your home. The Arizona Short Sale Office, specialize's in short sales. Most companies will work with the bank to get a lower pay off on your loan approved, this is what you call a short sale. The benefits to the bank are many, most importanly it saves them from having to go through the expensive and time-consuming process of a foreclosure. Short sales benefits the seller, by allowing the homeowner to minimize the credit impact of a foreclosure. Foreclosures are usually scored worse than a bankruptcy.
If you are behind on payments, can show a financial hardship, owe your lender(s) as much or more than your house is worth, then you possible could qualify for a short sale. Request an information packet from the THE ARIZONA SHORT SALE OFFICE to learn more about short sales and other options you might have.
So, Its That Easy?
Well, sort of! Short sales are very difficult and time consuming. Lenders find it difficult to work directly with the homeowner because they are already "on the hook" for the amount they owe. However, the lender does not neccessarily want to foreclosure and take your property and you may contact the bank and attempt to complete the short sale your self with the help of a professional realtor.
Unfortunately, as part of the short sale agreement, the lender prohibits you from receiving any "sales proceeds." In other words, you will not get any money at closing. What you get is the peace of mind knowing that you will not loose your credit and home at the same time. There are other rules that you must understand that come along with a short sale. Get Help Today!