Even though the market has recovered somewhat from it's lows several years ago, the fact that the "crash" saw a loss of 65% in some areas means that some homeowners are still "Under Water" - with their home worth less than they owe on the property.
One solution to avoid foreclosure should the owner be unable to continue making payments, is a Short Sale of their home in Arizona.
By definition 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 owed on the loan(s).
Whether or not you meet the other "requirements" of your lender(s) such as a "valid" hardship can only be determined by consultation with a skilled and experienced professional.
There should be no upfront charge for an initial consultation - whether with a Short Sale Listing Agent or an attorney qualified and experienced in Short Sales.
At the end of the consultation you should have learned what the Short Sale process is, and should receive a significant amount of information to assist you in making a careful, informed decision.
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 are considering a Short Sale in the Scottsdale and Phoenix Arizona metropolitan area, you are welcome to contact us to schedule your free, confidential, no obligation consultation.
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