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Still "Under Water"? Consider This...

By
Real Estate Agent with Serving the Greater Phoenix and Scottsdale Metropolitan Area BR534744000 & BR540649000

 

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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About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Executive Officer - Haven Express @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - Haven Express @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
Haven Express
Keller Williams Arizona Realty

Comments (14)

Mike Bjork
Evolve Bank & Trust - Redondo Beach, CA

Hi Tony and Suzanne, 

Are you still finding a lot of underwater homes in your area?  If so, then what kind of property types (single family, condos, etc..)?  In my area, our prices have passed the pre-Credit Crisis levels.  But I have encountered a few properties still underwater (based on requests to refinance).  These properties seemed to be condos that were relatively new at the time when they were purchased.  The HOA/Builder had rented out unsold units, which makes it difficult for those whom own to refinance because of the mortgage restrictions on condos.   Your post made me think about the few that I've recently encountered that were still underwater.  I think if you go inland (namely the Inland Empire) a bit more (from where I live), then it may be a bit different (still below pre-Credit Crisis prices).

Oct 27, 2016 02:30 AM
Janice Ankrett
Burlington, ON
Staging Professional

This happened in my area in the 80's and with the way our prices are skyrocketing now, I have a feeling that it will happen again soon. It is very difficult for a young couple to buy their first home. 

Oct 27, 2016 02:43 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Seeing fewer short sales now but it could certainly happen again.

Oct 27, 2016 04:15 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

We still have quite a few people in or market who are underwater and short sales are still a very viable option for them

Oct 27, 2016 12:20 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I am seeing fewer and fewer short sales but still having REOs and foreclosures doesn't equate; Tony and Suzanne Marriott, Associate Brokers  

Oct 27, 2016 02:36 PM
James Dray
Fathom Realty - Bentonville, AR

Good morning Tony and Suzanne Marriott, Associate Brokers , in my area I can't recall of the last time I saw a short sale.  they are far and few in-between

Oct 27, 2016 08:46 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Hi Mike Bjork - yes - we still have many.  For example - $880K purchase price in 2006 now a short sale for around $500K.  People who decided to stick it out for 10 years are still behind the 8 ball - they just continue to pay the loan(s).

Oct 28, 2016 10:37 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Let's hope not Janice Ankrett - but history does have a way of repeating itself.

Oct 28, 2016 10:37 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Carol Williams Here those that are underwater have decided to keep on paying the loans in the hope that they will be above water again at some point...

Oct 28, 2016 10:38 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Agreed Ed Silva - the remaining underwater homeowners here decided to stay current for the most part - although there are new notices of Trustee Sale issued every month...

Oct 28, 2016 10:40 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

In some cases Paul S. Henderson, REALTOR®, Broker, Tacoma Washington it appears homeowners have been behind for a significant period of time - and the lenders wait for what they deem the "best time" to foreclose...

Oct 28, 2016 10:42 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

That's good news for your locale James Dray !

Oct 28, 2016 10:42 PM
Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great information and reminder that there should not be an initial fee

Oct 28, 2016 11:57 PM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Agreed Kristin Johnston, Waukesha County Realtor 414-254-6647 - thanks for stopping by with a comment!

Oct 28, 2016 11:58 PM