A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens’ full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.
Short sales are one of the most complex of all real estate transactions because there are so many parties involved. In a short sale there is the buyer and seller, the seller’s lender(s) servicing companies, the actual owner of the mortgage or investor, private mortgage insurance company and the government (if a Fannie Mae or Freddie Mac loan). In most cases, the investor is not the lien holder from whom you receive your monthly mortgage statement. All of these parties must be in an agreement before the buyer and seller is able to sell the property.
Most lenders will approve a short sale contingent upon the homeowner’s hardship or reason for selling. Without a hardship, then a lender will be reluctant to approve a short sale transaction. Below are some most common hardships:
- Loss of Income
- Divorce
- Job Transfer
- Illness of Borrower
- Illness in Family
- Unemployment
- Death of a Family Member
- Loss of Renters/Tenants
- Payment Adjustment
- Excessive Use of Credit
If you are experiencing one or more of these hardships above, then we can get your lender to accept a short sale once we locate a buyer for your property.
Some homeowners may choose to work with an agent who is a good friend, family member, or a neighborhood agent who markets themselves to gain additional listings, to conduct their Arizona short sale transaction. Statistically, only a small percentage of Realtors nationwide are successful with short sale negotiations. Like working with the best heart surgeon at a hospital, it is crucial you work with a seasoned and proved professional.
Our extensive experience and the relationships we’ve established enable us to provide effective representation and short sale negotiations on your behalf. We don’t just send your file and hope it gets approved. We identify and contact the investor(s) directly to identify their wants and needs before submitting the short sale package.
Therefore, in addition to getting your Phoenix short sale approved, we negotiate with the investor to get you full release of all future deficiencies on the unpaid principal balance. We offer a FREE CONFIDENTIAL, NO OBLIGATION consultation to discuss your short sale options in total privacy.
Give us a call TODAY at 480-213-5251 or visit your web site for additional information about the short sale process: www.AZ-Short-Sale.com