Short Sale Advice

Do You Need To Short Sell Your Home? 

Don't know what a short sale is? A short sale occurs when the amount of the outstanding loans are greater than the amount for which the home could sell. Short sales are typically the result of prices in a market rapidly declining.

For many homeowners, a short sale is an ideal way to avert foreclosure or bankruptcy when they can get the lender to write off the remainder of the loan.


What's involved in a short sale?
First, find out the true market value of your property. An experienced real estate professional, like those at Arizona Sonora Real Estate, will be able to give you a good idea of what your home will likely sell for based on prior sales of similar houses in the neighborhood. Watch out for websites where a computer estimates your house's market value since they may not have complete information or know important things like neighborhood trends and current listings.


Phoenix homeowners who are upside down on their mortgage and need relief fast should turn to the expertise of Arizona Sonora Real Estate to guide them through the short sale process. Contact us today for a free consultation.


Next, determine your closing costs. The knowledgeable real estate agents at Arizona Sonora Real Estate will account for fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.

Finally, get in touch with your lender and tell them of the situation. They may even have a special department that handles short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to reduce the amount owed or make other arrangements. Your lender will have to approve the final sale. Contact us today !!!




Short Sale vs Foreclosure

1. A foreclosure is typically more damaging to the credit than a short sale or deed-in-lieu
2. A foreclosure can create more of a tax liability for the homeowner than a short sale, since a short sale is likely to result in a higher payout to the lender.
3. Once a foreclosure is complete, the borrower has no bargaining power if the lender decides to pursue a deficiency risk,it maybe possible for an attorney to negotiate language that minimizes this risk.
4. A foreclosure Can provide additional anti-deficiency protection to the homeowner that may not apply in a short sale.