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Are you looking to
buy a new home in the Phoenix metro area? Are you thinking that now's a great
time to find bargains? Before you make an offer, it
pays to know a little about the seller's situation.
Speak To Samone, Phoenix Professional Short
Sale Certified Realtor NOW....Call:
602-390-1462
Serving the entire Phoenix
Metro Area Short Sale Market.
Phoenix, Scottsdale, Paradise Valley, Cave Creek,
Carefree, Sun City, Peoria, Glendale, Surprise,
Buckeye, Avondale, Tempe, Chandler, Mesa, West
Valley, Westgate.
If a home is being sold for below what the
current seller owes on the property—and the seller
does not have other funds to make up the difference
at closing—the sale is considered a short sale.
Many more Phoenix metro area home owners are finding
themselves in this situation due to a number of
factors, including job losses, aggressive borrowing
against their home in the days of easy credit, and
declining home values in a slower real estate
market.
A Phoenix short sale is different from a
foreclosure, which is when the seller's lender
has taken title of the home and is selling it
directly. Homeowners often try to accomplish a short
sale in order to avoid foreclosure. But a short sale
holds many potential pitfalls for buyers. Know the
risks before you pursue a short-sale purchase.
You're a good candidate for a short-sale purchase
if:
* You're very patient. Even after you come to
agreement with the seller to buy a short-sale
property, the seller’s lender (or lenders, if there
is more than one mortgage) has to approve the sale
before you can close. When there is only one
mortgage, short-sale experts say lender approval
typically takes about two months. If there is more
than one mortgage with different lenders, it can
take four months or longer for the lenders to
approve the sale.
* Your financing is in order. Lenders like cash
offers. But even if you can’t pay all cash for a
short-sale property, it’s important to show you are
well qualified and your financing is set. If you're
preapproved, have a large down payment, and can
close at any time, your offer will be viewed more
favorably than that of a buyer whose financing is
less secure.
* You don’t have any contingencies. If you have a
home to sell before you can close on the purchase of
the short-sale property—or you need to be in your
new home by a certain time—a short sale may not be
for you. Lenders like no-contingency offers and
flexible closing terms.
If you're serious about purchasing a short-sale
property, it's important for you to have expert
assistance. Here are some people you want to work
with:
* Experienced real estate attorney. Only about two
out of five short sales are approved by lenders.
But a good real estate agent who's knowledgeable
about the short-sale process will increase your
chances getting an approved contract. Also, if
you want any provisions or very specialized language
written into the purchase contract, a real estate
attorney is essential throughout the negotiation.
* A qualified Phoenix AZ short sale real estate
professional.* You may have a close friend or
relative in real estate, but if that person doesn’t
know anything about short sales, working with him or
her may hurt your chances of a successful closing.
Interview a few practitioners and ask them how many
buyers they've represented in a short sale and, of
those, how many have successfully closed. A
qualified real estate professional will be able to
show you short-sale homes, help negotiate the
purchase when you find the property you want to buy,
and smooth communications with the lender. (All MLSs
permit, and some now require, special notations to
indicate that a listing is a short sale. There also
are certain phrases you can watch for, such as
“lender approval required.”)
* Title officer. It’s a good idea to have a
title officer do an initial title search on a
short-sale property to see all the liens attached to
the property. If there are multiple lien holders
(e.g., second or third mortgage or lines of credit,
real estate tax lien, mechanic’s lien, homeowners
association lien, etc.), it's much tougher to get
that short sale contract to the closing table. Any
of the lien holders could put a kink in the process
even after you’ve waited for months for lender
approval. If you don’t know a title officer, your
real estate attorney or real estate professional
should be able to recommend a few.
Some of the other risks faced by buyers of
Phoenix AZ short-sale properties include:
* Potential for rejection. Lenders want to minimize
their losses as much as possible. If you make an
offer tremendously lower than the fair market value
of the home, chances are that your offer will be
rejected and you’ll have wasted months. Or the
lender could make a counteroffer, which will
lengthen the process.
* Bad terms. Even when a lender approves a short
sale, it could require that the sellers sign a
promissory note to repay the deficient amount of the
loan, which may not be acceptable to some
financially desperate sellers. In that case, the
sellers may refuse to go through with the short
sale. Lenders also can change any of the terms of
the contract that you’ve already negotiated, which
may not be agreeable to you.
* No repairs or repair credits. You will most likely
be asked to take the property “as is.” Lenders are
already taking a loss on the property and may not
agree to requests for repair credits.
The risks of a Phoenix metro short sale are
considerable. But if you have the time, patience,
and iron will to see it through, a short sale can be
a win-win for you and the sellers.
* Not all real estate practitioners are REALTORS®. A
REALTOR® is a member of the NATIONAL ASSOCIATION OF
REALTORS® and is bound by NAR’s strict code of
ethics.
Note: This article provides general information
only. Information is not provided as advice for a
specific matter. Laws vary from state to state. For
advice on a specific matter, consult your attorney
or CPA. Source Realtor.org
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While Short Sales were virtually unheard of only a few
years ago, now the majority of banks and lenders are
negotiating and closing these deals. They allow a homeowner
with a legitimate hardship to sell their property for less
than the balance of their mortgages and avoid foreclosure.
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Buyers pursue short sales to get a good deal.
Making an offer on a pre-foreclosure, short sale home is not
as simple as you may believe, and very few can close in 30
days or less. You want to work with a Phoenix Certified
Distresses Property Expert (CPDE) who is specifically
trained to work through the intense process of assisting you
in securing the home you wish to buy.
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Homeowners who are in the pre-foreclosure process need to
speak with an educated agent as quickly as possible. For
many homeowners foreclosure is not the only option however
most do not get the opportunity to explore solutions.
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 Foreclosure
Vs. Short Sale in Phoenix Arizona - Homeowner
Consequences
Sellers may wonder whether letting a property go
into foreclosure would be easier and smarter than going
through a short sale. A short sale has better a better
outcome on your future home buying, employment and more. |
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Serving the entire
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short sales, Glendale short sales, Surprise short
sales, Buckeye short sales, Avondale short sales,
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sales, West Valley short sales, Westgate short
sales, El Mirage short sales.
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Samone
Bollerud-Beitler
GRI. CDPE. Realtor®
Certified Distressed Property Expert
RE/MAX
Desert Showcase
14155 N. 83rd Ave.
Suite 120
Peoria, AZ 85381
Email:
samoneb@remax.net
Phone:602-390-1462
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provide you with a level of service and
commitment that is truly above and beyond
the rest, setting a new standard of results
in the real estate industry. I am committed
to providing value for you before, during
and after the transaction so that your needs
are always addressed and satisfied.
Specializing in Phoenix Short Sale homes for sellers
and buyer.
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Selling Your Home As A
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