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The 7 Most
Dangerous Phoenix AZ Short Sale Myths
Don’t let one of these dangerous myths land you and
your family in foreclosure
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Speak To Samone, Phoenix Professional Short
Sale Certified Realtor NOW....Call:
602-390-1462 |
A short sale of
your Phoenix metro area home can be an excellent
solution for a homeowner who owes more on their home
than what it is worth and has to sell.
Unfortunately a number of myths about short sales
have developed and it is important you understand
the reality of this process if this is a solution
that you feel meets your current needs.
1. Short Sales are Impossible and Never Get Approved
Nothing could be further from the truth!
• Are short sales more difficult? Yes.
• Do you need to learn a new process? Yes.
• Are they impossible? No, No, No!
The agent who presented you with this report is
a Certified Distressed Property Expert (CDPE) who
has undergone extensive training in helping
homeowners in distress and processing short sales.
The CDPE membership organization nationally is made
up of agents who receive thousands of short sale
approvals on a monthly basis – don’t think for one
minute this is an impossible process. While there
are no guarantees in any transaction, more and more
short sales are being approved monthly.
2. Banks are Not Accepting Short Sales; They are
Waiting on a Bailout
Really? You may have heard this; the reality is that
banks (and the government) are trying to do anything
they can, within reason, to avoid foreclosing on
property. To think that they would deny a Short Sale
in hopes that some future legislation will pass and
pay them for their loss is preposterous.
The reality is that more banks are aggressively
pursuing Short Sales and agents (like the one who
gave you this report) who understand how to process
them. Freddie Mac recently hosted a national
training webinar for real estate agents where they
expressly stated the organizational goal of
“eliminating distressed assets through modification
or short sale”.
3. You Must be Behind in on your Mortgage in Order
to Negotiate a Short Sale
While it is true that initially some lenders
wanted you to be in default (missed a payment)
before they were willing to consider a short sale –
this trend has almost all together reversed. Today
lenders are looking for verifiable hardship, monthly
cash flow shortfall or pending shortfall and
insolvency.
If you meet these three requirements and are in a
position where you will soon not be able to afford
your mortgage, act now! Don’t wait until the
countdown clock to foreclosure has started and you
have even less time left.
4. Buyers are Not Interested in Short Sales and
Avoid Them
This is a myth that potential sellers hear all
the time – thankfully the reality is that today it
is not. In fact many agents are getting calls from
buyers who say “I only want to look at foreclosures
and Short Sales!”
Short Sales and Foreclosures have become synonymous
– not with issues – but with GOOD DEALS.
International buyers specifically are interested in
these properties. If you list with the educated CDPE
agent who gave you this report you have a very good
chance of seeing a contract on your property, soon.
5. Listing my Home as a Short Sale is an
Embarrassment
It is understandable that you may have
reservations about letting the world know that you
owe more on your home than it is worth however,
understand that according to recent estimates, 1 out
of 5 homeowners in the US is in your exact
situation. You are to be congratulated for admitting
you need help, taking action, and finding a
professional who can work with you towards a
solution.
With 40 to 60% of the sales in the US predicted to
be Short Sales or foreclosures you are not alone!
6. The Bank Would Rather Foreclose than Bother with
a Short Sale
We know you have heard this; you may have even
heard it from an overzealous collections agent
working for a lender. The reality is that banks do
not want to foreclose on your property. Banks,
investors and event the federal government have all
publicly said that if a person is qualified for a
short sale the deal needs to be considered.
The qualifications are:
A. Financial Hardship – There is a situation that is
causing you to have trouble affording your mortgage.
B. Monthly Income Shortfall – You have more month
than money! A lender will want to see that you
cannot afford or will not be able to afford your
mortgage soon.
C. Insolvency – The lender will want to see that you
do not have significant liquid assets that would
allow you to pay down your mortgage.
7. There is not Enough Time to Negotiate a Short
Sale Before My Foreclosure
This is a myth that probably hurts homeowners
the most. Many don’t realize that foreclosure is a
process and there is time.
The foreclosing party (in most cases a lender) can
stall a foreclosure up to the final day of the
process. These days many lenders will stall a
foreclosure with as little as a phone call from you
letting them know that you are trying to sell.
Almost all lenders will stall a foreclosure with a
legitimate contract, in our view there is time until
the foreclosure process is complete.
Sit down with your CDPE agent today to see what
options you have and get on the path to recovery,
there are options and your agent can help!
Complete the form below for assistance
with a Short Sale
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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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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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I welcome the opportunity to
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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