Many Arizona homeowners have questions regarding short sales and what will happen during the process.
Do they need to quit making payments to qualify for a short sale?
How long is the short sale process?
What can I do if the home is not worth what I paid for it?
What if I am relocating for a job?
What if I have tenants in my home that I am short selling?
... and many other questions.
One of the main ingredients of a short sale is the hardship. Can you successfully document your families' hardship? Whether it's from job loss, sickness, cut-backs in wages, divorce or maybe you are being transferred to another job location making it so you have to sell your current home. You will need to explain any of these to your lender.
If prices have dropped in your neighborhood or Arizona subdivision you will need to have a realtor help you with values for the most recently sold homes to be able to present this information to your lender.
One of the problems with short sales in Arizona is that each bank is slightly different and every person you speak with at the bank will be different. There are no set rules and guidelines. Not all answers are cut and dried.
This leaves many people frustrated and many realtors feeling like they are banging their heads against the wall when they are trying to help a homeowner sell their home as a short sale. Make sure that if you choose to do a short sale the agent you are working with knows what paperwork you will need to present to the bank.
We can help to guide you through the typical answers to your questions and provide links for further information. Please be sure to talk to your tax representative or a lawyer when making critical decisions for your family.
Each situation is different for many reasons the lender, the loan terms (such as an 80/20 loan), do you have a second mortgage or a HELOC. Some second mortgagors will be more willing to negotiate while others will not want to settle for a large shortfall on their loan. This is especially true for a HELOC loan which is similar to credit card dept.
We want to help so please review some of the links and email us if we can answer questions for you. If you are
considering loan modification or refinancing you can find information here.
Labels: arizona banks, arizona real estate, arizona realtor for short sales, arizona realty, arizona short sale negotiator, Arizona short sales, selling short sale homes
