Arizona Seeing Increase In SHORT SALE
July 27th, 2010
The short sale, in Queen Creek, Arizona, or a short sale in any state, to be honest, has become a useful and popular tool to sell property in recent months. This is due in large part to the high number of homes facing foreclosure recently. It is an important loss mitigation strategy that can prevent foreclosure and with a short sale you don't have to worry as much about the effects on your credit score.
If a home owner can show the lender that they are having a financial hardship and can no longer afford to pay the mortgage, a short sale is quite possibly the best option. The bank must approve of a short sale, so it is crucial that a home owner can prove the financial hardship. The short sale of your real estate means that the lender will consider taking a loss on the mortgage so that they do not have to foreclose on the property and take possession of it.
The short sale of a property in in Queen Creek, AZ is very en vogue. With the home owner being allowed to walk away from their mortgage debt and the bank not having to deal with owning a property, the number of short sales is on the rise.
It is in the home owners best interest to find a real estate agent that is familiar with the short sale process to help them negotiate with the bank through these difficult times. The bank will appreciate being able to work with the real estate agent that has knowledge in the short sale so that they do not have to deal with the home owner that almost surely has no knowledge of the nuances of a short sale.
In the short sale process, your real estate agent will put the house on the market and find a buyer that makes an offer. Then, with offer in hand, the real estate expert and you, the home owner, will go to the bank and as that they accept the short sale of the home and more importantly, accept it as payment in full. The loss mitigation department at the bank has the right to accept or decline the short sale of the home and even if they choose to accept the short sale, they may also force you to pay the difference between the offer amount and the payoff amount.
One of the most valuable aspects of a short sale is in how it affects your credit score. With a foreclosure, or worse, bankruptcy, your credit report will show yoru financial troubles for ten years or more. However, with most short sales, your credit will be virtually unscathed after only two years.
The short sale is the popular way to get yourself free from a mortgage that you can not or do not want to pay.
Posted in 
Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.