Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

We are Group 4610, Arizona's Premier short sale group. Short Sales in Arizona are our concern. We frequently get questioned about why we are the best short sale agents in Arizona. Basically, what seperates us from other agents in this Arizona short sale market?

I had a recent situation where a friend was going through a short sale and wanted a little advice as to what to do with a short sale at Bank of America. I coached her a little bit and gave her some ideas to pass on to her short sale realtor. Basically, if you are having troubles escalate to somebody higher up at the lender.

After getting off the telephone with her, something dawned on me. I should have told her something different. It is not about what we do. Do not get me wrong. We have great strategies and we have great relationships inside the lender. When we ask for something, they are aware of who we are and they respond to us. This happens because they recognize that we close short sales. We aren't there to squander anybody's time.

Basically, our success is a complete result of our mindset. Short sales are tricky transactions. They are not like the traditional real estate transactions. Finding solutions to problems, no matter the circumstances, is what we do best. Our deepest committment is our target and, in turn, your outcome.

If you choose to work with us, know that when you enter into a relationship with us we take that incredibly seriously. Our deepest committment is to get your short sale completed effectively. We have a mindset that we are going to get the work completed and help you steer clear of foreclosure. There are troubles that arise in this procedure all the time. Yet, we choose to conquer those troubles.

If you have questions, get them answered here Fountain Hills - Short Sale Company

Lenders in Tempe, AZ understand the value of a home owner short selling the home because they understand the high number of home owners that are struggling to make mortgage payments. Because of this high number, banks and lenders could find themselves having to foreclose on dozens of property if they don't allow short selling.
By law, a lender in Tempe, Arizona can only have a certain number of foreclosed properties. With record numbers of home owners defaulting, lenders must be cognizant of this. So, short selling gives the bank an opportunity to keep themselves from taking on to many foreclosures.
Short selling a property can save the property owner from having to deal with foreclosure or any other option to defaulting on their loan. The process of short selling generally takes about four to six months to complete. Short selling also allows the home owner to walk away from their mortgage without owing any additional moneys.

However, there are exceptions to this rule. The lender can issue a letter that requires you to pay off the difference between the sale price of the home in a short selling process and the mortgage pay off amount. This amount can be a difficult amount to pay off in some cases.

When you utilize the short selling process, there are many ways that it can affect your credit. If your lender allows the short selling of your home to be used as payment in full, your credit will barely take a hit and you may even be able to purchase a new home in as few as a dozen months to two years. However, if the lender requires that you pay the difference and, in turn, you can not make up the difference, your credit can be hit hard by this. Taking out another loan to pay off the difference in your short selling process may not even be an option for you as your credit and financial means could be limited.
So, with this in mind, home owners using the short selling process should be sure that they negotiate for a judgement of "Payment in Full" from their lender. Without that judgement, it could take you as long as ten years to restore your credit.

It doesn't have to be this way.

The first thing to do when facing the possibility of foreclosure is to take an unbiased look at the current financial situation. Is it going to change...really change? Hoping that the problems will go away doesn't usually help. If you were sick, would you hope you got better or would you see a doctor? If hanging onto a hope is all there is, then it's time to take some definite actions.

If you need to sell your home, there are two steps to take.

The first is gain knowledge. The homes value and mortgage owed is the first part. Then a plan must be developed whereby the home can be sold fast, days not months. This means an untraditional sale. Lease Options fill that ticket. They are the best method to sell a home fast in a declining economy. They are safe, legal, and done on a daily basis. The only thing to consider is that they must be understood and executed properly. A poorly executed plan of any sort is not advised. So the first thing to do is to go out and learn the proper way to execute a lease option.

The second step is to take action. This is where you put the knowledge gained in the first step to work. Get the word out, market, and let prospective buyers that there is a home on the market and ready to sell. Despite what the banks will tell you, this will work. As a side note, the only reason the banks won't tell you about lease options, is that you keep the money.

Are you willing to put some effort into learning the proper way to conduct a lease option? Are you willing to put in some minor work? If so, and if you need to sell your home, then please do yourself a favor. Take action today. That home is one of the single most important investments many of us will ever make. Don't let it be taken away when you stand to make not just money upfront, but a genuine monthly cash flow as well. You can do it!

As a Lease Option expert, Steven Morse is the co-founder of SelfBailout.com where he is the resident real estate expert and the driving force behind the Home Selling Advantage Course. This invaluable course shows how homeowner's can sell their homes quickly, safely, and profitably...even in today's tough economy. http://www.selfbailout.com

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We wanted to take a little time to speak with you regarding loan mods. One of the more common questions we hear from residence owners is "What should we do regarding our home?" The home owners don't want to leave their homes. However, they are either late on their payments or upsidedown with their mortgage. They usually mull over doing a loan modification.

We simply want to let you know that the gov't and the media talk regarding loan mods repeatedly. However, they aren't nearly as useful as the gov't or media would have you believe. There are some good loan mods that occur. However, less than one in ten really get approved. Some of you watching this may have by now found this out by applying for a loan modification yourselves.

You should know that there are two kinds of loan modifications, principal reduction and change to rate or payment. A principal reduction is almost non-existent. Perhaps one in 500 get approved. The principal reduction is where the bank says that your mortgage is worth $200,000, but your residence is worth $150,000. So the bank redoes your mortgage for $150,000. However, be aware that if you get a principal reduction you are responsible for the taxes on that $50,000 gift from the bank.

Payment reductions are seen sporadically. When they occur, they are decent temporary fixes. However, most people discover that there comes a certain time when they decide to default it. It still does not address the fact that your residence is not worth the value of your loan. We aren't saying that the loan modification alternative isn't for you. However, most people usually end up going to the short sale process. The short sale enables you to get a clean start and qualify to purchase a residence in as little as two years.

Nearly all people realize that the loan modification did not help them after the first few months. We would love to have the opportunity to speak with you. A short sale is the best option for most residence owners looking for relief.

If you have questions, get them answered here Short Sale - Short Sale Vs Foreclosure

A property is valued at 130, 000 and the homeowner owes $190, 000. The difference of $60, 000 is the deficient and is a great loss to the lender but less than a foreclosure. The lender agrees to write off the debt of $60, 000 and find a buyer for the property. This sounds great especially considering the affect a foreclosure will have on your future.

The overall process for settling the sale takes experience and would not be a good idea for most people to try alone. The property owner will have plenty to do gathering information and waiting for the paper work to be approved. In order to present your service company with the best data you can, begin by getting your information ready for review.

You can find the Fair market value of your property by searching for similar homes that have sold in the last six months to a year. The homes with approximately the same square footage and features like: heating and cooling, floor coverings, structures outside and so on. When you find homes, similar to your own that sold for "X" amount of money.... This is your Fair market value.

Let's say three houses sold in the last year for $120, 000 that is comparable to yours, your home value is in this range. Take this to your lender and it will encourage him to take the short sale instead of losing more than the $60, 000.

A pre-foreclosure short sale means you have not been evicted from your property. The short sale is still an option for you. Take a look at the difference between a foreclosure and a short sale. A short sale may leave you with a "judgment" on your credit record and will state whether or not the debt has been "satisfied or unsatisfied". A foreclosure is a permanent mark and will hinder your chance for future loans.

The arrangements made between the property owner and the lender dictates what will happen. You can choose to take a promissory note towards the deficits and this will be much better for your credit. The lender is the one to report to the credit bureau and can cause problems for sellers. Ask the lender how the report will read on your credit. The statement the lender makes can still read as a foreclosure to other lenders.

The best way around all the mysteries is to ask for your lenders policies on reporting a short sale. Ask them to put it in writing. Learn all you can about the service company that you chose to negotiate your short sale. Most companies are there to work with property owners but when it comes to pre foreclosure short sales a homeowner needs to find those experienced in real estate short sale negotiations.

All the facts and fallacies on Real Estates Pre Foreclosure Short sale, now available on http://www.nphsrealestate.org/Short-sale/California

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