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by on January 17, 2011

Arizona Short Sales

The Basics Of Arizona Short Sales

Arizona short salesWhen property prices rise, it can be troublesome for home owners, but Arizona short sales provide a way out of unmanageable mortgage repayments. A short sale involves the home owner forming an agreement to permit lenders to sell the property for less than the amount owed. This course of action can be taken when the debt owing on a property exceeds the property’s market value, or under certain other conditions, and can help both lender and buyer.

Arizona Short Sales vs Foreclosure

Foreclosures provide home owners with a way out of a situation where they are unable to repay their mortgages, but these also destroy borrowers’ credit ratings for seven years or more. One of the advantages of Arizona short sales is that home owners may be able to lessen the damage done to their credit ratings. Foreclosures are preferable to the lender since the lender may be able to recoup some money quickly.

Arizona Short Sales should be considered for a number of reasons.

There are a number of predicaments where an Arizona short sale can be a viable solution. Those who have recently become divorced may find themselves unable to meet repayments. A short sale is also a useful option for an Arizona citizen who has recently lost his or her job. There are various legal details that must be considered when performing an Arizona short sale, thus it is wise to obtain legal advice from an Attorney that handles Arizona short sales  if you are considering a short sale on your home.

In Arizona, foreclosures usually consist of what is called a ‘Trustee’s Sale’. Deeds of Trust are used by the state rather than mortgages. The buyer signs a legal agreement stating that the lender is permitted to sell the home if the buyer defaults on repayments. Home loan providers are often willing to negotiate a short sale rather than a foreclosure, since the total amount they can recover is higher than it would be in a Trustee sale.

It is not as simple as a home owner requesting a short sale from the bank because he or she is worried that property repayments will become unmanageable. Financial hardship preventing the home owner from making repayments needs to be demonstrated, and there is a whole process leading up to Arizona short sales. The lender will issue the borrower with a Notice of Trustee’s Sale once due warning has been given.

In the time between a borrower encountering serious financial hardship and the fixed date for a Trustee’s Sale, the borrower is free to negotiate with the bank to arrange an Arizona short sale. Arizona short sales are conducted in a similar way to most regular real estate sales, the only difference being that the bank’s approval is required prior to a sale being made, and the bank will be involved in determining an acceptable sale price.

Many property owners are unaware that a short sale will not necessarily absolve them from all debt owed to their lenders. It is within the creditors’ legal rights to ask the home owner to pay any outstanding amount not recovered in a short sale, unless the borrower has an agreement to the contrary in writing. It is thus wise for the debtor to obtain any agreement to debt forgiveness in writing. This can be produced as proof at a later date if required.

Any residents who wish to appeal for Arizona short sales may need to submit a range of documentation in order to secure creditor approval for the process. These documents may include bank statements, tax returns and a ‘hardship letter’ which provides motivation for why the creditor should agree to a short sale.

Getting Arizona Short Sales Done

Arizona short sales success rates differ between different banks, thus there is no guarantee that a lender will agree to one or that it will have exactly the outcome desired. Cases have emerged where lenders have conducted fraud in demanding undisclosed cash payments from home owners during the negotiation process, but this is prohibited by law.

Prior to the Mortgage Forgiveness Debt Relief Act of 2007, debtors could be taxed on property debts forgiven by creditors, but the introduction of this act and a second Act in 2008 have made it possible for lender and buyer to find a mutually beneficial solution without having the forgiven debt treated as taxable income.

There are plenty of resources available online for property owners who need information on alternative home repayment arrangements.

Arizona short sales can be easy if you find a specialist!

Experts in Arizona short sales who are familiar with all legal aspects of the process can help you to navigate a short sale more easily and can help you to find a skilled Arizona short sale specialist who will be capable of marketing your home to find a buyer speedily.

Arizona short sales are on the rise as more banks are open to getting them done. 2011 is going to be another bad year and Arizona short sales will probably increase as more homeowners find themselves upside down in their homes. Do not let someone tell you that Arizona short sales are impossible to get done. Contact a Arizona short sales specialist first!

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by on April 6, 2010

Phoenix Short Sales Dominate The Real Estate Market

Short Sales in Phoenix now represent 38% of all active listings.

As more troubled homeowners in Phoenix become aware of what a short sale is and how it works we are starting to see an explosion of short sale listings.

It does not surprise me because having just completed a short sale of my upside down home in Scottsdale, it was a no brain decision for me. As more lenders become receptive to doing short sales versus foreclosure it is only going to get bigger.

Unless you have been living under a rock you know that Arizona is one of the hardest hit states in the housing crisis. If you bought your house during the peak of the market you are probably upside down in your home. You cannot sell you home for what you owe and foreclosure seems like the only option.

Below are the current market conditions for the Phoenix Real Estate Market as of 4/5/2010

Active listings: 42,081
Pendings : 13,384
Active short sales : 15,832
Active lender owned: 5,367

As you can see, 38% of the current active listings in Phoenix are short sales. Another 13% are lender owned properties. The scary part is that there are more active short sales on the market than pending listings. This is probably not going to change for several years to come.

If you are currently considering your options about how to handle your home you should find out as much as you can about doing a short sale on your home. Do not make the mistake of listing your home with the wrong real estate agent.

You can explore your options and learn more by going to Arizona Short Sale Help and watching a free video written by an Arizona homeowner that has gone through the short sale process and wants to help you avoid the most common mistakes.

Get the facts and avoid foreclosure by doing a short sale in Arizona!

My Recommendation – Get a Free Short Sale consultation from an Arizona Certified Short Sale Agent.

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by on March 24, 2010

Common Arizona Short Sale Mistake To Avoid

Before you list your home for a short sale in Arizona you better read this!

If you are like many Arizona Homeowners you may be upside in your home and must make some tough choices as to what your options are.

The term short sale was virtually unknown just one year ago. Many upside Arizona homeowners had never heard of the term short sale and allowed their home to go into foreclosure thinking they had no other options.

As more and more lenders are now willing to do short sales you as an upside down homeowner have an excellent opportunity to get out of your home and avoid a foreclosure.

The main reason to consider doing a short sale on your home in Arizona is the credit implications, not to mention you can stay in your home without making payments until the short sale is completed.

If you would like to review some of the credit implications go to my earlier blog post Foreclosure vs Short Sale Credit differences It gives you a detailed analysis of why you should avoid foreclosure and do a short sale.

The Number One mistake to avoid when doing a short sale in Arizona!

The biggest mistake you can make when considering a short sale is choosing the wrong real estate agent to get it done.  That’s right! Although many real estate agents in Arizona claim to do short sales, the reality is that many of them are inexperienced at it or are not willing to put in the extra time required to get it done.

The fact is, a short sale requires more work on the part of the real estate agent and takes much longer to complete than a conventional home sale.  The short sale on my Scottsdale home took over 7 months to complete. I was able to live in the home and save money preparing for my move out.

Some Real Estate agents will grow tired of waiting and will simply not put in the effort as time drags on. You need to find an agent that is in it for the long haul and will be with you every step of the way.

Another problem I ran into while doing my short sale was that many realtors had no idea of how a short sale actually works and were submitting offers on my house that were completely wrong.  I had over 15 offers for my home and your Real Estate agent must be able to determine which offers have the best chance of approval. If one offer falls through they must immediately submit your back up offer to the bank.

Your Real Estate agent must work with your bank to delay any auction dates scheduled while you are doing your short sale. I had 3 deals fall through and my auction date delayed 4 times before i finally got it done. Does your agent have the staying power to see your deal through to the end?

Your agent must also negotiate with the buyers when putting together the contract. Are you keeping your appliances? Are there stipulations you want to include regarding the move out? Are you looking for an investor that will allow you to lease the home back? Your agent must work on your behalf and make sure you get what you want before you submit their offer.

A short sale should not cost you any money out of your pocket! Do not allow anybody to take money from you to get your home sold. If some so called short sale expert wants you to pay a fee, run away fast!

Prepare for your move. Once you have an approved deal and a closing date, it is time to find a new place to move. I had 3 deals fall through and did not even search for a new home until i had a closing date. I stayed in my home payment free for an additional 5 months from the first deal that fell through. Be ready to move. Start looking for a home early and have a list of options to act on once the closing date is set. Craigs List is a great place to find rentals.

Here is my final advice!

I am about to refer you to a short sale expert in Arizona that I endorse and strongly recommend.  I urge you to at least get a free consultation from them and then decide for yourself if they can help you short sale your home.

Use the following link to receive a free consultation -  Short Sale Consultation Request

I am not a real estate agent or a lawyer. I am a Arizona homeowner that has already been through the entire short sale process and want to help people like you avoid the common mistakes being made everyday.

Good luck and act now!

Jeffrey Taylor

Get advice from a short sale expert in Arizona

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by on March 22, 2010

Housing Angels – The Best Short Sale Program in Arizona

I have found the perfect short sale solution for Arizona homeowners facing foreclosure. For those of you that don’t know me,  I am not a real estate agent or lawyer. I am a Arizona homeowner that when faced with a upside down mortgage I discovered a short sale was a much better option then going through a foreclosure. After successfully completing a short sale on my Scottsdale home, I wanted to help you avoid some of the bad and misleading info I ran into on my quest to get out of my bad situation and avoid foreclosure.

When I first heard about the new Housing Angels short sale program I was very excited. I only wish it was around when I did my short sale because we really wanted to stay in our home but it was so upside down it was not an option.

We tried to work with several investors and lease the home back but it did not work out for us. We sold our home and had to move out. Yes, we were happy that we were able to avoid foreclosure and get the short sale completed but it would have been nice if we could have stayed in our home. The housing angels program would have been perfect for us!

As more and more people in Arizona find themselves in a bad situation and must choose between foreclosure or a short sale you should definitely check out this new Housing Angels program.

Who are the Housing Angels?
This group of short sale specialists have put together a program that puts sellers like you with investors that will work with you to help you stay in your home and lease it back for much less then your mortgage payment and offer you an opportunity to buy back your home at its true market value in just a few short years.

More and more banks are realizing that doing a short sale vs foreclosure is a much better option for them and are working with distressed homeowners to get them done. Doing a short sale will damage your credit in the short term but it is far better than having a foreclosure placed on your credit report.

As a person that has successfully completed a short sale in Arizona, I strongly urge you to explore all your options and find out if you qualify for a short sale. I have provided a direct link to the Housing Angels program and all you have to do is fill out the short form and a certified short sale specialist from the Housing Angels program will consult directly with you and outline your options.

Click Here to Get a Free Short Sale Consultation right now from a Housing Angel consultant.

The latest info I have received from the Housing Angels consultants is that they have several investors already in place here in Arizona, and are waiting to hear from you to see if you qualify for this unique and fantastic way to avoid foreclosure, complete a short sale , and stay in your home.

I truly wish this program was around last year because I would have loved to participate and stay in my home.

Good luck and take action today!

Jeffrey Taylor

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by on February 17, 2010

Find A Arizona Short Sale Specialist

A testimonial about the importance of hiring a Arizona short sale specialist that you need to read!

I just got off the phone with a friend of mine who is upside down in her condo in phoenix. She heard about my Arizona short sale and wanted more info about avoiding a nasty foreclosure.

She was very confused because she had heard so many different stories about short sales that she was ready to just walk from her home. After I explained why I did a short sale on my home in Scottsdale and how it worked she felt better and wanted to get the ball rolling.

Here is where it got interesting! After more discussion I found out that her auction date was only 1 week away. Honestly, I really did not have much hope for her, so I told her to call the only person I thought would give her any chance of possibly saving her from foreclosure. This particular real estate agent is actually a certified Arizona short sale specialist that has vast experience in getting them done.  I wasn’t sure if there was time to save her house!

Can this Arizona Short Sale specialist get it done in time?

She just called me very excited. Here is what happened. The Arizona short sale specialist got her paperwork done in record time, submitted an offer to the bank and best of all, got her auction postponed for 60 days. I was flabbergasted. She said they treated her great and helped her get the paperwork done and did it fast.

Okay, here is the bottom line.  If you are facing foreclosure in Arizona and are wondering if a short sale is a solid option you need to take action today.

The Arizona Short Sale Specialist you choose makes all the difference.

Do Not pay some so called consultant money up front. In fact a short sale should not cost you anything if done right. Many of these foreclosure consultants are scam artists.

As Arizona short sales continue to gain popularity more and more realtors that are not a Arizona short sale specialist are doing them. Unfortunately many of them are not an Arizona short sale specialist or are not willing to put in the time and work required to get them done. just because a realtor says they do short sales does not mean they are good at them.

There are many positives to doing a short sale and a top Arizona short sale specialist has told me that the lenders are realizing that it is in their best interests to do a short sale versus a foreclosure. There are no guarantees that you can get one done, so make sure you choose a Arizona short sale specialist.

My friend is feeling much better and her stress level is way down.

If you want to speak with the Arizona short sale specialist I referred her to just click the link below.

Find a Short Sale Specialist in Arizona and get a Free Consultation

He will give you a Free no obligation consultation and tell you the straight truth regarding your options.

I have been through what you are going through and I want you to have the best opportunity to short sale your home in Arizona. the Arizona short sale specialist I am referring here is someone i personally worked with and was amazed at his expertize.

Good Luck and Remember… You are not alone! Finding a good Arizona short sale specialist is just 1 click away!

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by on January 30, 2010

Arizona Foreclosure Help – Short Sale Your Home

Arizona Foreclosure Help -  Interview with an Arizona Certified Short Sale Specialist

Why You Need A Certified Short Sale Specialist to avoid foreclosure on your home in Arizona.

I was fortunate enough to be able to get one of the top short sale specialists in Arizona to sit down with me and answer some questions that most people in Arizona facing foreclosure need to know.

The fact is, most Arizona homeowners are not even aware that there is a way to avoid foreclosure and actually reduce major damage to your credit. Before you just hand the keys to your home to the bank watch this video below.

or go to Avoid Foreclosure in Arizona

Another important fact is that some real estate agents do not want to do short sales in Arizona.  Some say they are too hard to get done, others say they are not worth the effort. There are also agents that will list your home for a short sale and then do not have the experience to get it done.

There is a lot of paperwork, there is negotiation with the lenders, there are a lot of moving parts in a short sale. That is why a Certified Short Sale Specialist is so important. They know how to get them done and love doing them.

If you need foreclosure help in Arizona you should explore all your options. A short sale may prove to be your best option. Don’t let a Realtor tell you no. Find one that knows how to get them done and avoid foreclosure in Arizona! You should not pay some consultant money up front for foreclosure advice either. Many of those consultants that want money up front are scams.

Find a Certified Short Sales Specialist and ask questions. Make sure you are confident that this is the right person for you. The bottom line is that you are trying to avoid a foreclosure and you need to have a person that has experience doing short sales in Arizona.

Choosing wrong may lead to the foreclosure happening  before a short sale happens. A true short sale specialist will negotiate with the lender, market your house to prospective buyers and help you get the paper work done in the right way.

Want to save time searching?

If you would like to get a Free Consultation from a Arizona Certified Short Sale specialist just click the link below and one will contact you shortly.

Click Here for a Free Consultation from a Arizona Certified Short Sale Specialist

Remember, time is NOT on your side.

Good luck and remember, you are not alone!

Jeffrey Taylor

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