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
