Short Sale a Better Alternative to Avoid a Property Foreclosure
In 2008, when the real estate market almost collapsed in the United States, the government stepped in with programs like loan modification to bail individuals out of their debts. However, the loan modification program proved to be a complete failure due to the qualification of only 3 to 4% people out of those applying for it. Seeing the situation, banks started allowing individuals to sell their homes for less than what they owed. The option called as short sale. However, the bank assesses the case of the debtor before allowing short sale homes option.
The motive behind home short sale is to avoid foreclosure and save the bank from the various complications like, the legal red tape of foreclosing, arranging for buyers and organizing auction for the home, getting the homeowner out of the house, and sell the home at a loss. On the other hand, as the homeowner is not in the condition to make the house payments and wants to get out of the burden of debt, short sale seems to be a sensible choice for both parties.
In a short sale situation, the lenders’ payoff comes short than the amount owed by the debtor on a mortgage or mortgages. In a home short sale, a home serves to be the mortgage. A short sale is an alternative to a foreclosure, which lessens the additional costs and hardships accompanying foreclosure to both the lender and the debtor.
The short sale process is a complicated one, it may take several months to complete and there is no guarantee that the bank will give consent to the short sale. In order to qualify for a short sale in Arizona, you should take the guidance and assistance of short sale experts also called as short sale realtors.
Your short sale relator will perform all formalities and necessary steps required to qualify for the short sale till the completion of the deal. After hiring the services of an efficient realtor you can just relax letting him/her do his/her job. These people are the short sale specialists and know the real estate industry more than you do.
However, before hiring a short sale agent or realtor, you should ensure the realtor is a reputed one with a good experience in this field. You cannot expect a great result out of the deal with the lender without a professional assistance. Moreover, you should check out whether the relator is a certified short sale negotiator or not.
A short sale specialist while negotiating with your lender, ensure that the bank does not claim for a deficiency judgment that makes you liable for any outstanding balance after the final sale of the house. Finding the best short sale realtor will unquestionably enhance your chances of qualifying for the short sale and making a good deal. The realtor will explain you how you can qualify for it and give you the detailed short sale information. There are agents who specialize in Arizona short sale properties. You can search on the Internet or ask your family or friends for a reliable short sale agent.
Processing your request, Please wait....
