What is the Short Sale Process?

Are you a Phoenix, Scottsdale or Glendale homeowner who is upside down in your mortgage?  You owe substantially more than your home is worth, and paying the monthly mortgage payment is something you can no longer do.  A short sale may be one option you want to consider; although you have likely heard the term, you don’t really understand what it means or how it works.  This will explain the process, so that you can make an informed decision whether or not a short sale may benefit you.

The U.S economic situation has affected many people.  Jobs have been lost, plants shut down, and hours reduced.  The market value of homes has taken a nose dive as well.  Now, you may have fallen on hard times and you simply can’t afford your home anymore.  In Arizona, short sales have helped many home owners avoid foreclosure and completely ruining their credit.  The process can be lengthy, but with the assistance of a reputable, certified Short Sale & Foreclosure REALTOR,  you can be sure it will go as smoothly and quickly as possible.

Here is an overview of the short sale process:

  • As the homeowner, you contact the Short Sale Realtor to discuss whether a short sale may be possible, and to learn how their process works for completing the sale.
  • You issue a letter giving permission for the Realtor to have access to private information about the property or loan.
  • Your lender will review documentation concerning the short sale, which indicates the proposed selling price, balance remaining on the loan, and itemization of all expenses, fees, Realtor commissions and any other closing related expenses.
  • You will  be required to submit a hardship letter, which explains in detail why you are having financial difficulties.  This could be a death in the family, divorce, loss of job, etc.  The lender will want to validate your hardship by reviewing your investment and bank accounts, paycheck stubs and other financial information.
  • One reason you want a  Certified Short Sale & Foreclosure Resource  is that the lender will want an opinion on the condition of the home or property, and the market value of homes comparable to yours. The lender also insists that the property is listed for sale with a Realtor.
  • Your lender will then review the purchase agreement in order to confirm that all amounts are within reason and that commissions due to the realtor is acceptable.

You can see that the process is a little complex, which is another reason you need an Arizona realtor with experience in the short sale process.  This helps make the process simple, and the realtor can handle much of the work for you.  Don’t be forced in to foreclosure; it will adversely affect your life for years to come.  Contact a seasoned professional now, and find out if a short sale can help you get out from under the huge debt that is hanging over your life.

Joyce Corsi Hazen, REALTOR, CNE, SFR – http://www.JoyceHazen.LongRealty.com

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About Joyce Hazen, REALTOR, CIPS, CNE, SFR

An Arizona and Greater Metropolitan Phoenix Realtor, I am a full service professional with an International Designation, CIPS, who works with Buyers, Sellers & Investors all around the world. I have experience in both the residential and commercial communities. In addition, as a Certified Negotiation Expert I work my hardest to utilize my negotiation skills to benefit all clients. I also speak French, English and Italian. Originally from Canada, having moved to the Valley in 2000, I pay special attention to your personal individual needs and desires, to find you the home, land, or building that you’ve been dreaming of. Real Estate has given me the privilege of working with so many wonderful people and with my knowledge, tools and skill set I have been fortunate to realize that individual needs change from person to person, business to business, culture to culture, and that every request is important to you. For that very reason, when I embark on a journey, I work closely with you, whether you are buying or selling a home or commercial space, whether it is a tradition sale, short sale or foreclosure. I will help you as I am highly motivated, results driven and have taken time to research the marketplace, trends and opportunities to know how to best serve you. With my experience, culture and languages, you can rest assured that your best interests are my priority. I will help you find the home or property of your choice and professionally negotiate on your behalf. It is for these reasons that so many of my clients refer me to their friends and families. The Valley of the Sun has been one of the fastest growing U.S. metropolitan communities, Phoenix has grown tremendously over the past couple decades. Financial Institutions are working with Americans, offering terrific mortgage deals, as well as with foreign investors who are interested in purchasing second homes… the opportunities are endless. My mission and goal is to provide you with superior service. Welcoming new residents to Arizona including Americans and International clients who want to relocate permanently, a home away from home or to escape cold winters, is a pleasure! I enjoy meeting new people and always set my goals high and strive to achieve them. If you’re ready to search for the perfect property, I am here to show you the very best homes that meet your criteria.
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