The economic recession and the resulting housing crunch has hit Arizona as much as any other state, and like elsewhere, homeowners are scrambling for ways to avoid foreclosure. Among the most popular solutions is the short sale: selling off a home for less than one’s mortgage balance and having the lender forgive the remainder. Arizona short sale service has greatly improved over the past several months, making it an even more viable choice for struggling homeowners looking for a way out.
The Arizona Short Sale Market
Short sale service is in high demand in Arizona this quarter, and is expected to be so until at least early 2011. As of last month, over 10,003 out of 34,997 homes for sale in Arizona were classified as short sales, or almost one-third of the inventory. Another 6,307, about a fifth of the total, were listed as foreclosures. With almost half the homes in distress, short sale service is expected to be valuable in the housing sector’s recovery. The crowded market and low buyer
activity make it even more important for sellers to choose a good short sale service, especially as banks and the government tighten deadlines to streamline the short sale process.
Providing Short Sale Service
Many real estate agents now offer short sale service alongside their usual representation services. Their main purpose is helping borrowers sell their homes in an increasingly competitive market. Of course, it takes some training and experience to go from regular home sales to short sales— although they use many of the same resources, they work quite differently and follow different rules. For one thing, since short sales are subject to bank approval, short sale service requires agents to mediate not just between the buyer and seller, but also between the buyer and the bank.
How Realtors Can Help
A short sale realtor can help on both sides of the deal, allowing sellers to complete the sale faster and buyers to find the best prices. Both, however, require negotiations with the lender, and that’s where good short sale service really comes in handy. Short sale agents have more market knowledge and experience, which is vital to making a strong case for the bank. Pricing, marketing, drafting and choosing offers, and closing the sale all rely on good short sale service.
Each bank works differently, and with a reliable short sale agent, one can make a much better proposal and get the lender to agree to their terms. Be sure to work with someone who has experience with Short Sales and who is a Short Sale and Foreclosure Resource. Call Joyce Hazen, REALTOR , SFR, CNE @ 602-284-9822 at Long Realty Arizona Properties.