Many of life’s problems can turn a homeowner upside down on their mortgage. A death in the family, a divorce, or the loss of your job can mean that you can no longer pay for your house. In Phoenix, Arizona, short sales help those desperate to get out of their mortgage pay without facing foreclosure. While selling your home is never a pleasant experience, you want to do what’s best for yourself and your future.
How does a short sale work? A reputable certified real estate agent is recommended to help you through the process as it can be lengthy if you do it on your own. Foreclosure stays on your credit rating for years and often keeps you from buying another home. Nobody wants to go this route unless there is simply no other option; Fortunately, a short sale may be your best option. If your bank is willing to sell your home at a loss, then look to a good real estate agent to find a buyer for your home.
What often takes time is going through the process of finding a buyer for your home. The buyer offers an amount that he wants to pay for his house, then the bank must approve it. If the buyer offers a ridiculously low amount, the bank may reject the sale. Then start over from step one. When you hire a certified distressed real estate agent who is experienced in the short sale process, they know how to handle buyers, lenders, and anyone else involved so you don’t waste time. You want to get the ball rolling and hiring an agent is your best option.
Why would your bank settle for less than what you owe on your home? They would rather take a loss than have an empty house. If the buyer gets an acceptable amount, you have sold your home. This means you can get out of those monthly payments without completely destroying your credit and without the embarrassment some feel when facing foreclosure.
The truth is, banks are dealing with money and they really don’t want to own a property, which is essentially what happens in foreclosure. They prefer to get a fair market offer, and when a buyer offers an amount in this range, that is often all that is needed. Do you live in Phoenix and find yourself in dire financial straits? Consider a short sale and hire the best realtor you can find to help you find the perfect buyer for your home!