Table of Content
Are you thinking of buying a home in the greater Tucson area? But we can make the process much less stressful for you. 2 – Select A Tucson Realtor with experience doing Tucson Short Sale & Foreclosure transactions. As with any financial transaction of this magnitude you should consult with your accountant and attorney. Benefits and more about Short Sale properties in the phoenix metropolitan area.
Save this search to get email alerts when listings hit the market. In order to speak with the lender on your behalf, we will need to obtain and submit your written authorization. Then, we will call the lender and ask for the Short Sale application packet. We will communicate with the decision-maker in the loss mitigation department directly and regularly for updates. As a top Realtor duo, we invest the time to understand your home buying interests and desires.
How to Buy a Short Sale Home
If your lender accepts the initial offer, the buyer must be able to close in 30 days. In either case, Short Sale or Foreclosure, the Arizona Law statutes protect the homeowner. Both will negatively affect the borrowers credit score. A Short Sale will allow the homeowner to re-apply for a new home loan sooner than on a foreclosure. HAFA is designed to address many of the Arizona challenges presented by Arizona short sales.
Simply put, a short sale may be authorized by the mortgage lender when the current value of a home is lower than the outstanding balance on the mortgage. Traditionally in Arizona, we see that in a normal real estate market home value appreciates on average about 3% every year. This is when inventory and buyers are fairly balanced. Supply and Demand aren’t out of whack one way or they other.
Seller May Carry Homes
Most short sales do involve 1st and 2nd lien holders. If the short sale is successful, the seller escapes foreclosure and the corresponding hit to their credit report. They only sustain smaller hit on their credit report for any missed payments and the short sale in Phoenix, AZ. Tucson foreclosure is the one credit report item that is almost impossible to have repaired. By doing a short sale in Tucson, Arizona, we merely imply that you can sell your undervalued house to another buyer with the consent of your bank.
Short Sale is when a lender agrees to accept less than the amount owed on the home mortgage. A Short Sale is a real estate transaction in which the sales price is insufficient to pay the loan encumbering the property in addition to the costs of sale and the seller is unable to pay the difference. A short sale involves numerous issues as well as legal and financial risks. This Advisory published by the Arizona Association of Realtors is designed to address some of these issues and risks.
Arizona Homes and Land Group, HomeSmart®
Banks will offer a number of solutions for borrowers who want to avoid foreclosure. Short sale requires a unique set of skills for a real estate agent and the short sale approval can very much depend on how your agent negotiates with the lender and buyer. A short sale is a real estate transaction where a homeowner is facing hardship and gets permission from a bank to sell their property for less than they owe on the mortgage. If your house in Phoenix, AZ is worth less than what you owe on the home loan, a short sale maybe your best alternative to foreclosure.
All foreclosures, HUD, VA, and other government property home lists and listings are available as well. The short sale “package” that’s sent to the lender involves substantial work by the seller to assemble tax returns, bank statements, pay stubs, etc., and to create a hardship letter and a financial statement. Plus there is all the work and inconvenience to prepare and market a home. The only benefit from a short sale to the seller is less damage to his/her credit than a foreclosure would cause, which is very real but also very abstract. A lackadaisical seller will likely result in a very frustrating experience.
Short Sale Seller Advisory
Most banks really do not have a department set up for working with the homeowner or the homeowner's real estate agent before there is a purchase contract on the house. Basically a purchase contract is a wonderful way to get the wheels in motion on selling your home short sale. If you are considering a short sale, please consult an attorney, tax professional, etc... There are many different consequences to a short sale in Arizona. I would suggest you understand the potential outcome of a short sale.
In addition, if two lenders are involved because there are two loans secured by the property, dealing with the second lender will extend time periods even longer. It is vital that a very complete short sale package be submitted initially, so that when the first lender finally responds, it’s with the terms and conditions required to allow the short sale to go forward. It is also vital that the listing agent continue to call the first lender to monitor, and promote, progress of the package through the system. Above all else, buying a short sale home requires help from a real estate agent who understands all aspects of the process including how a short sale works for the seller and the homebuyer. On the flipside, short sales can take weeks or even months to complete, which means you're left in limbo waiting for the lender to process your offer. The price may not be worth the hassle, especially if the homeowner has been unable to take care of the property and major repairs are needed.
Review our frequently asked questions about the consumers process and more. The market value of the home has dropped based on recently completed sales of comparable homes in the area. The house has got more square feet, more bedrooms, and more extras than anything else for their price range than they’ve seen so far. Current twelve month transaction history on subject mortgage .
At the same time, there are lots of possibilities that the value of your house can decrease as opposed to appreciating. Because of this, the value of money that you have invested in your house is a lot more than its present value. This ultimately becomes a higher problem, if you purchased your house on a mortgage. To this rescue, comes a passionate solution is known as Short Sale. A short sale can take some time to close and you will be asked to provide documents as requested by the negotiator to be presented to your bank.
A foreclosure stays on your record for 8+ years while a short sale will allow you to purchase your next home within 2 years. Our experienced Phoenix short sale realtor can help you answer all your questions on short sales and foreclosures and share with you the solutions to get you out of the tough times. Unlike a traditional real estate transaction, you do NOT pay us a penny. Your banks will pay all the fees of the real estate sales including closing costs and our real estate commission Only when your home completes a Successful Short Sale. Our experienced Tucson short sale realtor can help you answer all your questions on short sales and foreclosures and share with you the solutions to get you out of the tough times.
Once the lender has possession, reconditioning and selling efforts begin. The lender is simply a seller and the REO is simply a commodity to be disposed of subject to current, local supply and demand factors. At this point, the lender will issue a document approving the short sale, and the purchase can be finalized.
No comments:
Post a Comment