Short Sales Arizona are quickly becoming a popular option for struggling Arizona home owners, to help avoid the costly fees and inevitable credit damage foreclosures can bring.
Home foreclosure is running rampant these days across the state, with many home owners unable to make mortgage payments due to recent economy slowdowns and high unemployment rates. There is a silver lining on the dark cloud though, for home owners facing this type of situation. Arizona Short Sale Agents can help you with Short Sales Arizona, to sell your home now and avoid foreclosure.
How you ask? Well, in a Short Sale, you can sell your property for less than what you owe, with the permission of your mortgage lender. There is a 3-step process to a Short Sale, including: Short Sale pre-qualification, marketing the property and closing the Short Sale.
Step 1: Short Sale Pre-Qualification
Contact your mortgage lender and discuss the Short Sale option with them. Explain that you’d like to avoid foreclosure by pursuing a Short Sale. After completing the application process, you will need to hand over specific documents to the lender, so they can determine if a Short Sale is a good option. Paychecks, tax returns and bank statements are typical documents you may be asked for, which prove to the lender that you cannot repay the mortgage.
Step 2: Marketing the Property
After the pre-qualification is complete, you will market the property to find a qualified buyer. Contact many experienced Arizona Short Sale Agents – as you need someone who knows this process inside-out. The selling goal: helping your mortgage lender recover as much of the money as possible of the loan amount. Making a profit is not in the cards with a Short Sale, all you want to do is avoid foreclosure so it does not appear on your credit record.
Step 3: Closing the Short Sale
Once a qualified buyer is found, a purchase contract and the buyer mortgage pre-approval is submitted to your mortgage lender. If your lender accepts, the deal is sent to a title company who will handle the closing. A home inspection should also be completed at this time.
Once your Short Sale is complete, you will have successfully dodged the foreclosure bullet and saved your credit. Short Sales Arizona are almost always a better alternative to foreclosures and should always be carried out with professional assistance from experienced Arizona Short Sale Agents.
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