Cindy Bowers
Welcome Home Realty
13020 W. Rancho Santa Fe Blvd.
Avondale, AZ 85392
Tel. 602.818.5225
Goodyear Real Estate Homes for Sale | Avondale Real Estate Homes For Sale | Buckeye Real Estate Homes for Sale | Surprise Real Estate Homes for Sale | Glendale Real Estate Homes
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Short Sales
Short Sale… A Buyer’s view
A short sale occurs when a homeowner owes more to the mortgage companies than they can sell the home for (thereby being “short”). The owner is typically behind on mortgage payments, and usually headed for foreclosure. The lender may agree to accept the short sale proceeds and forgive the rest of what is owed on the mortgage. By accepting the short sale, the lender can avoid a lengthy and costly foreclosure.
Buyers often think they can get a great deal with a short sale purchase. It is possible, but keep in mind that the lender is not about to give the home away. They typically are trying to get market value, looking at comparable sold properties in the area. The seller in a short sale may set an unrealistically low price which the lender does not have to accept (or your offer may be lower than an acceptable range). There’s a reason that short sale listings have the statement “lender approval required”.
Buyers need to have patience when going after a short sale purchase. Even if the seller accepts the purchase, the lender must approve the purchase before it can move into escrow, which can take weeks, even months. The lender may decide it is better financially to foreclose on the house than to accept a lower than market price offer.
The Short Sale Process is not for everyone.
Goodyear Real Estate Home Sales
Avondale Real Estate Home Buyer and Foreclosure Property Listings In Arizona
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Short Sale… A Seller’s view
A short sale occurs when a homeowner owes more to the mortgage companies than they can sell the home for (thereby being “short”). The owner is typically behind on mortgage payments, and usually headed for foreclosure. The lender may agree to accept the short sale proceeds and forgive the rest of what is owed on the mortgage. By accepting the short sale, the lender can avoid a lengthy and costly foreclosure.
There are certain aspects of selling your home as a short sale you need to be aware of. You, the seller, need to have missed payments and explain the reasons why. You will need to submit financial records, pay stubs, bank statements, tax returns, and more.
There is no guarantee that your lender will agree to a short sale. And there will be, more than likely, repurcussions to your credit score and future tax returns. You need a Short Sale Specialist to assist you in the short sale. And, always, consult your tax consultant and real estate attorney.
