WHAT IS A SHORT SALE
(also known as a pre-foreclosure sale) ?
A Short Sale
typically is executed to prevent a home foreclosure. Often a bank
will choose to allow a Short Sale
if they believe that it will result in a
smaller financial loss than foreclosing. For the home owner, the advantages
include avoidance of having a foreclosure on their credit history and the partial control of the monetary deficiency.
Additionally, a Short Sale
is
typically faster and less expensive than a foreclosure. In short, a Short Sale
is nothing more than negotiating with lien holders a payoff for less than what
they are owed.
Jeff & Fawn Star have preformed literally hundreds of Short Sales in
Phoenix, Glendale, Peoria and the surrounding cities in Maricopa
County.They have worked with just about every bank out there and
know all of the Short Sale
policies and procedures that go along
with each an every bank in order to execute and complete the Short Sale
transaction from start to finish in a timely manner.
THE BANK
Remember banks are in the
lending business, not the real estate business. They
cannot make money unless loans are made. Holding property in
inventory does not make the bank money. In fact they lose even more
money because the home is now vacant, subject to vandalism,
maintenance and upkeep that does not stop. The bank also has to hire
a property management company to oversee the property. Get the
picture? The bank does not want the property. It wants to sell it.
This is great for a first time home buyer. He/she can get a great
below market buy.
Recently the demand for Phoenix Short Sales
has definitely lessened, but we have been working on systems to
improve the Arizona Short Sale
problem in regard to time frames and
negotiating.
In Maricopa county the need for qualified Short Sale
experts that
have a proven track record is very important. We have that track
record and know how after closing more Arizona Short Sales in one
year then most agents close in their entire career. Being a Short Sale
professional doesn't stop there. Our Short Sale
negotiating
skills are top notch. We not only list Short Sales in Arizona, we
negotiate Short Sales in other state for other realtors. We work
with investors or home owners that would like to Short Sale, but
they live out of state, no problem we can take care of the entire
Short Sale
process via email or fax. Give us a call or email to
discuss your Short Sale
options.
This
information deemed reliable but not guaranteed. Buyer to verify. The
content provided in this website is for informational purposes only
and is not intended for use as professional tax, financial, or legal
advice. Please consult a qualified tax account or seek legal council
before entering into any binding
agreement, Short Sale
or otherwise.
cannot make money unless loans are made. Holding property in
inventory does not make the bank money. In fact they lose even more
money because the home is now vacant, subject to vandalism,
maintenance and upkeep that does not stop. The bank also has to hire
a property management company to oversee the property. Get the
picture? The bank does not want the property. It wants to sell it.
This is great for a first time home buyer. He/she can get a great
below market buy.
