| Are you a Phoenix, Scottsdale or Glendale | | | | 1. Your lender will review documentation |
| homeowner who is upside down in your | | | | concerning the short sale, which indicates the |
| mortgage? You owe substantially more than | | | | proposed selling price, balance remaining on the |
| your home is worth, and paying the monthly | | | | loan, and itemization of all expenses, fees, realtor |
| mortgage payment is something you can no | | | | commissions and any other closing related |
| longer do. A short sale may be one option you | | | | expenses. |
| want to consider; although you have likely heard | | | | |
| the term, you don't really understand what it | | | | 1. You will be required to submit a hardship |
| means or how it works. This article will explain | | | | letter, which explains in detail why you are having |
| the process, so that you can make an informed | | | | financial difficulties. This could be a death in the |
| decision whether or not a short sale may benefit | | | | family, divorce, loss of job, etc. The lender will |
| you. | | | | want to validate your hardship by reviewing your |
| | | | | investment and bank accounts, paycheck stubs |
| The weakened economy has affected many | | | | and other financial information. |
| people. Jobs have been lost, plants shut down, | | | | |
| and hours reduced. The market value of homes | | | | 1. One reason you want an experienced Short |
| has taken a nose dive as well. Now, you may | | | | Sale Arizona real estate agent is that the lender |
| have fallen on hard times and you simply can't | | | | will want an opinion on the condition of the home |
| afford your home anymore. In Arizona, short | | | | or property, and the market value of homes |
| sales have helped many home owners avoid | | | | comparable to yours. The lender also insists that |
| foreclosure and completely ruining their credit. | | | | the property is listed for sale with a realtor. |
| The process can be lengthy, but with the | | | | |
| assistance of a reputable Certified Short Sale | | | | 1. Your lender will then review the purchase |
| Phoenix realtor you can be sure it will go as | | | | agreement in order to confirm that all amounts |
| smoothly and quickly as possible. | | | | are within reason and that commissions due to |
| | | | | the realtor is acceptable. |
| Here is an overview of the short sale process: | | | | |
| | | | | You can see that the process is a little complex, |
| 1. As the homeowner, you contact the Short Sale | | | | which is another reason you need an Arizona |
| Realtor to discuss whether a short sale may be | | | | realtor with experience in the short sale process. |
| possible, and to learn how their process works for | | | | This helps make the process simple, and the |
| completing the sale. | | | | realtor can handle much of the work for you. |
| | | | | Don't be forced in to foreclosure; it will adversely |
| 1. You issue a letter giving permission for the | | | | affect your life for years to come. Contact a |
| Realtor to have access to private information | | | | seasoned professional now, and find out if a short |
| about the property or loan. | | | | sale can help you get out from under the huge |
| | | | | debt that is hanging over your life. |