Phoenix Arizona Hard Money Lender
A short sale is the process of selling your home for an amount less than you owe the lender. Short sales take place usually because the home being sold is just about to undergo foreclosure. Through the process of a short sale, a homeowner is able to get out from underneath a hefty mortgage while avoiding the devastation of foreclosure. While the Arizona short sale application process is taking place, homeowners can continue to live in their home rent-free. This process can sometimes be quite lengthy–averaging, around 4 months. However, there are a few things to consider before undergoing an Arizona short sale.
First and foremost, if you are severely behind on your mortgage payments you need to make sure a foreclosure auctions hasn’t already been scheduled. Check with your lender, state tax records, or a specialized real estate agency to see if this has been done.
If a foreclosure is not already in process, then you need to act quickly. Begin gathering your financial documents. You do not want to delay the process any longer than necessary, and unorganized paperwork can sometimes be just the catalyst for that. Begin this by gathering your most recent tax returns, bank statements, pay stubs, etc. These documents will help you greatly in the event of an Arizona short sale.
Lastly, talk to a licensed real estate agent in your area. There are over 70,000 real estate agents in the Phoenix metropolitan area, but less than 1% specialize in short sales. It would be best to speak with a short sale specialist about your Arizona short sale because they have the most training and expertise in this area. The sooner you start the process of applying for a short sale, the more likely you are to avoid foreclosure.