Phoenix Arizona Hard Money Lender
When you make the decision to proceed with an Arizona short sale instead of foreclosure or other, more damaging options, there are a few steps you need to take. It is important to cover all your bases in an Arizona short sale so that you don’t experience even tougher financial and legal ramifications later on.
You may have many questions plaguing your mind about this decision. A good place to start is by making a plan of action. It doesn’t have to be anything formal, just a to-do list of sorts to help you organize your thoughts.
First, call the lender to discuss your options. Keep the lines of communication open and honest if you want this process to yield the best results. Get the person responsible for making the decision’s name and contact information…don’t just get the general info from a banking agent.
Next, find yourself an Arizona short sale real estate agent. Do your research and find someone who specializes in these types of sales. Don’t be fooled by “too good to be true” scams–ask around, look up consumer reviews, and get their credentials. You need an agent who is truly on your side.
Then, submit a letter of authorization. Better to allow open communication with all parties so there is less confusion. Banks will not share your personal information with others without written consent to do so, so they will need to know who they can share your information with and exactly what they can share. State your information in the letter, as well as your desire to allow the banks to communicate with your Arizona short sale specialist.
Create a preliminary estimate net sheet. Include all the estimated costs of closing on the home, the sale price, payments due, unpaid loan fees, etc. Basically, include any financial information you think the bank needs to know about.
That leads us into the hardship letter. I can almost guarantee that a bank will not allow you to short sale your home if they notice a nice big boat and brand new truck sitting in front of your home. Lenders aren’t heartless sadists–they do actually understand financial hardship. If you were hospitalized, lost your job, or have any other legitimate financial reason for not making your payments, put it into a letter. If you went on 12 vacations last year, save your sob story for someone else.
Lastly, gather your documents. You will need to provide your bank with proof of income, pay stubs, tax information, etc. Compile these documents into one place and add to them as per your lender’s instructions.