Phoenix Arizona Hard Money Lender
Often times, it seems that only the homeowner benefits from a short sale because they are forgiven some of their debt. They have a chance to catch up on their other payments while they live in the house rent-free. So where does this leave the bank, whom money is still owed to?
The bottom line is that, for a bank, a short sale on your part is much cheaper than a foreclosure on their part. A typical foreclosure will cost a bank at least $15,000, and often up to $30,000. The fees incurred during a foreclosure include legal fees, maintenance costs, utilities, real estate fees, etc. What are banks in the business for? Certainly not real estate. An Arizona short sale helps them get one extra piece of real estate off their hands and it is one less thing they have to worry about. Sure, not getting paid is an irritation for them, but a short sale is far better than a foreclosure.
An Arizona short sale could be a viable option for you and your family if you are facing legitimate financial hardships. Remember that a short sale absolutely will not be approved if your financial hardship is a sob story of your own fault. Don’t go complaining to the bank because of your wife’s shopping habit or your husband’s golfing habit. There are only certain circumstances when a bank will approve a short sale–the legitimacy simply has to be there.
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