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What do I need to know about Phoenix Short Sales?

What do I need to know about Phoenix Short Sales?

Is your home mortgage getting you down? If the time comes when you feel like there is no end in sight and no possible way to make ends meet, it might be time to consider a Phoenix short sale. While Phoenix short sales may not be for everyone, they are certainly a viable option for those in a struggling circumstance. If you want to maintain future buying power and allow yourself some time to get your finances in order, this could be the right decision for you.
You’re probably wondering what exactly a Phoenix short sale is. You’re not alone in this. Basically, it is the process of selling your property for less than what you owe the lender on it. That way, you get out of your mortgage payments without the devastation of a foreclosure on your home. This process has become popular among homeowners who do not wish to foreclose their home and want to be able to live in their house until other arrangements have been made. During this process, homeowner live rent-free in their homes until the short sale goes through. This process can sometimes take about four months.  

When is the Time Right to Consider a Phoenix Short Sale?

Like previously mentioned, if you are close to foreclosure with little chance of recovery, it may be time to consider a Phoenix short sale. Reasons for short selling a home that will seem legitimate for banks include: death, overextended credit, changing interest rates, divorce, significant medical bills, and job loss. You need to make sure that you are experiencing a legitimate financial hardship–you cannot allow a ridiculous shopping habit or credit card debt get you to this point. Banks will not allow you to short sale if you had other opportunities to redeem yourself financially.
The most important factor in Phoenix short sales is communication. Homeowners need to communicate when they being missing payments instead of avoiding them like the plague. If your lender is willing to renegotiate the previously agreed-upon payment plan, that may be a better option. Maintain open lines of communication between your lender, your real estate agent, and even potential buyers. Be honest and open about things are going. Though the process may be a little disheartening, a Phoenix short sale could end up saving your a lot of heartache.
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