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What is an Arizona short sale?

What is an Arizona short sale?

An Arizona short sale is the process of selling your home for an amount less than you owe the lender. Short sales usually take place before a foreclosure auction date has been set. These agreements must be made between the homeowner, the buyer, the lender (bank), and the real estate agent. 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 can give homeowners a few months to get back on their feet and get their finances in order. Here are a few things to consider before short selling your home.

Considerations during 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 bank or a specialized real estate agent to see if a date has been set. If it has, it might be too late to carry out an Arizona short sale.
If you receive the good news that a foreclosure has not been set, you need to get your financial documents in order. Do not delay this process–it is imperative that you appear professional and determined to your lender! Otherwise, they may not approve your for a short sale and instead will foreclose your home. Begin this process 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. Do your research and get an agent that is right for you. 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. They should be able to help you from day one. The sooner you start the process of applying for a short sale, the more likely you are to avoid foreclosure.
Do not let your future buying power be diminished by a home foreclosure. Get your feet back underneath you by taking advantage of the benefits of an Arizona short sale. This option will not damage your credit nearly as bad as a foreclosure, and will allow you to maintain future buying power.
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