Economy in this country is a dirty word these days. Some studies reveal that more that more than fifty percent of all homes in Queen Creek, Arizona are in upside down mortgage situations (where the home is worth less than the mortgage). Much of this is a result of two factors, poor lending practices and a weak housing market.
With many homeowners affected by one or both of these factors, foreclosures are at an all time high. So, the best way to avoid the frightening foreclosure is to use a short sale to get rid of your burdening mortgage and your devalued home.
With a short sale, the home owner must gain approval from the bank to sell the home for less than the value of the mortgage. The bank can choose to refuse such a sale or any offer that may come as a result of the short sale. However, given the state of the economy, banks are much more accepting of the short sale because they do not want to take possession of your home through foreclosure.
If you are one of the unfortunate individuals that is considering a short sale, it is best to find a real estate agent that has experience working with short sales. You will also need to get your house appraised. Then, with your appraisal in hand, put the house on the market. Your hope for a quick sale will probably be met as many investors are searching for these bargain properties to bolster their portfolio.
One of the goals of your short sale should be to get the lender that holds your mortgage to issue a judgment of “Payment in Full”. Doing so, means that they will accept the sale price of the home as full payment of your mortgage. It is well within their rights to require the home owner to pay the remaining balance on the mortgage. So, the use of a real estate agent in facilitating a short sale transaction can help you gain the payment in full judgment that you desire.
With the dyer situation that many home owners are in, the rise in foreclosures, and the importance of a good credit score, the short sale is a great option for many home owners that find themselves in financial trouble. Finding a real estate expert with experience dealing with short sale transactions can help you through the process
For more information regarding short sales go to: http://short-sale-arizona.info/
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