Finding a way to avoid foreclosure in Phoenix, Arizona should be the focus of any person that finds themselves behind in their mortgage. One of the best ways that people have found to avoid foreclosure is using a foreclosure short sale to keep the bank from sending that dreaded letter. If you are one of the many people that has not heard of a foreclosure short sale, it is a complicated process. So, we will explain the foreclosure short sale to you as simply as we can. A foreclosure short sale is when a mortgage lender decides to accept an offer from a buyer that is less than the needed amount for what is owed on the existing mortgage property.
In some cases, a foreclosure short sale in Phoenix, AZ can take as long as six months to close on. There are several reasons for the foreclosure short sale taking so long. Don’t worry about how long it takes to close a foreclosure short sale. However, you should consider why it is important to use a foreclosure short sale and avoid foreclosure completely. The biggest reason to decide on a foreclosure short sale is to keep your credit in relatively unscathed. If you plan to own a home again in the future, it is important to avoid foreclosure through foreclosure short sale.
If you now understand that the foreclosure short sale is right for you, get help. You will be better served in a foreclosure short sale to have a knowledgeable real estate agent with experience in the foreclosure short sale process. Sit down and speak with the real estate agent to gage just how experienced they are with negotiating a foreclosure short sale with lenders and banks. An agent with experience in foreclosure short sale will understand that it takes a lot of patience to negotiate with a bank. Many real estate agents do not have people with experience in foreclosure short sale and will struggle through the process. They could probably still handle a foreclosure short sale, but you will be better served to find someone with experience.
Many times, the best choice you can make when executing a foreclosure short sale is to find an investment group who will be willing to offer you an all cash payment for your property. You will want to avoid contingencies when you execute a foreclosure short sale and try to find a buyer that is willing to close on the property as soon as the mortgage company agrees the offer from your investors. Once again, it is mildly important to find an investor who has some experience in dealing with a foreclosure short sale and is an expert in dealing with bank negotiations.
The most important thing to remember is that a foreclosure short sale will help you keep your credit in a manageable condition. Because you are already in a tough spot, a foreclosure short sale will be the best solution for you.
Do you have questions? Read the Short sale FAQs.
Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com
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