![]()
Excellence Above....Service Above....Agent Above! David Tucker, ABR, GRI, CDPE RE/MAX Fine Properties 21000 North Pima Road Scottsdale, AZ 85255 Cell: 602-762-7653
|
|||||||||||||||||||||
![]() Services Buy a Home Selling Your Home Get Financing Go Mobile Market Report Short Sales
A short sale describes the sale of your home for less than you currently owe. Because you must pay of any existing loans before transferring ownership to someone else, a short sale will require the cooperation and agreement of your lender. Even if you are not behind on your mortgage payments, it is possible to successfully sell your home via a short sale.
If you believe you have a hardship and would like to sell your home, here are some suggestions:
If you have more than one loan on the property (including a Home Equity line of credit), you will have to provide the information to the second lender as well, and both lenders need to approve the sale. If you have no received pre-approval for the short sale, the process can take anywhere from 30 days to 6 months or more Back to Top
Selling Your Home
Short Sales | Foreclosures Selling a home in today’s market requires an in-depth knowledge of the local market, as well as a broader understanding of where the real estate market is going. Our experienced agents understand that local conditions can affect many aspects of a home sale, in-cluding the price and terms you are likely to achieve. While you can get a rough idea through online valuation systems, keep in mind these tools cannot identify local factors such as views, lot size, condition of the property, upgrades you may have made, or the intrinsic 'value' of a particular local market. Depending on your particular circumstances, you may need to consider other options when selling your home. Please read on to learn more about your choices, and call one of our agents to get started!
What is Foreclosure?
If you are unable to pay your mortgage, or if you and your legal and tax consultants have determined that other options are not viable for you, a Foreclosure may be in your future. Arizona is a non-judicial foreclosure state, meaning that your lender does not have to go to court to foreclose on a property. If you fall behind on your mortgage payments, your lender can send you a No-tice of Trustee’s sale, at which the property will be sold to the highest bidder. If you receive a Notice of Trustee’s Sale, you have 90 days to work out a plan with your bank, bring your mortgage payment cur-rent (along with interest and penalties), or allow the house to be sold. Under some circumstances, your lender may agree to delay the foreclosure sale (for example, if you are attempting to complete a Short Sale, or are working to bring your payments current). If you are attempting to keep the house, contact your lender—the more you communicate with them, the better you position yourself to ask for help from them. If you take no action, the property will be sold at auction on the date and time specified on the Notice of Trustee’s sale. It must be sold either back to the bank (through what is called a credit bid) or to a disinterested third party (not to you o any of your relatives). If a foreclosure is in your future, you will need to arrange other living accommodations—keep in mind that any late payments on your mortgage will be reflected on your credit report and could affect a land-lord’s decision to rent to you. Most foreclosures remain on your credit report for seven to ten years, and it will be difficult to obtain a new mortgage during that time. Consult your tax and legal counsel regarding implications. Experiencing Foreclosure Arizona is a non-judicial foreclosure state, meaning that your lender does not have to go to court to foreclose on a property. If you fall behind on your mortgage payments, your lender can send you a No-tice of Trustee’s sale, at which the property will be sold to the highest bidder. If you receive a Notice of Trustee’s Sale, you have 90 days to work out a plan with your bank, bring your mortgage payment cur-rent (along with interest and penalties), or allow the house to be sold. Under some circumstances, your lender may agree to delay the foreclosure sale (for example, if you are attempting to complete a Short Sale, or are working to bring your payments current). If you are attempting to keep the house, contact your lender—the more you communicate with them, the better you position yourself to ask for help from them. If you take no action, the property will be sold at auction on the date and time specified on the Notice of Trustee’s sale. It must be sold either back to the bank (through what is called a credit bid) or to a disinterested third party (not to you o any of your relatives). If a foreclosure is in your future, you will need to arrange other living accommodations—keep in mind that any late payments on your mortgage will be reflected on your credit report and could affect a land-lord’s decision to rent to you. Most foreclosures remain on your credit report for seven to ten years, and it will be difficult to obtain a new mortgage during that time. Consult your tax and legal counsel regarding implications.
Deed in Lieu of Foreclosure
|
|||||||||||||||||||||
![]()
CONTACT
21000 North Pima Road Scottsdale, AZ 85255 Cell: (602) 762-7653 Main: (480) 355-5673 Fax: (480) 355-1714 David@AgentAbove.com
|