Phoenix Homeowners: How Short Sales Can Help You Avoid Foreclosure

Aug. 2, 2009 - PRLog -- The recent downturn of the economy has affected many homeowners in a very negative way.  In Phoenix, the

housing market is such that many are facing foreclosure.  Short sales can help you avoid this so that you don't

risk ruining your credit.  This article will give you more information in order to help you make a smart decision

concerning your home and your credit.

Of course the best solution is to obtain the services of a reputable Arizona realtor certified in distressed

properties to help guide you through the process.
Many areas dealing with real estate are confusing to someone who has not dealt
with these types of issues before, but much stress and time can be saved by getting
professional assistance.  

There are numerous costs involved in foreclosure.  If you live in the Phoenix area, you may want to consider a

short sale if foreclosure is looming in your future.  What this means is that the lender, usually the bank, will agree

to accept less than what is owed against your home.  Banks generally prefer to work with real estate agents,

because they have the ability to help minimize the banks losses during the process.  It is also very beneficial for

the home owner, as the
process and paperwork is mind boggling, not to mention  time consuming. You need
the professional that is actually trained in the process and committed to helping you
save your family from foreclosure

You may wonder why a lender would often prefer a short sale rather than going through the foreclosure

process.  The costs involved with foreclosure are tremendous.  After you consider legal fees, repairs to the home,

the eviction process and the actual foreclosure itself, these costs can very well exceed the actual value of the

home.  An experienced Phoenix realtor can save much time and expense for you as the homeowner, as well as

the bank.  It simply makes everything as stress-free as possible for everyone involved.This of course only
happens if the realtor you are working with is trained in this area of real estate
and you are willing to be pro-active in making sure your agent has every statement
and /or  documents required from you.

With a short sale, the listing price is determined by the owner and listing agent.  The essential difference between

this and a normal listing is the time constraint.  A competitive price must be chosen based on present market

value
because there is limited time before a possible foreclosure sale.  While these types
of sales do affect the homeowners credit, it does not have near the devastating impact as foreclosure.

In the Phoenix area, the process is fairly simple.  You, as the seller, and the listing agent decide upon an

agreeable price, which should be close to market value.  When an offer is submitted and  the seller agrees,

necessary paperwork is submitted to the lender for approval  If all is agreed upon and the lender determines the

price is sufficient, the transaction closes pretty much as normal.
It is important to emphasize once more that all the statements etc must be presented
to the lender to help them make that informed decision that you are hoping is in agreement
with your plan.If you are a homeowner facing the possibility of foreclosure, talk to a reputable Arizona realtor

today about how a short sale may benefit you.

Maureen Karpinski
Find your Phoenix Arizona Property at http://www.cactuscountryproperty.com/city/phoenix.htm
Posted by Cactus Country Arizona Homes & Properties http://www.cactuscountryproperty.com

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