Should I Short Sale My Home - What is a Short Sale - Short Sale Information

Sept. 4, 2009 - PRLog -- There is nothing “short” about a short sale.  For sellers currently “upside down” on their current property, there are many options.  If the owner can afford the home, one option is to “ride it out”.  This involves not worrying about what the home is worth now, but what it will be worth in the future.  Arizona properties have declined in value as much as 70%, so it may be a long wait until the home is worth what someone paid.  

Short sales in Arizona are very common.  This is where the bank is willing to accept less than the amount owed on a home and forgive the rest of the debt.  Arizona short sales are actually more common than any other type of property currently listed, even Arizona bank owned homes.

An owner could also attempt a “deed in lieu” of foreclosure.  This is where the lender actually allows the owner to walk away and never look back and the lender takes possession of the property.  This may have been a viable option in the past, but I know of no lenders currently accepting a deed in lieu of foreclosure in Arizona.

An owner may also attempt to obtain a “forbearance agreement”.  This is where the lender and the owner agree to different payment terms for a defined period of time.  I know in Arizona this is happening some of the time, but ultimately the Arizona property ends up either in a short sale or foreclosure situation.  I have created a website to help Arizona residents faced with the tough decision.  Please visit the website at http://www.ShortSalesAreHere.com where you will find an 11 minute video on Arizona short sales and a book I wrote with loads of great Arizona short sale information.
Which brings up another, common option.  

In Arizona, many owners are letting their property go into foreclosure.  In reality, this is the least desirable option, but very common.  Many Arizona homeowners do not know their options when faced with the current Arizona real estate market issues.  They should have contacted their lender and discussed all of their options, including loan modification and/or short sales.

Like I said earlier, myself and The Valley Solutions Team at Solutions Real Estate want to help the average home owner learn about all of their options and help them make the best decision for themselves and their family.  Not only do we have the website mentioned above, David E. Dion – owner of The Valley Solutions Team and Solutions Real Estate has coauthored a book entitled “Should I Short Sell My Home”.  The book contains real world, relevant information, for anyone wishing to learn more about short sales and the options available.  Here is a direct link right to the book, which is available for viewing online or for download - http://www.shortsalesarehere.com/Should_I_Short_Sell/page....

As usual, The Valley Solutions Team at Solutions Real Estate strive to provide the best real estate information in all of Arizona.  The Valley Solutions Team has helped over 500 families buy or sell a home in Arizona over the past 6 years.

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The Valley Solutions Team at Solutions Real Estate specializing in all aspects of Arizona real estate, including Arizona bank owned homes, Arizona lender owned homes, Arizona short sales and Arizona foreclosures.