The process was not easy, but with strong negotiating skills and a bit of perseverance, Barbara Woyak and the Select Realty Group achieved the difficult approval to close the home. The Desert Highlands home took a total of 214 days from contract to approval and 36 days close. Although the banks are working on their timelines and speeding up the short sale process, the Select Realty Group says that this is an uncommon length of time for a short sale due to the negotiation with the lender to remove the seller contribution.
The property on Happy Valley Road had one lien holder which was Bank of America. It was originally listed for $1,300,000 and eventually sold for $960,000 to a cash buyer with zero closing costs. The approval letter contained no deficiency language.
"A short sale may not be the best option for some home owners and not all short sale negotiations are the same, but when a lender approves a short sale and forgives the debt, a Short Sale proves to be an alternative to the damaging effects of foreclosure in Arizona," noted Barbara Woyak of the Select Realty Group. She continued to point out, 'With the recent increase in home prices, Scottsdale homeowners may find that their Arizona homes are worth more than they think. They may be able to sell without the need to do a short sale."
The Select Realty Group offers a tool called The Short Sale or Stay Calculator. The tool allows Arizona homeowners to enter their mortgage payoff and then it calculates an instant estimate on what their Arizona home is worth. The Short Sale or Stay Calculator tool can be found at http://scottsdalesos.com
When a borrower can no longer make their mortgage payments, there are difficult decisions to be made. One choice is to allow the lender to foreclose on the home. A Short Sale is one alternative to foreclosure. This is when the lender agrees to accept less than the balance of the loan. The negotiation with the lender to gain approval of a short sale is a process. "We have a talented team of listing agents, administrative processors, marketing experts and escrow agents that work diligently on every transaction to get the job done," says Barbara Woyak of the Select Realty Group.
The Select Realty Group is an award winning team of real estate agents specializing in distressed properties, specifically Scottsdale Short Sales as well as residential real estate in Scottsdale, North Phoenix and Fountain Hills. The Select Realty Group can be reached at 480-818-5105 or on the web at http://azselectrealtygroup.com
480.818.5105 -- When ready to sell your Scottsdale Home - if you owe more than the mortgage, we can help. Call us to discuss short sale options. Scottsdale Short Sale Specialists with Keller Williams Arizona Realty.