Prices for homes sold in the Phoenix area have DECLINED an average of 50% or more since 2006. That means now is the best time to BUY property in Phoenix in decades. BUT WHAT IF YOU NEED TO SELL? And what if the recent market decline means you now owe more than your home is worth? Well, first of all, don't feel like the Lone Ranger. There are many people in the same boat. If you need to move on with your life, a Short Sale may be the best option for you. In a Short Sale, the lender(s) agree to accept a loan payoff that is short of what they are owed. A Short Sale has far less impact on your credit than a foreclosure would have. Before proceeding with a Short Sale, you should review the information and resources in the Arizona Department of Real Estate Short Sale Seller Advisory: http://www.aaronline.com/documents/ssseller_advisory.pdf. If you believe your home may be a good candidate for a short sale, call Maureen at Urban Premises (602-791-0898) so we can discuss how best to help you in listing your property as a short sale. Some items you will need to gather to begin the short sale process are: Borrower Authorization Financials Hardship Letter 2 months of bank statements 2 years of tax returns (1040s only) 2 months recent pay stubs Profit & Loss statements if you are self-employed The items above must be included with the Listing Agreement and Purchase offer in the short sale package the listing agent submits to the seller's lender(s). that we will submit to your lender as part of a short payoff request. If you happen to be a buyer thinking about trying to get a good deal purchasing a property, some (but far from all) of the short sale properties now on the market might be candidates worth considering. Call Maureen Thelen at Urban Premises (602-791-0898) if you would like a Buyer Broker to assist you in finding short sale properties that have the best chance of closing successfully. |