Arizona Short Sales

What once was taboo for lending institutions has now become the preferred option in this current mortgage meltdown. Foreclosure can be a very expensive option for lending institutions and in this current market, there is no guarantee of a higher sale price on the back side, then there is on the pre-foreclosure side. Hence banks are now wanting to affect the sale of the property before incurring any of those foreclosure expenses.

A short sale is also the best option to your clients, aside from a favorable modification, which is rare, but can continue to be pursued simultaneously with a short sale. A short sale will hit your clients credit for sure, but much less negatively than a foreclosre. Average credit hits range from 100 to 200 points, and your clients may be able to get into a position to qualify for another mortgage in as little as 3 years. A foreclosure will wipe their credit out, pushing that timeline back at least 7 years. Even though the bank has set an auction date for your clients home, it’s never to late to affect a short sale. That date is not a hard date and lenders will push that back in order to negotiate the short sale. This is still a widely misunderstood business model, but with a little bit of work and determination, it can be a very profitable one, especially in this current enviroment. I work extensively with these homes in AZ and will have plenty of work ahead of me for the forseeable future.