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Thank you for visiting our Arizona Short Sale & Foreclosure online resource. We specialize in helping our clients find solutions to foreclosure problems by providing outstanding assistance.
If you have questions, please feel free to give us a call. We are a team of experienced agents with extensive knowledge, and we would love to help make your experience simple and worry-free.
We can help you stop foreclosure on your home in a variety of ways. One very powerful way is to sell your home through a short sale process. Other options may include the loan modification process with your lender, or a forbearance plan with your lender.
About Short Sales & Foreclosures
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SHORT SALE - When the home owner owes more than the house is worth and is in a hardship situation financially where a sale must happen (loss of job, divorce, etc.). The sales price for a short sale is determined by the home owner’s agent and although a seller may want to sell at a certain price, the lender(s) may not approve. In addition, a hardship must be demonstrated and documented for the lender to even consider a short sale. Short sale properties usually sell at asking price or higher. Due to many factors, only 4 out of 10 short sales actually result in a transaction, the other 6 end up in foreclosure. In many cases, people that pursue short sale properties end up paying market value due to bidding wars. Short sales are not always the bargain they are made out to be.
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FORECLOSURE – The process that commences once a homeowner reaches a point where s/he cannot pay the mortgage and is behind by four payments or more. A NOTICE OF DEFAULT (NOD) is then filed by the lender. Often, the owner already has the home on the market as a short sale. Foreclosure proceedings vary from state to state.
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BANK/REO - These include real estate owned properties (also commonly called bank owned properties). If a foreclosure property does not sell, it may be auctioned off (e.g., a trustee’s sale in Arizona). If the property is not sold, the house becomes an REO that is “Real Estate Owned by the bank” and sold by the bank on the open market. REO properties present the greatest buying opportunity. Typically, when making an offer to a bank on an REO property, you can expect to receive a counter offer. Sometimes, it will be much higher than expected. The banks do this to show investors that they are attempting to get top dollar for the property. If you really want to buy this type of property, expect to make a counter offer in response to a bank counter offer. If the offer is accepted, you may experience a delay in getting the final approval as the offer may need to be approved by someone else at the bank. Typically, it can take an extra 4-5 days for your offer to get a final approval.
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Qualifying for a Short Sale
You may qualify for a short sale if you are facing foreclosure because you have suffered some type of financial hardship such as:
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Unexpected job layoff or involuntary reduction in your pay.
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Divorce. If a divorce between two married people occurs and the mortgage payments cannot be sustained, you may qualify for a short sale.
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Medical condition. If you became ill, or had a medical emergency that displaced you from the workforce for an extended period of time, you may qualify for a short sale.
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Death in the family. If a family member passes away and the remaining family member cannot make the mortgage payments, you may qualify for a short sale.
Other possible situations that may qualify you for a short sale include:
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An ARM rate that adjusted, causing a higher mortgage payment where you find yourself unable to keep up with your payments.
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Falling behind on your mortgage.
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Owing more than your property is worth.
To get immediate short sale help with your Arizona home, complete our online form or call us today at 1-888-926-7827. One of our Arizona Short Sale Specialists will contact you immediately.
Remember: You should NEVER pay any up front fees to get started on a short sale, and your lender will cover ALL of the costs to complete the transaction.
Call Us Toll Free 1-888-926-7827
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Serving Anthem, Apache Junction, Arizona City, Ahwatukee, Avondale, Black Canyon City, Buckeye, Carefree, Casa Grande, Cave Creek, Chandler, Chandler Heights, Desert Hills, El Mirage, Florence, Fountain Hills, Gilbert, Glendale, Goodyear, Gold Canyon, Litchfield Park, Maricopa, Mesa, Morristown, New River, Paradise Valley, Parker, Peoria, Phoenix, Prescott, Prescott Valley, Queen Creek, Rio Verde, Scottsdale, Sun City, Sun City West, Sun Lakes, Surprise, Tempe, Tolleson, Wickenburg, Wittman, Youngtown
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