Also know that it’s important to know if you’re protected under Arizona and a deficiency statutes or if you could be held liable for the balance. One of the beauties of a short sale is even if you would be held liable for the deficiency if the house is taken back, we can negotiate the deficiency down or completely off. Like I said, you still have options.

For more information on short sales or to ask a specific question on your situation, visit the short sale frequently asked questions page, or e-mail us directly at info@theadamandleeteam.com.one of our team members will get back to you quickly.

I also talked with someone doing a deed-in-lieu. Which is essentially deeding your property back to the bank so they don’t foreclose. The harsh reality of this option is that it doesn’t help the owner at all. It hurts you just as bad a foreclosure does on your credit. All you are doing is helping the bank out.

Which brings us to short sales. These are my favorite option and not because I am a real estate agent who has been doing short sales for the past 7 years but because it helps owner to alleviate debt. When you have a short sale on your credit and not a foreclosure, it positions you to rebuild your credit quicker. It also puts you in buying power sooner to purchase a new home. When you purchase that new home you will be able to enjoy the appreciation in value instead of waiting for the nest 10 years for your equity to get to ZERO!

Now with government programs you may qualify to get paid 3,000 or more to do a short sale. That’s on top of not having to pay a real estate agent to sell your house. Now more than ever you have the ability to get rid of the negative equity in your home and position yourself for a brighter future. We have more information on our website so look around and enjoy.

Make sure that when you are doing a short sale without missing a payment that you get an agent who knows what they are doing or it is never going to get done. It is really difficult to do a short sale when the owner hasn’t missed a payment.

Good luck and god bless with your real estate goals

Courtesy The Adam Lee Team Gilbert Short Sales

Your next option is to do a loan modification. The enticement of this option is definitely out there and most people fall prey to the promises of a loan modification. Unfortunately they tend to not be as great as the homeowners were hoping. If you are in the minority of people who can actually qualify for a loan modification then you still have the difficult  task of getting the paperwork passed through and the new rate. If you are able to get it all done the you will be able to enjoy a new lowered interest rate! Be careful of companies here is our Arizona Valley that are trying to entice you into using them for your loan modification. In most cases they don’t have any better of a chance to getting it done as the homeowner and they charge a lot of upfront money. BE VERY CAREFUL.

Another option is a Deed-in-lieu of foreclosure. You have to be careful with this one and they aren’t offered to everyone. The good thing about a Deed-in-lieu is that in most cases the bank will actually pay the homeowner to do a deed-in-lieu. I would strongly recommend speaking to a real estate attorney before going with this option. There can be some hidden consequences to this option.

One of the best options is a Short sale.  This option isn’t for everyone. The short sale process is a long drawn-out one that can be pretty aggravating but had great long term affects. You credit will generally not be hit as hard as when you have a foreclosure. The problem is that there is a chance that your home might still be foreclosed on if the bank doesn’t agree to the short sale. In most cases it’s in the homeowners best interest to do a short sale. Again, I urge all of my clients to consult with a real estate attorney before we do a short sale on their home. If you want to know more about short sale specific questions the click here. If you want to see even more options then click here to download our free 9 alternatives to foreclosure ebook.

The Arizona Valley has been hit very hard when it comes to the economy and the real estate market. Empower yourself to make the best decisions. Good luck.

There are a few things going on with Arizona short sales. It’s important to know where you are getting your information from. The mainstream media sometimes gets it right but most of the time they get it really wrong. This is no different with the Arizona short sale market.

There aren’t any special rules for the short sales in the White Mountains. It doesn’t matter if you live in Gilbert, Phoenix, Mesa or Scottsdale. It is what it is. The process is the same no matter where you live. From what I can see, most people don’t even know that a short sale is even an option for them. In talking with people who have lost their the homes, most of them would have done a short sale if they knew it was available.
A lot of the blame falls on the banks and mortgage servicers on these loan but some of the blame has to fall on us as Americans and Arizonans. It is imperative to BE INFORMED!!! Even some agents aren’t informed either. Agents who take on short sale listings but don’t know how to get them done are hurting the market and their clients. Now, I don’t have a problem with real estate agents who take on short sales, where I have a problem is when agents take a short sale, knowing that it won’t go through but they just want the buyers that are associated with the sell and the leads that are calling on the yard signs. BE INFORMED people!!!

As you will see in the video things have changed and will continue to change in the short sale world and if you don’t specialize in short sales then you won’t be up-to-date on what’s going on.

Be empowered in your decisions. Don’t make them blindly. If our team can do anything to help you please don’t hesitate to contact us by filling out the form or simply calling us.