Peoria AZ Short Sale Specialist Realtor Help

What is a short sale?

A short sale takes place when a home owner owes more on their home than it is currently worth. The lender agrees to accept a lower payoff on the loan and in most cases completely forgives the borrower of the deficiency.

 

Why would a lender agree to do this?

On average, it costs a bank $58,000 to go through foreclosure proceedings. It is a very costly process on their part. Therefore, it is usually in their best interest to cut their losses and go through a short sale.

• A successfully completed short sale shows up on your credit as “Settled in Full” or “Paid as Negotiated,” just like any other settled debt. This looks much better than “Foreclosure!” The dent put in your credit score is much smaller as well. In fact, the greatest decrease in your credit score will be a result of the missed payments rather than the short sale itself.

• A short sale costs you nothing! All sellers’ closing costs are paid by your lender at closing;
  this includes our brokerage fees.

• You may qualify for programs such as HAFA (Home Affordable Foreclosure Alternatives) that can get you $3,000 in cash to go towards relocation costs!

Keep in Mind…

Short sales are not for the average Realtor. In order to receive a state real estate license, no knowledge of short sales is required. We only allow experienced Realtors knowledgeable in short sales to join our network. This ensures you are in good hands!