Jan
07

Scottsdale, Arizona DC Ranch, Grayhawk, and Silverleaf Foreclosures / Short Sales

By
Nick McConnell asked:

A short sale occurs when the owner of a home is no longer able to make their mortgage payments, and the mortgage payoff is higher than the market value of the home. In this case, it is imperative to hire an experienced Realtor that will represent your best interest. A foreclosure occurs when the owner of a home stops making their mortgage payment, and does not hire a Realtor. In this case, the bank will re-possess the home and either auction the property off, or they will hire a Realtor to see it for them.

You can view all short sales and foreclosures by clicking on the website associated with this article in Scottsdale, Arizona. Free Arizona MLS access is offered to the public by clicking on the website associated with this article. If you, or anyone you know is thinking about buying or selling property in the Scottsdale area, your referral is greatly appreciated. Experience goes a very long way in Real Estate.

The responsible thing to do is to hire an experienced Realtor. This may benefit the owner by being able to stay in the property while not making mortgage payments. Every case is situational, but banks would rather have someone in the property maintaining the home rather than leaving it vacant. When the property is vacant, the yard usually becomes very unattractive, and the property will become dirty making it less desirable to prospective buyers.

You can not conduct a short sale if you have not stopped making your payments. Once you have stopped making your payments on your mortgage, that is the time to contact a Realtor to help you. Once your home is on the market for sale as a short sale, it will be much like selling your home as if it were a normal transaction. Most people that have to put their home up for sale as a short sale do not like being inconvenienced by showing it every day, so the best way to do it is to set up showing times for one hour a week during the weekend. This way, the owner can still live in peace. While the short sale is being negotiated by the bank and the Realtor, contracts on the property should be coming in.

Experienced short sale Realtors should be able to back up the auction date by requesting the bank to submit an extension on the auction date. Some short sales take 6 months, others 3 months, and others up to a year. It might be a good idea to ride the short sale wave as long as possible, if you can stay in your home for up to a year with out making a mortgage payment that may allow you to come up with money to re-negotiate your loan, or make arrangements with the bank to get the property out of short sale position. No body wants to be foreclosed on, and no body wants to put their home on the market as a short sale. We understand that. We make the process as easy as humanly possible and take on all of the work on your behalf. Helping people buy, sell, and lease property in Scottsdale, Arizona every single day. Click the website associated with this article to get more information.

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