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You can reach me at (480) 390-7369 (Direct). You can also send email to PatrickHarvey@cox.net
West USA Realty
Kierland Corporate Center
7047 E Greenway Pkwy Suite 180
Scottsdale, AZ 85260
What do you really need to know about Arizona short sales?
Here are some questions you might want to know about. Following this are some questions you need to be sure your Realtor can answer! If they can't, then you need a different Realtor to handle your short sale! Phoenix short sales and Scottsdale short sales are all subject to Arizona rules.
Can I just give my house back to the bank?
What if I can't make my payments? Can I just stop and give the keys to the bank?
It depends! In an Arizona short sale, if your loan was 'purchase money', meaning you didn't cash out and haven't refinanced, then your loan is likely 'purchase money' (money used to buy the house) and the bank does not have 'recourse', meaning they cannot come after you personally (although your credit can get messed up!)
Different states have different laws. Check with your Real Estate professional in your state. In Arizona, contact me, your Arizona Real Estate Agent!
Why shouldn't I just give my house back?
The worst thing on your credit is a foreclosure. The second worst thing is a Deed in Lieu of foreclosure. Third is a bankruptcy. In a foreclosure, the bank spends lots of money, hires lawyers, and it is very messy. They spend lots of time jumping through legal hoops and ultimately wind up with either less money than they want, or a house they do not want. So they hit your credit pretty hard. Recently FHA said that if you have a foreclosure that you can't get a loan for at least 5 years. Even bankruptcy is better than that! A Phoenix short sale might be in your best interest!
What can I do?
You can negotiate an Arizona short sale. Essentially, you want to sell your house -- get an offer on it, and then negotiate with the bank to get them to accept the price and not want you to make up the difference. It is called a short sale because the bank will be short a certain amount, because the house is worth less than the loans on it. Before your a home goes into foreclosure (ie. the auction is scheduled) it is a preforeclosure home. These pre forclosure homes and forclosure listings are often good opportunities for investors.
Negotiating an Arizona short sale is not for the faint of heart; it takes quite a bit of work, and it helps to already have established relationships with the bank. It takes 60-90 days to negotiate, and one of the things you might need to do is to get the sale postponed. A good Realtor, one who has done short sales, can help with this. In Arizona, I can help you with this.
When a property goes through foreclosure and no one bids on it, it becomes an REO home.