Sometimes short sales get a bad rap because they are often a last resort for homeowners hoping to avoid foreclosure. For the most part, these homeowner are swimming in debt (for whatever reason–legitimate or not) and cannot seem to keep up on their payments. Fortunately, a Phoenix short sale is an option that does not diminish future buying power or destroy credit. A short sale can, in fact, be a win-win-win situation in three ways. This type of sale can benefit all involved.
First, the seller wins! They avoid foreclosure which ultimately destroys their credit and is the worst possible situation to be in for a homeowner. After they sell their home, they are free from the mortgage payment and the debt, so they don’t owe their home lender a dime. And, while the Phoenix short sale is being processed, the seller can continue to live in their home mortgage-free. Also, since short sales do not destroy credit, most sellers find themselves able to purchase another home within a few years.
Secondly, the buyer wins! They get an awesome house quickly and at a super low market value. They will actually get to know the seller and they can feel confident knowing that short sale property is usually in better condition because it is being maintained by the current owner/seller.
Lastly, the lender wins! Remember that banks are NOT in the real estate industry–they are in the money industry. Through a Phoenix short sale, they avoid the expense of foreclosure, attorney fees, etc. They also don’t have another home on their hands that they have to list, find an agent for, and sell.
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