Before allowing your home to turn your life into a financial nightmare, consider looking into a Phoenix short sale. In simplest terms, a Phoenix short sale is the process of selling your home at below-market value to avoid a foreclosure. There are many benefits of short sales, and a few of these are listed below.
A Phoenix short sale coordinator can help you through the process of applying for the short sale, negotiating with the buyer and lender, and advancing the whole process. This process can take 4-6 months to be completed. Meanwhile, you can live in your home rent-free during this time and regain your financial footing.
A few important things to remember about your short sale coordinators is that you pay them nothing for the consultation, they are not paid by the lender, and they receive no commission directly or indirectly from the short sale. These coordinators are there to help, not to judge. They realize how easy it is to get into these types of tough financial situations. Good short sale coordinators will give you week-to-week feedback on the process of your application.
Phoenix short sale can benefit all involved. Banks agree to short sales because it can actually cost them more money to foreclose the home than it can to just short sell the home. The lenders know that if they foreclose the home, they have to deal with attorney fees, closing costs, real estate hiring and posting, etc. It’s just not worth it for banks.
Short sales can also benefit you because, unlike foreclosure, they do not completely destroy your credit and diminish your future buying power. If you were to foreclose your home, you may have trouble purchasing a car, getting a Mortgage, or even renting a home later on.