Scottsdale and Phoenix Real Estate
Contact Top 1% Award Winning Scottsdale Arizona Realtor Jen Wehner Today 480-748-6925
It is quite the understatement to say that Real Estate has changed over the past few years. Arizona Loan modifications, short sales, and foreclosures have become common practice in the Real Estate and Mortgage Industry. With this change we have unfortunately seen more scams preying on desperate homeowners more than ever before
The mitigating factor between a short sale and a strategic default is whether or not the homeowner has a hardship. A hardship can be caused from a decrease or loss in income, medical/health issues, increased credit/debt, adjustable rate mortgage increase, increased living expenses, or lack of cash reserves. Most lenders will want to see some kind of hardship to consider a short sale, if not they still may agree to a short sale but might require the seller to participate in the loss. In some cases I have handled they have asked for no-interest promissory notes, or cash at closing.
I believe the benefits of a successful short sale far outweigh the hassle of the paperwork. In Short Sales, the Homeowner is in control over the transaction—unlike in Foreclosures where the Bank is in the driver seat. With the process getting more streamlined and organized, we should see short sale transactions go much smoother. The last short sale approval I got (GMAC) was a little over 2 weeks! Call me to avoid foreclosure and explore a short sale 877-293-3259
Not all short sales move this quickly and smoothly, but including a full package, pricing the property correctly, and following up diligently are key to successful short sale transactions. The Reyes were happy to avoid foreclosure, and plan on purchasing another home in Phoenix in 2-3 years.
Short sales are becoming an increasingly larger portion of the market here in the Scottsdale and Phoenix areas, with short sale closings accounting for 21% of all closings in April of 2010—up from 9% in April of last year. There were 34 successful short sales closed this April with price ranges from $600,000-1.65m. There is a clear trend that more luxury homes are entering the distressed market.
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