Prescott, AZ Short Sale Information
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Are you underwater or in danger of loosing your home? Let us help. Short sale is a viable option for many homeowners who are in financial trouble, underwater on their home value or facing home loss. A short sale generally has a lesser effect on your credit and/or a shorter time to repair. A short sale is defined loosely as a home sale transaction where the proceeds do not cover the loan principal balance and because of your financial hardship, lenders are typically willing to work with you to sell the home under this method.
As the real estate professional representing you, my team negotiates with the bank to accept less than the loan principal balance upon a successful closing. Why would banks accept less than the loan balance? Depending on the situation and Prescott market conditions, banks are aware of the loss of value of the property. When shown comparable sales from recent times, the bank can be convinced to accept less than the amount of loan principal owed.
Here are the steps to short sale:
1. My team lists your home for a sale price consistent with today’s market values after a property and financial evaluation of your situation.
2. You meet with an attorney and/or CPA for legal and tax advice.
3. Your home is marketed by our professional real estate team using todays most cutting edge tools and technology and is viewed by buyers just as in a traditional real estate transaction.
4. Your financial document package is submitted to the bank.
5. A buyer makes an offer on the home, which is submitted, to your lender upon your execution.
6. Escrow opens.
7. Lender assigns negotiator and orders BPO (brokers price opinion).
8. Lender sends file to investor for review.
9. Lender may counter the Buyer’s offer and then we re-negotiate with buyer and update the contract.
10. Short sale approval letter is issued.
11. You consult with your attorney and/or CPA.
12. Buyers formal escrow period begins.
13. Inspection period begins.
14. Normal escrow period.
15. Close of escrow.
Please call me today if you are underwater, have recently lost your job or otherwise in financial trouble. WE MAY BE ABLE TO HELP YOU!!!
DISCLAIMER: WE ARE NOT CPAS OR LEGAL GURU’S. THIS INFORMATION IS NOT INTENDED TO BE LEGAL ADVICE. WE ADVISE ALL OUR CLIENTS TO SEEK THE ADVICE OF PROFESSIONALS IN TAX AND ACCOUNTING PRIOR TO ENTERING INTO ANY REAL ESTATE TRANSACTION