NEW FEDERAL REGULATIONS OFFER SOLUTIONS FOR "UPSIDE DOWN" HOMEOWNERS!
If your property is “upside down”, which means you owe more than you can obtain through a normal sale, you are a strong candidate for a “Short Sale”. A "Short Sale" means the sales price will be “short” all of the money to pay the entire loan and related expenses.
Government legislation changes enacted in April 2010 and August 2010, have created a very favorable environment for you to successfully short sale your home. In some cases, you may even be eligible to purchase a new home right away!
Previously, if you were upside down, most options offered no real advantage to you, including:
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Just walk away and let the property go into foreclosure
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Stay in the property and let it be foreclosed while you are there
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Negotiate with your lender a “DIL” which means a Deed In Lieu of foreclosure
Now, though each individual situation may have unique circumstances, the vast majority will be better off doing a short sale. Consider:
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Lenders currently prefer a short sale over a foreclosure in nearly all cases. Why? It costs them less and is easier for them in many ways.
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A foreclosure has a much more negative effect on your credit. In some cases for up to 7 years.
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Some security sensitive jobs are endangered or affected by a foreclosure on your credit history.
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Some lenders will now do a new home loan for a loan applicant who has completed a short sale immediately after the sale has completed. That means you can complete a short sale and buy another house the next day if you qualify!
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Nearly all costs of a short sale end up being paid by the lender. That includes the costs of your real estate agent and other selling costs. Your actual out of pocket is very minimal. On some short sales, you actually get a check for $3000 at closing to help you pay moving expenses!
Our brokerage, Realty Executives, has been the largest agency in the Phoenix area for 38 consecutive years! As a result, our experience, knowledge and reputation in the industry provides you with a company that you can be confident in. Our TEAM members have all received advanced and specialized training in how to handle short sales.
For a free short sale consultation, just call us at 602.476.2044 between the hours of 8 a.m. and 8 p.m., seven days a week, or fill out the Seller Form and just send it in. We will contact you and take it from there!
