The Short Sale Process
What is a short sale?
The opportunity for a short sale presents itself when the seller accepts an offer from a buyer at less than the value of the mortgage. The bank or mortgage holder then releases the seller of any financial obligations, accepting less than what is owed on the mortgage. This forgiveness of debt by the bank helps the seller move on with one’s life, while helping the mortgage holder (or bank) to avoid costly foreclosure proceedings amounting upwards of $30,000.
Banks typically accept short sales as to avoid ongoing costs related to maintaining the home, utilities and legal fees. The banks have very little interest in keeping Real Estate Owned (REO) properties on their balance sheets. They are not in the business of owning homes.
Short Sale Opportunities in Phoenix – Scottsdale Metro Areas
The Phoenix – Scottsdale metropolitan area became one of our country’s primary focal points during the “Great Recession” due to the excess inventory of distressed homes on the market. This scary time has introduced significant opportunity for investors, first time home buyers, and people looking to relocate. Short sale’s present an opportunity for sellers to maximize value given the current market conditions while affording buyers the ability to purchase a home at multi-year low prices.
Please feel free to contact us for a no cost or fee consultation related to selling your home or buying your ideal house.
|Loan Modifications and Short Sales can be frustrating. Let The SRL Group help you through the process.