Phoenix Urban Living News. Real Estate In Phoenix Arizona

Phoenix AZ Short Sales. How To Do A Short Sale

How to Do a Short Sale for A Phoenix Metro Area Home

A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender

Things You’ll Need:
Financial Calculator
Real Estate Brokers (Bette Zerba GRI RE/MAX)
Online Mortgage/finance Services

Step 1 Verify the value of your property. If you are selling the property through a real estate broker, your broker will provide you with an estimate of market value. If you are selling the property yourself, do your own market analysis of the area and your property.

Step 2 Add up all the costs of selling the property. If you are using the services of a real estate broker, the broker will provide an estimate of closing costs. If you are selling the property on your own (for sale by owner), call a local title company or real estate attorney and ask, as a seller, what the closing costs will be.

Step 3 Determine the amount owed against the property. This will be the total of all loans against the property.

Step 4 Do the calculations. Subtract the total amount owing against the property from the estimated proceeds of the sale. On a short sale, this will be a negative number.

Step 5 Contact the lender or lenders. Talk to someone in the customer service department and tell them the situation. They may direct you to a specific department. Talk to a supervisor or manager if possible; this person will have more authority.

Step 6 Ask the lender what its procedures are for a short sale. Some lenders are willing to work with you by reducing the amount owed or making other arrangements. Others will look to the agents involved (if any) or anyone else who’s making money off the transaction to see if they are willing to make concessions to make the transaction happen. Still other lenders will tell you that your debt is your responsibility, one way or the other.

Step7 Sell the property.  Get a Realtor who is trained to do Short Sales correctly. Bette Zerba GRI Realtor Re/Max has taken special training in selling Phoenix area homes with a short sales. Let her understanding of the short sale process and exceptional real estate marketing skills help you at this difficult time. Let Bette take the stress off of you and call her today at 602-791-1766.