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Losing your home to Foreclosure can be emotional, embarrassing and destroy your credit for years…
AZ Short Sale Experts has a solution!
What is a Short Sale? According to the Arizona Association of Realtors®, “The term ‘short sale’ is used to describe a sale in a situation where there is more debt owing against a property than the property’s value. In a loan default situation, (pre-foreclosure) the creditor(s) may be willing to agree to allow the property to be sold for less than the loan amount and/or accept less than (or “short”) the amount owed as payment in full.” When the Seller is not in a position to remain in the home until the equity increases and does not have the means to pay for the shortage of funds resulting from a sale, the Seller must either be foreclosed on or list their property for sale and ask the bank to take a loss. This is where we come in. We do two things to help homeowners facing foreclosure… 1. We help you find a qualified Real Estate Agent to market your property for sale in a professional and aggressive manner to quickly bring a buyer to purchase your home. 2. We process a short sale package with your bank and work with you and your Realtor® to find agreeable price, terms and conditions that work for the Borrower, the Bank and the Buyer. Does this sound too good to be true? Well, YES, if you never heard of a Short Sale. But remember, this is a solution that the Lenders have established to help homeowners who are facing hardship and can not afford to keep their home. It is an Alternative to Foreclosure and often times it is a better option both for the Bank and for YOU! We have put together a list of our most frequently asked questions (link to FAQ) that will help answer many if not all of your questions. If you're a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit is the main advantage to doing a short sale. Be sure to educate yourself, and always seek legal and tax advice before making that decision. What You Need to Do Next WATCH a Free Online Webinar: Short Sale Pre Consultation Webinar Fill out our brief online profile to see if you qualify for a Short Sale Solution.
One of our trained counselors will contact you to schedule a FREE, no obligation consultation to discuss your specific circumstances and answer any questions you have.
If you qualify for a short sale and wish to move forward, simply complete our Short Sale Service Agreement and return with the service fee.
Your Real Estate Agent will work with you to set up the Listing and complete the paperwork to satisfy Broker and Department of Real Estate requirements.
While your home is being marketed by your Agent, we will begin to put together a Short Sale Package to present to the Bank.
Short Sale Package The steps involved in this process are numerous and very detailed. One of the most important steps is the Short Sale Package. Each Lender has specific guidelines and required documents, as well as exact instruction that must be follewed verbatim in completing the Short Sale Package. The purpose of AZ Short Sale Experts, LLC is to work with you and your Agent to prepare this package. This service helps expedite the process and ensure the Banks and your Agent have everything they need for the best shot at gaining an approval. Below is a list of the documents required:
- Letter of Authorization from you that permits us to speak with the bank concerning your situation. Note, this simply gives us permission to communicate, not make decisions.
- Hardhip Letter explaining the particular circumstances you are facing/have faced that lead to where you are today facing foreclosure. This would include things like job loss, divorce, death, disease/health, job transfer, increase of debt, decrease of income, etc. The nature of your hardship is compounded by the nature of the housing market
- Financial Documents outlining your household income and liabilities
- 2 Years Tax Returns
- 2 Month Bank Statments
- 2 Month Pay Stubs
- Monthly Expence Breakdown
- Listing Agreement
- Title Prelim (from Title)
- Tax Record Comparable Sales/Value Report
- Purchase Contact with all Counters and Addenda
- MLS Sheet
- CMA
- Showing Activity(if available)
- Showing Feedback (if available)
- HUD-1 (from Title)
Once a Buyer has been procured and the short sale package complete, we begin the journey of navigating through your Lender(s) loss mitigation department. There are several milestones that must be met and due diligence performed by the lender. This process is similar to Underwriting, however, in this case they are seeking to disqualify you from the loan. They need to verify your inability to afford the loan and determine if they will net more money through this Short Sale or through a Trustee’s Sale (Foreclosure).
Remember, we work with licensed, qualified Realtors®. They SELL HOUSES. We do not BUY your house. We are a team of professionals who understand how to help you avoid foreclosure using the bank approved route of short sale. Get started today by completing a brief online profile to see if a short sale solutions will work for you.
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For Sellers