Now, the real question...easy and short sale don't typically go together! ;-) However, I've made my niche working in and studying short sales the last couple of years and am passionate about educating homeowners about their options and helping them avoid foreclosure. I would value the opportunity to assist you if you are considering a short sale. If you'd like client references, I'd be happy to provide those as well.
With Your Success in Mind,
That is usually the first response that I get. The professionals that I have found that really know what is going on with short sales know that what is described is the best thing for anyone selling a home short. These professionals know that the homeowner is not going to want to, or need to, pay all of them for their services, but the offer a simple consultation for the homeowner's benefit. That is how it should be. A home owner must qualify for a short sale and it is up to the realtor/attorney/loan mod Co. to determine if they do. Alas many agents go after the sale and donâ€™t really give good consultation. The listing agent can ask buyers to provide proof of financing from a trusted lender. Many listing agents use attorneys and 3rd parties to negotiate the sale. Hopefully weâ€™ve given our buyer from San Jose, CA a snapshot of what short sales are really about. As I said any buyers agent can say they are the expert. How many short sales have they closed? Do they also do short sale listings? This is the dialogue that we need to have in this type of market. Thank you for bringing up all of your concerns. If you do not see the value of my suggestions you should contact me so that I can give you more details.
I work in the Chandler area. I would recommend looking a REO as well as the private transactions. If you are considering using the move up homebuyer tax credit, I would suggest that you stay away from short-sales, due to the extended review period.
For more information, check out my blog.
Best of luck with your search.
The key to selling a home in this market is working with a group of professionals that can advise you on all angles of the transaction. To sell a home short one should consult an "experienced" real estate agent, an attorney, a loan modification company and a mortgage professional. You need to know that you have explored EVERY option and what the repercussions of your actions will be. There are many misunderstandings about the repercussions of foreclosures and short sales. Even good, experienced, real estate agents are not clear on what will happen. This is partly because the prevalence of these types of transactions has never been at this magnitude and the market hasnâ€™t even come close the end of the tunnel yet.
Many people have complained that lending is so tight and that mortgages are difficult to get. From my point of view it is actually very easy to get financing for the purchase of a home. The catch is that you have to actually qualify for it. Rates are so low that if someone is even thinking of buying, this market indicates that this could be the best time in history to buy a home.
Does the party making an offer on your home qualify for a loan and are they actually going to make it to the closing table? Only a trusted lender can screen buyers for you, help keep them on the line... from beginning, to end. You should ask the realtors that you speak with if they have all of these referral resources. Every agent will tell you why they are the best why you should use them. What you need is what I have listed above. A strategic team. Get as much information as you can. Once you have all of the information, any good agent can sell your home. If you need a good "team" of "consultants", I have worked long and hard to build my strategic team. Let me know and take care.
The market in Chandler is very active and it has been recovering faster than other parts of Phoenix. Below is a link to an article recently published in AZCentral.com, which discuss the current state of the RE market in Chandler.
Good properties priced right in the area are lasting just a few days on the market, and multiple offers are becoming more common each day.
Besides being a Foreclosure and Short Sales specialist I live and work and in the Chandler area and will gladly help you with your real estate needs.
If you want to search the MLS directly you can do so by following this link: http://www.smartazrealty.com/ or
There you will find the most up to date and complete listing information available.
Or if you prefer I can set you up with a personalized search (website) that will contain all the available properties that match your criteria.
Carlos J. Ramirez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart -
Homes are selling. Short sales do take longer because of the banks involvment. I would bring in a short sale negotiator to speed thinks up and get the home sold faster and a rull release from your personal obligation.
If you are buying a short sale, this information will be helpful for you to understand the time required to sell the home from the seller's perspective.
Whether you are selling or buying the home in Chandler. Let me know and I can help you either way.
If you are sellilng, as you may know, the short sale will also address deficiency on your mortgage that will be created with the short sale of your home. Many homeowners/borrowers are not aware that Arizona is a "Non-Deficiency" State for short paid mortgages. This means that, unless there are specific issues in your loan agreement, which only your attorney can advise you on, the lender is prohibited by Arizona Statue 33-729 from pursuing a judgment against the borrower if the home has sold for a deficiency, an amount less than the mortgage balance due to a diminished value of the home (or secured property).
Specifically, Lenders are prohibited by Arizona Statute (33-729) from obtaining deficiency judgments in foreclosures where the land size is 2.5 acres or less and where the property was used as either a single one-family or single two-family dwelling. The actual language from the Arizona Statue follows:
Arizona Statute 33-729. Purchase money mortgage; limitation on liability
A. Except as provided in subsection B, if a mortgage is given to secure the payment of the balance of the purchase price, or to secure a loan to pay all or part of the purchase price, of a parcel of real property of two and one-half acres or less which is limited to and utilized for either a single one-family or single two-family dwelling, the lien of judgment in an action to foreclose such mortgage shall not extend to any other property of the judgment debtor, nor may general execution be issued against the judgment debtor to enforce such judgment, and if the proceeds of the mortgaged real property sold under special execution are insufficient to satisfy the judgment, the judgment may not otherwise be satisfied out of other property of the judgment debtor, notwithstanding any agreement to the contrary.
B. The balance due on a mortgage foreclosure judgment after sale of the mortgaged property shall
constitute a lien against other property of the judgment debtor, general execution may be issued thereon, and the judgment may be otherwise satisfied out of other property of the judgment debtor, if the court determines, after sale upon special execution and upon written application and such notice to the judgment debtor as the court may require, that the sale price was less than the amount of the judgment because of diminution in the value of such real property while such property was in the ownership, possession, or control of the judgment debtor because of voluntary waste committed or permitted by the judgment debtor, not to exceed the amount of diminution in value as determined by such court.
It is my opinion that a professional short sale negotiator should represent you in working out a full release of the deficiency in writing to allow you to have "peace of mind" that the lender will not pursue payment for the deficiency. The lender is prohibited by law from doing so. However, if the borrower signs a separate note to the lender for the deficiency, that new note would govern the deficiency balance owed on the debt. A Realtor often does the negotiating for the borrower (and often are successful), but this is a complex issue. The bank's have professional "Loss Mitigators" that try to maximize the bank's return on a short sale to avoid an even larger loss in a foreclosure. You have the law behind to ask for a full release of the deficiency amount.
Borrowers need to know that Arizona is a "Non Deficiency" State. Again, an attorney's advice should be obtained if you believe you have special situations outside of the Arizona Statute. Unless, the borrower feels that they have a committed responsibility to pay the deficiency, or are trying to protect their credit rating, or have available funds to pay the deficiency, your Realtor and Short Sale Negotiator have the right to ask the lender for a full release under Arizona Statue 33-729.
I hope this helps you.
Jeff Masich, RealtorÂ®
Arizona Homes and Land
Houses in Chandler are selling of course if they are price right. A lot of buyers are still want to take an advantage of the tax credit.
Check our blog - Arizona February Real Estate Updates. Short Sales are still hot.
We are practicing Real Estate specializing in Short Sales transactions, focusing on homeowners that have lost equity in their homes. Assisting families to avoid foreclosures in Chandler and Gilbert area.
Megan Izdebska & Hanna Manoufar
Prudential Arizona Properties
3155 S Price Rd
Chandler, AZ 85248
I've provided some statistical information on the blog link below and have also worked on short sales. I live and work in Chandler.
Also check out my Phoenix area update at:
Short Sales are also getting better, the Federal Government has a new program out to encourage the banks to work with the homeowners in distress. In addition many of the banks are getting better at Short Sales and the process has improved. With that said some banks are better than others and the process does vary depending on the banks etc.
If were able to communicate further we could qualify your situation and determine what success and or challenges you will be faced with in Short Selling your home.
Choice One Properties
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties