Foreclosure in Chandler>Question Details

Rsmith, Home Buyer in Chandler, AZ

Can someone explain short sale...?

Asked by Rsmith, Chandler, AZ Mon Aug 18, 2008

my neighbors have abandoned their house and we have already lost $50,000 on our house in one year. We are thinking of doing the same thing walking away. We had bankrupcy 4 years ago and have ok credit now, but we need to get out of our house at this time and cannot afford the loss on it. We owe 231,000-but will be lucky to get $215,000 for it now.

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Under your circumstances you have several option, and walking away is not your best option.

As a start you should call the bank and discuss with them your present situation. They might be able to work out a solution with you, to avoid having the property foreclosed.

If you can not work a solution with the bank, you can wait until it is foreclosed or you can do a short sale. The short sale is an agreement with the bank, where they agree to settle the debt for less money than what is owed. During a short sale your credit will also be affected since you will have the late payments, but this solution should be considerably less harmful than having the property foreclosed.

I live in Chandler and am very experienced with short sales (I currently have 10 short sale listing). Let me know if you will need any assistance selling yours.
0 votes Thank Flag Link Mon Aug 18, 2008
A short sale is a situation in which the sales price of the home is less than the current mortgage(s). For this reason, the sales price must be approved by the lender. I have assisted clients with short sales and currently have one listed in Chandler. In my case, I hire a short sale consultant who specializes in negotiations with the bank, making sure your documentation with the bank is complete, etc. This is designed to give you a realistic chance to sell the property and avoid a foreclosure. If you would like more detailed information regarding your particular situation, please let me know. I am happy to assist. Regards, Eric Crane, DPR Realty LLC
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0 votes Thank Flag Link Mon Aug 18, 2008
A short sale will hurt your credit, but not as much as a foreclosure. How much it will hurt depends on different circumstances, but the ballpark would be around 100 points. Get in touch with a real estate lawyer to discuss your options and repercussions.
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0 votes Thank Flag Link Mon Aug 18, 2008
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