Home Selling in 85379>Question Details

d517, Home Owner in 85388

What are the current guidelines for a short sale in Maricopa County, for 2010. I heard one can buy another house in as little as 2 yrs or less, with

Asked by d517, 85388 Mon May 31, 2010

no damage to their credit rating, or credit score, is this true? If so, what is there to stop anyone from doing this to get out of a loan costing more than their house is worth, or, if anyone just cant sell their house, and wants to move? How is this fair to those who just want to resell their homes, if everyone will be going to look at short sales only?

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Dear D:

Yes, the short sale world we live in is bizarre.

However, most short sales never get approved by the bank. They still govern the market with so many being for sale. Some sellers list at the going market price (which the lender wants to see) and others list at a below market price to attract offers in order to stall a foreclosure action.

The sellers credit score is affected however. Getting a new loan with a good job is faster in terms of years than on a foreclosure. Yes, 2 to 3 years on a new loan after a short sale is a possibliltiy.

Buyers that have to move and buy a home within a specificed time frame often avoid short sales because of the time it takes to get the transaction approved by the lender and the higher fall through ratio. Those buyers that must move look at traditional sale homes or foreclosures. Investors or those that are not in a rush to move may consider the short sale homes.

To review the "Arizona Short Sale Advisory" from the Arizona Department of Real Estate that will answer many of your questions, see this link: http://www.arizonahomesland.com/forsellersorlandlords.html

May I wish you the best.

Regards, Jeff

Jeff Masich, Realtor
http://ArizonaHomesLand.com
Arizona Homes and land
HomeSmart
Scottsdale
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