Gilbert Arizona Short Sales
Gilbert Arizona Short Sales & Pre-Foreclosures. What exactly is a short sale? A short sale happens when you sell a home for less than is owed to the lender(s), fees, closing costs and the seller is unable or unwilling to pay the difference.
Do you think you might need to do a short sale? What steps do you need to take before a short sale? Starting with a CMA (Comparative Market Analysis) to see what similiar homes to yours are selling for. After the CMA, you should call your lender. Some lenders have programs to help you keep your home. I also have a list of HUD housing counselors that will work with Gilbert Arizona home owners. You should also seek the advice of an attorney and a tax representative.
In today’s Gilbert real estate market, there are many reasons to reach the point where an owner needs to do a short sale. The top reasons seem to be mortgage default, job transfer, and divorce. Some people who bought at the top of the market, got adjustable rate mortgages, or bought homes that have become unaffordable might feel they need to do short sale.
To get the lender to accept a lower amount than is owed on the property, you will need to show a hardship. You will also need to show the lender why a short sale is better for them than foreclosing on the home. In some cases, it costs less for the lender to accept a short sale than to go through a foreclosure. With multiple lenders, they must all approve the short sale terms and a foreclosure might benefit one of them better than a short sale.
Ed Cassady SFR CDPE
Associate Broker
RE/MAX Alliance Group
480-471-8466 Office
480-229-6610 Cell
Ed@EdCassady.com
Distressed Properties
Short Sales Specialists
Short Sale Properties
Certified REO Specialist
Bank Owned Properties
Residential Sales
New Home Sales
Investor Sales
