If you live in the Phoenix Arizona area and are selling your home, you may want to discuss the possiblity of a short sale with a reputable realtor. Of course there are good points and bad points to nearly any type of transaction you choose, but you may find that this option is very beneficial to you and your family. This article will explain a little more in-depth, so that you better understand how this works.
No one likes to go through foreclosure. It destroys your credit and can make you feel embarrassed. In many instances, you will not be eligible to purchase another home for five years, which means you will have to rent. Short sales are not the perfect solution if your mortgage is pulling you under, but it is certainly better than the alternative in many situations. Here are a few of the advantages of this option:
Benefits of Short Sales:
As mentioned before, you won't have to face the embarrassment of being in foreclosure. You can maintain your dignity, knowing that you sold your home.
You will no longer have mortgage payments to make, unless you choose to do so.
Under Fannie Mae guidelines, you will most likely be able to purchase another home in only two years, instead of having to wait for five. Additionally, if your credit report shows no late payments past a 60 day time period, you may be eligible to purchase another home immediately.
With foreclosure, your rights as a homeowner are literally stripped away from you. You can forget purchasing anything with credit, as you will have absolutely no credit for ten years. An experienced Phoenix real estate agent can help you by clearly explaining your options, and how they work. If you choose one who works personally with you, you can be sure that they will support you and your best interest.
Obtaining the services of a realtor is beneficial when it comes to short sales. The agent will be paid by the lender, and will make certain to find a buyer for your home. If a professional can help you find the right buyer, they make a commission. With foreclosures, the agent makes no money so of course they would rather find a buyer for your home. To sum it all up, choosing this route is best for you as a homeowner, as well as the agent.
Do you have a home in the Phoenix area that you are about to lose, due to financial difficulties? Before you decide to go the foreclosure route, speak with a highly-qualified Arizona realtor. He/She can discuss all of the aspects of a short sale, and how it may be the perfect solution for you.
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