What is a short sale?

A short sale is when the bank agrees to accept less money for a property than what is owed. The bank agrees to get some of its money back and avoid them having to foreclose and sell it themselves. So if your mortgage loan is for more than your home is currently valued at and are looking at foreclosure, a short sale might be the best option. At AZ Home Help we are the top of the 1% of Short Sale Expert real estate agents in Arizona. Contact us at 480-241-4406 or visit us online at http://goo.gl/bAiCKb if you need some short sale advice or realtor.

Don’t be a Victim to Foreclosure Scams

Foreclosure is a big nightmare for a homeowner. The dream you've worked so hard to have and give your family it's ideal home but due to unexpected finances maybe you are struggling to meet your monthly mortgage payment? In swoops some company saying "we'll bail you out and save your home!" Don't trust them. At AZ Home Help, we will help guide you to a solution that actually helps your situation instead of making it worse. Our expert agents help homeowner's, like you, avoid foreclosure but with a short sale. To learn more about how we can help you visit us online at http://goo.gl/JF7HrY

Don’t be a Victim to Foreclosure Scams

Foreclosure is a big nightmare for a homeowner. The dream you've worked so hard to have and give your family it's ideal home but due to unexpected finances maybe you are struggling to meet your monthly mortgage payment? In swoops some company saying "we'll bail you out and save your home!" Don't trust them. At AZ Home Help, we will help guide you to a solution that actually helps your situation instead of making it worse. Our expert agents help homeowner's, like you, avoid foreclosure but with a short sale. To learn more about how we can help you visit us online at http://goo.gl/JF7HrY

Short Sales in 2013

Short Sales in 2013

Short sales in Arizona have been the main listing focus for the last 3-4 years.  2006 saw the market peak, 2007 left everyone wondering what was going to happen, 2008 started the short sale trend, and now here we are in the beginning of 2013 and what seems to be a stable Arizona real estate market turnaround.  So will short sales still be around in 2013?

The answer is a resounding YES!  Although the market in Phoenix is in a definite state of recovery there are unfortunately many people who purchased homes during 2004-2006 and also those that refinanced in an attempt to cash out on the equity of their home for whatever reason.  Most of these individuals will still find themselves upside in 2013 and probably through a lot of 2014 and possibly beyond as well.

It's a matter of numbers -- if you bought a house in 2005 for $300,000 and it dropped 50% in value (which many did, some areas of Phoenix saw declines of over 80%!) it dropped at one point to $150,000.  Even if the market recovers at an insanely high 10% a year (national average is usually about 6%) that's only about 15k-20k per year so you'd have to wait it out another 5-7 years for the value to come back.

Now, not everyone is upside down, highly leveraged, or refinanced to the hilt, nor does everyone need to sell.  As I tell a lot of my potential clients, you aren't ever really upside-down in value until you actually sell the house.  If you don't need to sell then it isn't so big of an issue.

However with most people moving within 5-7 years for job reasons, family changes, relocation choices, downsizing/upsizing, etc. you may not have a choice but to sell and if that's the case then if you don't have that equity a short sale can be the best option to help you move on with your life.

For more information on short sales in Arizona please visit our Az Short sale site at www.AzHomeHelp.com  or call us today at 480-241-4406.

Shadow Inventory - What is it and why is it important?

Shadow Inventory is the number of homes that are bank owned or are on the verge of being bank owned properties but aren't currently listed as homes for sale.

This number does not include short sales but the total estimated number of shadow inventory is staggering -- approximately seven million...http://bit.ly/gyb0Zv

Banks Continue to Fail

Banks continue to fail as three more lenders have gone down the tubes...that makes 149 bank failures this year alone!  Failure to approve short sales is definitely a factor...http://bit.ly/gxSNAH

Foreclosure rates climbing

Foreclosure rates have hit an all time high and don't seem to be slowing down.  Numbers through October 2010 show foreclosure inventories over 7 times the historical average and this number doesn't even discuss short sales...http://bit.ly/fPOv3q

Short sale snafus -- what were they thinking?

Short sale snafus -- what were they thinking?

In our segment "Short Sale Snafus, What Were They Thinking???!!" we like to tell stories of how lenders can screw up a perfectly good deal and lose a ton of cash in a matter of moments....today's Short Sale Snafu tells the story of a lender losing big on a lakefront property...Read today's Short Sale Snafu

Fannie Mae - Freddie Mac $685 billion dollar taxpayer bailout..

Fannie Mae - Freddie Mac bailout could cost us taxpayers $685 billion!!  These government owned entities keep complaining about losses each quarter but they are foreclosing on homes and losing money when the people they are foreclosing on are trying to short sale their homes!!  Why are we responsible when we are trying to fix the problem.... http://bit.ly/9CliPG

Lenders don't want the responsibility...

Lender's don't want the responsibility of loans that go bad so now they want out of legislation passed this summer....http://bit.ly/9YxgF7

Can I buy a home after a short sale?

Can I Buy a Home after I do a short sale?

The short answer is "YES!!"   We have a client that we short sold her home back in the fall of 2009.  Her credit score dropped about 80 points but since then she has paid all of her credit cards, kept at least 3 tradelines on her credit report, and has just qualified (less than a year later!) for new $300,000+ home!!

Now every individual is different and many factors are involved but it can be done!!! Most people who do a short sale will qualify for a Fannie Mae backed loan just 24 months after their short sale has been completed!!

We have no idea what the future will bring as well -- there is a good chance that lenders will be more lenient on those that short sale as oppose to foreclose at it tends to show a bit more financial responsibility.  Plus the credit scoring industry is constantly changing and hopefully it will be better for home buyers as more and more of America ends up with a short sale on their credit.

Short sale your home today with the local Phoenix - Scottsdale short sale experts at www.AzHomeHelp.com!!!

 

Short sale approvals coming fast!!

Short sale approvals are coming in fast!!!  Banks looking to close deals before the end of the year...