What is a Short Sale? A Short Sale is when the seller's mortgage lender(s) allows them to sell the home for less than what is owed on the mortgage. How can I determine if a Short Sale is the right option? You have several options in addition to the Short Sale when you are unable to retain your home. Some of your options are Bankruptcy, Deed-in-Lieu of Foreclosure and Foreclosure. The best option is to consult with a professional to consult to understand your options.
·New Venture Realty will educate you on the Short Sale Process and Real Estate Market.
·Real Estate and Bankruptcy Attorneys will educate you on Arizona foreclosure laws and protection from mortgage lien holders and other options to dispose of debt.
·Tax Advisers will educate you on variables of how upside down you are on your home, how you other assets affect your short sale and how those variables relate to the IRS tax laws.
How long will the Short Sale take? The time that it takes to complete a Short Sale varies because each seller's situation different. You should be prepared for your short sale transaction to take approximately 90 - 180 days to complete. The time frame varies by bank. Some banks have adapted very streamlined processes or outsourced to third parties to assist in faster approvals.
How soon can I buy after a Short Sale? A homeowner can purchase another home in about 2 years. Many homeowners will experience a rise in their credit score rapidly after the Short Sale is completed due to the fact the home debt is no longer on their credit. The 2-year waiting period is due to changes in the lending laws that under most circumstances a homeowner who sold a home in the last two years can not qualify for a new mortgage.
What happens if the Short Sale is NOT approved? If your Short Sale is not approved, the bank will foreclose on the home.
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