Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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How do I Short Sale my home in Phoenix?


There are thousands of people considering a Short Sale of their home in Arizona.

More than 50% of homes are "under water" in Arizona - in other words - the homes are worth less than the loan balances owed - so it's not surprising that Phoenix homeowners are looking for solutions to avoid foreclosure.

A Short Sale is one such solution.

A Short Sale is a "regular resale" with one distinct and significant difference.  

The agreement of your lender(s) to accept less than the balance(s) owed on the loan(s).

Whether or not a homeowner meets the other "requirements" of their lender(s) such as a "valid" hardship can only be determined by consultation with a skilled and experienced professional with a solid Short Sale track record - we recommend a minimum of 25 closed Short Sales with a 90%+ Short Sale List to Close ratio.  

The purpose of a Short Sale is not to get the Buyer Leads from the listing but not be able to get the Short Sale closed - it's to get the Short Sale closed for the benefit of the homeowner, so they avoid foreclosure! 

We suggest steering clear of those claiming they have closed hundreds of them with a 95% or better List to Close ratio.  The data in the Arizona Regional Multiple Listing Service (ARMLS) just doesn't support those claims.

Ask anyone making that claim to log in to the MLS and display the results of  a "live search" for CLOSED, CANCELLED and EXPIRED Listings flagged with "Short Sale Aprvl Req" associated with their MLS ID.  

Count how many closings versus the total of CLOSED, CANCELLED and EXPIRED.

9 CLOSED out of a total of 23 CLOSED, CANCELLED and EXPIRED calculates to a 39% List to Close ratio or a 61% failure rate!

A FREE CONFIDENTIAL Short Sale consultation with an experienced and qualified Short Sale Listing Agent or an attorney qualified and experienced in Short Sales should be the first step in the process of deciding whether to Short Sale a home in Phoenix.

The consultation should include a comprehensive description of the Short Sale process, and should provide sufficient information to determine whether pursuing a Short Sale is the best course of action.

Short Sales are not something to rush blindly into - they require commitment from the Sellers to see it through, and hinge on the Short Sale Listing Agent's skill set in

  • securing a fair market value contract for the property
  • presenting the Short Sale package to the Sellers Lender(s) for approval
  • and knowing how and when to escalate to senior executives at Bank of America, Chase, Citi, Wells Fargo and other Short Sale lien holders.

If you know of someone considering a Short Sale in Phoenix Arizona, we ask that they contact us to schedule their free, confidential, no obligation Short Sale consultation.

For more information and access to our "Homeowner Toolbox" visit www.AvoidForeclosureInPhoenix.com 

 

About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty

Comments

Enjoyed this post and want to read more - try this one - Peacocks and Pickles for Christmas 2015!  Merry Christmas!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

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