Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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Still "Under Water"? Consider This...

 

Even though the market has recovered somewhat from it's lows several years ago, the fact that the "crash" saw a loss of 65% in some areas means that some homeowners are still "Under Water" - with their home worth less than they owe on the property.

 

 

One solution to avoid foreclosure should the owner be unable to continue making payments, is a Short Sale of their home in Arizona.

 

By definition 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 owed on the loan(s).

 

Whether or not you meet the other "requirements" of your lender(s) such as a "valid" hardship can only be determined by consultation with a skilled and experienced professional.

 

There should be no upfront charge for an initial consultation - whether with a Short Sale Listing Agent or an attorney qualified and experienced in Short Sales.

 

At the end of the consultation you should have learned what the Short Sale process is, and should receive a significant amount of information to assist you in making a careful, informed decision.

 

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 are considering a Short Sale in the Scottsdale and Phoenix Arizona metropolitan area, you are welcome to contact us to schedule your free, confidential, no obligation consultation.

 

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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

Hi Tony and Suzanne, 

Are you still finding a lot of underwater homes in your area?  If so, then what kind of property types (single family, condos, etc..)?  In my area, our prices have passed the pre-Credit Crisis levels.  But I have encountered a few properties still underwater (based on requests to refinance).  These properties seemed to be condos that were relatively new at the time when they were purchased.  The HOA/Builder had rented out unsold units, which makes it difficult for those whom own to refinance because of the mortgage restrictions on condos.   Your post made me think about the few that I've recently encountered that were still underwater.  I think if you go inland (namely the Inland Empire) a bit more (from where I live), then it may be a bit different (still below pre-Credit Crisis prices).

Posted by Mike Bjork (CMG Financial) over 2 years ago

This happened in my area in the 80's and with the way our prices are skyrocketing now, I have a feeling that it will happen again soon. It is very difficult for a young couple to buy their first home. 

Posted by Janice Ankrett, Staging Professional (Janice Ankrett Home Staging) over 2 years ago

Seeing fewer short sales now but it could certainly happen again.

Posted by Carol Williams, Retired Agent / Broker / Property Manager (Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals.) over 2 years ago

We still have quite a few people in or market who are underwater and short sales are still a very viable option for them

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) over 2 years ago

I am seeing fewer and fewer short sales but still having REOs and foreclosures doesn't equate; Tony and Suzanne Marriott, Associate Brokers  

Posted by Paul S. Henderson, REALTOR®, CRS, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) over 2 years ago

Good morning Tony and Suzanne Marriott, Associate Brokers , in my area I can't recall of the last time I saw a short sale.  they are far and few in-between

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty) over 2 years ago

Hi Mike Bjork - yes - we still have many.  For example - $880K purchase price in 2006 now a short sale for around $500K.  People who decided to stick it out for 10 years are still behind the 8 ball - they just continue to pay the loan(s).

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

Let's hope not Janice Ankrett - but history does have a way of repeating itself.

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

Carol Williams Here those that are underwater have decided to keep on paying the loans in the hope that they will be above water again at some point...

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

Agreed Ed Silva - the remaining underwater homeowners here decided to stay current for the most part - although there are new notices of Trustee Sale issued every month...

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

In some cases Paul S. Henderson, REALTOR®, Broker, Tacoma Washington it appears homeowners have been behind for a significant period of time - and the lenders wait for what they deem the "best time" to foreclose...

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

That's good news for your locale James Dray !

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

Great information and reminder that there should not be an initial fee

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) over 2 years ago

Agreed Kristin Johnston, Waukesha County Realtor 414-254-6647 - thanks for stopping by with a comment!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 2 years ago

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