Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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One Myth About Short Sales

One myth about Short Sales is that the Seller MUST be late on payments.

 

For those of you not familiar with Short Sales, the simple explanation is that the proceeds from the sale are not enough to cover the loan payoff(s) and other expenses of sale, and the Seller negotiates with their lender(s) through their listing agent so that their lender(s) agree to accept less than the balance owed on the loan(s).

 

Typically - but not always - the Seller receives zero from the proceeds of the sale.

 

Typically - but not always - the Seller is not required to bring any money or promissory note to the transaction that goes to their lender(s).

 

Back to the myth.

 

Urban legend is that if the Seller is current on payments, their lender(s) have no reason to approve the short sale, and therefore will not agree to it.

 

False!

 

We know this for a FACT.

 

We saw it many times back in the Short Sale frenzy after the crash in 2007.

 

We saw it as recently as last week.

 

Two lenders.

 

Seller current on payments to both lenders.

 

Contract on January 31, 2017.

 

Approval from both lenders by March 22, 2017.

 

Closed escrow April 21, 2017.

 

So - if you are current on your payment(s) - but need to sell your home, and are "under water" - discuss your options with your attorney.

 

If the decision is that a Short Sale is in your best interest - we can help you accomplish that.

 

We have closed Short Sales throughout Maricopa County and parts of Pinal County.

 

We have closed every listing we have taken since June 2011 - both Short Sales and Traditional Sales.

 

In short - we get the job done - so you can move on!

 

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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

Great information...thanks for sharing it with us in the rain!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) over 1 year ago

Great post, Suzanne and Tony. There are lots of "myths" out there about short sales and the public also seems to think they are somewhat synonymous with foreclosures. I am always educating about the difference.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) over 1 year ago

Good information to shareandwell written post with a good call to action. Thank you

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) over 1 year ago

Nice post Tony and Suzanne Marriott, Associate Brokers .  There are many myths  about short sales.

Posted by Jim Cheney, Rincon Valley Realtor 707.494.1055 (Saint Francis Property Santa Rosa, CA) over 1 year ago

Hi Tony and Suzanne,  Clients in the Phoenix area should enlist your help to navigate them through the shortsale process. 

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) over 1 year ago

Great information I remember when all we had on the market was short sales. Thanks for sharing I hope you have a great afternoon.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) over 1 year ago

You are most welcome Kristin Johnston - REALTOR® - 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 1 year ago

Thanks Nina Hollander and - 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 1 year ago

Thanks Nick & Trudy Vandekar and - 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 1 year ago

Thanks Jim Cheney and - 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 1 year ago

Thank you Sheri Sperry - MCNE® and - 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 1 year ago

We do too Pat Champion - 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 1 year ago

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