Chances are, you or someone you know in the Scottsdale or Phoenix area is facing a short sale or the possibility of foreclosure. But you need to understand that you are not alone. Although a short sale can sound daunting, with everything you hear, it might be the best thing for you. Getting help from someone with experience is important. Feel free to contact me with any questions.
What is a Short Sale?
If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.
- Benefit: A short sale allows the homeowner to avoid foreclosure and salvage some of their credit rating. This also keeps foreclosure off the individual’s public record, and in many cases will allow the homeowner to avoid a deficiency judgment. Borrower may qualify for another mortgage in as little as 24 months (as opposed to five years for a foreclosure).
- Drawback: Short sales can be a trying process in which a homeowner is best served by contracting with a qualified real estate agent to guide the way.
This represents only a quick summary of some of the solutions available to homeowners facing foreclosure. Each situation is different, please call me today for a free confidential evaluation of your individual situation, property value, and possible options. As a CDPE, I know I can help.
What is a CDPE?
When your roofing needs to be replaced, you consult a roofing expert. When there’s a problem with your computer, you consult a technician who understands the issues of your particular model. And when a loved one becomes sick, you seek answers from medical professionals specifically trained in that particular illness. Similarly, in this current economic crisis, millions of homeowners facing financial hardship and possible foreclosure action are requesting the help of agents with the Certified Distressed Property Expert® (CDPE) designation. A CDPE is a real estate professional with specific understanding of the complex issues that confront homeowners in distress. Through comprehensive training and market experience, CDPEs are able to provide real solutions for homeowners facing hardships in today’s market.
The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. CDPEs believe that in almost all cases, the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional, an attorney and/or tax professional. They have the tools necessary to help homeowners find the best solution for their particular situation. While enduring financial difficulties are challenging for any family, the process of finding a qualified real estate professional should not be. I have achieved the CDPE designation, ensuring you deal with a professional trained to address your specific needs. CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.