Keys to a successful Phoenix short sale listing

Short sales are a major part of the Phoenix real estate landscape

Short sales continue to be a significant portion of real estate sales in the Phoenix Az valley.  And they affect each city to varying degrees.  For example, short sales in Sun Lakes were  12% of the total sales in June 2011, while in El Mirage they accounted for 41% of the sales.  Other cities were somewhere  in the middle; Gilbert – 35%, Chandler – 35%, and Scottsdale – 23%.  During the month of June 2011, there were 91 waterfront properties that were sold as a short sale transaction.  Short sales provide a method for homeowners experiencing a financial  hardship to sell their home. And lenders see short sales as a way to prevent costly foreclosures. Freddie Mac CEO, Ed Haladman, summed it best when he said, “Freddie Mac is doing everything it can to prevent more foreclosures, and short sales are becoming an ever-popular tool in situations where foreclosure is imminent and modifications have failed.”   Properly  negotiated short sales also offer homeowners a way to sell their homes without a deficiency judgement and in many cases the opportunity to purchase a home within 2 – 3 years. The above chart provided by The Cromford Report shows the percentage of 2011 June sales with the blue bars.

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Issues to Consider When Short Selling a Phoenix Waterfront Home or any Phoenix Az Home.

 Upside Down House

Phoenix Arizona Short Sales and “upside down” homes.

Short sales in Phoenix, Gilbert, Chandler,Queen Creek,  Scottsdale and all across the valley are taking center stage as they have become the topic of any Az real estate discussion. Many a buyer or seller that has been through a short sale transaction will undoubtedly compare it to high drama movie because of the highs and lows, a soap opera because it never ends  or a nightmare due to  all of the above.  These discussions will continue with home prices at current levels.  According to an article in the Phoenix Business Journal, First American CoreLogic Inc., estimates that 51% of the mortgaged properties in Arizona are “upside down”, also described as having negative equity, because the balance on the mortgage is more than the market value of the home.  This is confirmed by the fact that in most Phoenix area towns and communities, distressed sales account for 50 – 75% of the monthly home sales.  Therefore, many homeowners will need to become well informed of the various aspects of a short sale  when a situation arises and they need to sell.  The following are important points  that must be considered:

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