The Short Sell Secret Part 2
July 29th, 2010
With the short sell of a home, as previously stated, the bank is understanding that a loss on this transaction is imminent. So, in an effort to control the loss as best they can, lenders in Phoenix, AZ are becoming much more lenient in allowing the short sell. With the short sell there are far less hassle and headaches. There is much less to control and watch over with a short sell property too.
Negotiating a short sell in Phoenix, Arizona is not nearly as difficult as it used to be. With the rising in short sell homes, the investors of the world and real estate agents are becoming familiar with the process. That familiarity breeds knowledge and expedites the short sell process. With a short sell many parties get involved. Those parties include, but are not limited too
-the seller
-the seller's real estate agent
-the buyer or multiple buyers (anyone who makes an offer is a potential buyer)
-the real estate agent for the buyer (or buyers if you consider the above factor)
-the lender
-the loss mitigation department from your lender
So, the list of parties is extensive. However, with a short sell, you as the buyer can make this process much smoother by finding a real estate agent who has experience with the short sell process. Experienced short sell agents have the knowledge to contact all of the parties involved in the order and timely fashion that they are needed. The negotiate everything on your behalf. This makes the short sell process, from a seller's perspective, very hands off. And that fact alone is truly a blessing, given the fact that you are already probably up to your elbows in stress.
It is important to note that the previous paragraph is considered by most to be the most difficult challenge that awaits a seller in a short sell of their home. So, if hiring a real estate agent with experience in the short sell process eliminates your headaches dealing with all of the parties involved, everything else is easier.
Perhaps the most crucial step in the short sell process is finding the agent that can fill your needs. In many past cases, the home owner finds a short sell expert, stops paying the mortgage and simply goes about their own business. The only thing left to do is wait. So, if you can handle a little waiting and you are in financial trouble, short sell your home with the assistance of a real estate agent that has knowledge of the short sell process.
Part three, is the easy reading part of this fine short sell article. In it, we will show you the short sell process complete with examples to give you a deeper understanding of what is really going on behind this popular new method. Read on to get the juicy details.
Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.
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Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.