A short sale in Real Estate is a sale in which the amount the home sells for is less than that owed on the property. With recent financial troubles looming, this is becoming more and more common. Many homeowners, especially in Arizona, have found themselves with negative equity and rising interest rates due to over speculation of the real estate market in past years.
If you are concidering short selling your home, this is likely a difficult time in your life and you need to know your options. Some homeowners have been able to modify their mortgages to stop a foreclosure or short sale. Check out the Making Home Affordable website setup by US Government to help ease the process of mortgage modification. It is available at the following link: http://www.makinghomeaffordable.gov
In addition to assistance from governmental agencies, many homeowners have has success modifying their mortgages themselves by starting off with a phone call to their lender. If you have attempted this and been unsuccessful, than it is possible an attempt to short sale may be right for you. To start this process you will need to contact a qualified Realtor® in your area that specializes in the short sale of real estate. This agent will work with you to answer all the questions you may have regarding the process.
For more information regarding short sales, please contact Realtor® Dennis Smart at shortsales@gomaricopa.com.
