Phoenix Homes & Scottsdale Homes for sale – Arizona Short Sales

We’ve sold another Scottsdale luxury home short sale!!

14380 E Geronimo in Hidden Hills sold for $470,000 this week.  We negotiated this deal from offer to approval in less than 45 days!!

We specialize in luxury home short sales in Scottsdale & Paradise Valley.  Call us at (480) 241-4406 or visit our scottsdale short sale website at http://www.AzHomeHelp.com for all your short sale and real estate needs!

Beautiful Scottsdale Home for Sale in Gated Horseman’s Park!!  This gorgeous home features a spacious and open floor plan with soaring ceilings, tons of upgrades, an  oversized cul-de-sac lot, and so much more!!!  This is NOT a short sale or REO so we can close quickly!!  HURRY!!

In order to be eligible for a short sale, you basically have to be upside down on your property and you have to be able to demonstrate some sort of reason why you want out. Although that’s a very subjective question, it is also a very important one. It doesn’t necessarily mean you have to lose your job; there are hundreds of reasons why someone may need to get out of a home. For example, maybe you have to move, maybe you’re going to have to move too far from work and it’s going to change your commute, your monthly expenses have increased, you have a medical issue, you’ve got some medical bills, or even a death in the family…reasons are endless.  

Eventually the bank makes the final decision, but that is where a realtor, or a team of people like AZ Home Help come in, and take what may be called a weak short sale case and turn it into a pretty good case for the bank to do the deal.

The main point to show the lender is that if they do not close the short sale, they are going to lose even more money if the house goes into foreclosure. By running the numbers, and showing the banks on paper, they are able to make their own decision on whether a short sale of the property is permitted.

More often than not, the banks will come up with a sort of counter offer. They may not like the deal, they may not be 100% happy with it, but they realize that this is probably their best bet. Most agents are just going to send the paperwork in and say, “All right, approve the deal,” however, Sean Bonini, and his team at AZ Home Help put in the extra work upfront to ensure that they can show the bank a viable reason to why they need to approve the deal. By doing this, the bank can’t really come back with a bunch of counters like, “Hey, well, he doesn’t have this or they don’t have that. They make too much money;” none of that matters. The fact of the matter for the banks is that the homeowners are not paying the mortgage and doing the short sale makes them more money.

Doing a short sale does hit a homeowner’s credit, however, if done correctly, you can buy a house within 24 months after doing a short sale. In some cases, you can even buy a house within 60 days, if you follow specific guidelines.

As with many big decisions, short selling your home is not something to take lightly, however, knowing that there are people like Sean Bonini and his team of short sales experts to help you with the process, makes things just a little bit easier.

In general, short sales definitely take a while. The average agent takes around 150 days, however Sean Bonini and his team at AZ Home Help close deals in as quick as two weeks. And in very rare cases, Bonini has even been able to get deals approved in 10 days. For the most part, the team’s deals average 30 to 60 days, which is very different than the five to six months it can take many realtors to get done.

AZ Home Help is able to close deals so fast because of their relationships with some of the lenders, and also because they know what every lender is looking for. The team is able to put together a pretty good package for the lenders in a timely manner.

The AZ Home Help team consists of a full processing team that handles all of the processing of files and the actual paperwork. There is also a title and escrow company that handles the entire escrow process, which is very big in a short sale. The team is very good and knows what they need to do in order to get the sales complete.

The short sale process can be long and grueling, however, the AZ Home Help team tries to make it as painless as possible. Once the team has met with the client and gone over all of the paperwork, they are then able to prepare a short sale package. After the package has been put together, Bonini decides on a price for the property, and then lists it for sale. Once an offer has been put in on the house, it is discussed with the client and then sent to the bank for approval along with other paperwork stating why this is a good offer.

And that’s when the bank begins the short sale process. They’ll go through the offer and all the paperwork and make a decision as to what we’re going to do. They’ll either then counter offer or they’ll accept the deal. If they accept it, then the deal is complete. If the bank counter offers, changes are made and then reviewed again. Once everything is agreed upon, the bank sends over an approval letter that states all the terms and conditions. Once all of that is complete, the client signs off on the approval letter, and the deal is finished.

About three years ago, Sean Bonini started representing clients in Arizona short sales, which is selling residential real estate where the person owes more than the property is worth. Basically, Sean’s job is to negotiate the sale of the property between the current homeowner, the lending bank, and the future owner. Sean gets the property, markets it, sells it, and then negotiates with the lender to accept a deal that lets his client’s out from what they owe on the property, without having to pay much money back.

For the first eight to 10 years of Sean’s career, he was a power broker and sold properties to people all over the Valley. Once the recession started taking a toll on the housing industry, Sean began to focus his efforts on short sales to help some of his past clients who were in over their heads. Now, he has worked on well over 150 short sales negotiating them, listing them, selling them, and helping people buy them.

In May, Sean happened to close one of the largest short sales ever in the state of Arizona. This particular deal was on a house that, at one time, back at the height at the market appraised for about $7 million. The value of the property had dropped quite considerably since 2006; it was actually cut in half. The deal was closed at $2.675 million. All of the owner’s debt was written off, and the client was able to move out, and on with his life.

Short sales take a lot of experience. In a short sale situation, it’s a lot more than just marketing and selling the property. You also have to be able to negotiate with the lenders. If you don’t work on short sales all day long, every day, and you have not worked with all the lenders, you’re not constantly staying up with working on negotiation with the lenders, you just can’t get the deals done.

Sean’s closing ratio for short sales is well over 80 percent, whereas the average agent closes less than 20 percent of their short sales. At four times what the average short sale success rate is, his experience definitely differentiates him from the others. Contact Sean today!