Scottsdale Short Sale Information
Scottsdale Short Sale – Win-Win Situation for Seller, Buyer and Bank
A real estate short sale commonly called a short sale is when a bank allows the sale of a property even though the money obtained after the sale is not enough to compensate for the outstanding loan amount. This situation arises when the borrower shows his inability to pay back the loan installment to the bank due to hardship conditions such as job layoffs, permanent injuries, financial issues, etc. In that case the bank allows the borrower to sell the property for lesser amount than the actual outstanding balance.
The reasons why banks allow short sales is mostly financial. If the borrower is not able to make the payments to the bank, then the bank may foreclose on the home. That involves lots of costs in terms of legal fees, Realtor costs, HOA dues, property taxes, etc. Further, the foreclosed homes are not properly maintained so the bank will have to spend money to get the upside down home back into shape. And finally they have to hire a real estate agent to sell off the property.
Instead the bank allows the borrower to short sell the home for the highest price as the market permits. This short sale most of the times is a more profitable affair then a foreclosure for the bank. Similarly the borrower gets away from the situation of foreclosure which is terrible for the borrower’s credit history. A real estate short sale is a win-win situation for both the bank as well as borrower.
If you are interested in short selling a home in Scottsdale Arizona then it is advisable to find an excellent Scottsdale short sale agent. An agent having vast experience in the field short selling homes will aggressively negotiate with the bank for your benefit.
Homeowners cannot usually speak to the loss mitigation department of a bank as they are really only interested in speaking with Realtors. Generally the loss mitigation department of the bank is in charge of the short sales. The Loss mitigation department is responsible for getting the best deals for the bank and getting the most out of the asset.
The process of a Scottsdale short sale begins with completing a financial package and listing the property for sale. Once a purchase offer is received then the agent submits the offer to the loss mitigation department of the bank who will know handle the short sale. A Scottsdale short sale agent will help you negotiate the terms in your favor instead of bank. The whole process of short sale takes about one to four months for its completion.
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