Homes for Sale in Avondale and Goodyear

Benefits of a Short Sale
Debt Forgiveness: The primary reason to attempt a short sale is to avoid future collections on the remaining balance after the property has been sold through the trustees sale. *Credit Scores: You won't be able to avoid a hit to your credit with a short sale. You may be fortunate enough to keep your credit score from dropping no more than 50 points with a short sale. You may expect further, significant credit damage resulting from a foreclosure. Foreclosures can reduce your credit score by 250 to 300 points, sometimes even more. In turn, affecting the ability to get a car, apartment, credit card, etc. Stop Trustee Auction: Most banks will post-pone the auction date if there is a true hardship, and if enough time is provided to perform a short sale. Banks typically will need at least 30 days. But in rare occasions, the auction date can be postponed within weeks of the auction date if you have a buyer for the property. The sooner you can list your property, the greater chance you have for a successful short sale. Moving Expenses: Many mortgage companies offer incentives to owners who cooperate in a short sale. The offer anywhere from $1000 to $10,000 towards moving expenses if you occupy the property until sold. Banks typically lose 35% or more in property value when a bank forecloses on a property. Liability: Vacant homes are vulnerable to vandalism which will lower the over all sales price at the trustee's sale. The difference you owe will be greater if the bank decides to pursue a deficiency. Furthermore, until the property has been sold at a trustee's sale, you may be liable for damages and/or accidents that occur at the vacant property. Disclosure: You will always have to disclose you've had a foreclosure on any future mortgage applications. Disclosure is not necessarily required with a short sale. Credit Repair: A foreclosure is the one credit report item that is almost impossible to be "repaired". Security Clearances: Military and government security clearance could be at risk with a foreclosure. Employment Verifications*: Many employers run credit checks on prospective employees. A foreclosure is one of the top items that will put a potential new hire in jeopardy.


What will be needed? Authorization Letter: In order for a 3rd party to assist you with the bank, authorization is required to speak with the bank on your behalf. Two most recent W-2s Two most recent tax statements Two months bank statements Two most recent pay check stubs Hardship Letter: Explain why you are, or will be unable to make the agreed upon monthly payments. The bank wants to know that a true hardship has occurred. Profit vs. Loss statement: List all of your sources of income vs. all of your monthly expenditures. Listing: The bank will want to see you are attempting to sell the property at it's highest value. Purchase contract: Not required to begin the short sale process. But the short sale will not be approved without it. A purchase contact will be essential to postpone trustee's sale. Settlement statement: This will come after an offer has been accepted. The bank will want to see the bottom line - how much they will make in the transaction. CLICK HERE for additional short sale resources.