Short Sale Process for Selling a Home in Glendale, AZ

By
Real Estate Agent with MoreChoices Real Estate LLC

This article will you an overview of the process to short sale your property in Glendale, AZ. A short sale is when more is owed on the loan than the home is worth. In a short sale, the Lender agrees to take less than is owed to release the lien against the property.

If you live in Glendale, AZ, there is a good chance you owe more than your home is worth. You may be wondering what the process is and if you qualify to sell your home in Glendale, AZ for less than is owed, or in other words, a short sale.

There are several options as Congress has passed several versions as they try to help more homeowners stay in their homes in Glendale, AZ. Here is an overview of the short sale process. This is not meant to cover all aspects but to just give you and overview of how short sales are processed in Glendale, AZ. Your lender is now required to evaluate what programs you may qualify for. Some lenders may only review your eligibility for one program at a time.

If you choose to apply for a short sale for your property in Glendale, AZ, most lenders look for

1) A hardship letter explaining your situation and why you cannot make your monthly payment.

2) Copies of your tax returns,

3) Paystubs for a month,

4) A financial statement stating your monthly income and expenses

5) A copy of your bank statements

6) An IRS form that allows the bank to order your tax returns.

It is a good idea to use a Realtor in Glendale, AZ to help you determine how much your property is worth and to handle negotiations with the bank. A good Realtor can help you negotiate the bank requests or can help you find a good firm to handle the short sale process for you.

Many banks in Glendale, AZ are now using automated systems to process their short sales and response times have improved. If you have an FHA or VA loan and need to short sale the property in Glendale AZ, it is a manual process involving faxing the necessary documents. With an FHA loan, you can get a pre approved short sale price that is good for six months and if that target is achieved, FHA will approve some money to go back to you to help with moving expenses. This is just an overview of the process for short sales in Glendale, AZ so it is important to have a conversation with a real estate professional in Glendale, AZ who can help you determine what options may be available to you.

At MoreChoices Real Estate in Glendale, AZ we have a good track record of being able to close short sale transactions. We would welcome the opportunity to help you with your property. Simply contact us through our website at goo.gl/JNdOl or call our  Glendale, AZ office at 623-505-4585. If you would like a free account that will allow you to search current MLS information, go to http://www.morechoices.net.

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Topic:
Home Selling
Location:
Arizona Maricopa County Glendale
Tags:
short sale
buying a short sale in glendale az
selling a home in a short sale in glendale az
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Great overview. Are you seeing the loan modification programs work for your clients. I don't see it working in Colorado.

Aug 06, 2011 03:52 AM #1
Rainer
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Fred Shocklie
MoreChoices Real Estate LLC - Glendale, AZ

Hi Debbie, It is a mixed bag on the loan modification process. There are so many variables that each client is case by case.

Aug 06, 2011 06:16 PM #2
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Rainer
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Fred Shocklie

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