subject: Surprise Short Sales - Understanding the Benefits of Short Sales over Foreclosures [print this page] Surprise Short Sales - Understanding the Benefits of Short Sales over Foreclosures
Surprise short sales are conducted in the Surprise, AZ. area. Short sales may be a much better alternative than seeking a foreclosure. When the U.S. recession hit, the housing market tanked and many home owners were left with mortgages they could no longer afford. When staring at a multitude of piling bills and climbing interest rates, many U.S. homeowners were faced with the reality of losing their precious homes. When borrowers don't have enough money to pay off their home loans, some try to negotiate short sales with banks or other lending companies. A short sale is a way of selling the property at a loss, but sidestepping foreclosure. This benefits the lender and borrower, because large foreclosure fees do not have to be paid, and the borrower also doesn't totally destroy his or her credit rating.
First, the proprietor enters into an agreement to sell the property for a lot less than the mortgage balance. The bank, or other lending institution can then agree, or decline the offer. In most cases, if it's a reasonable offer, they will agree on short sales, because they will lose much less than they would with a foreclosure. Surprise short sales and foreclosures will cause you to lose the home you love, and might affect your ability to secure a new mortgage in the near future. However, Surprise short sales have less of a negative affect on your credit score.
If you want to negotiate Surprise short sales, there is a little planning involved. There are a couple of things that the lending institution needs to know. First, they need to know the real property value of your home. Second, they need to know your lack of ability to come up with the funds to repay them. A BOV (Broker Opinion of Value) or a BPO (Broker's Price Opinion) will help determine the real value of your property. This is generally carried out by a real estate broker. The most important decider of receiving Surprise short sales is your ability to pay. A bank or other lending institution will take a look at your recent bank statements and will probably run a credit check to see how much debt you have accumulated. They will also want to know how many other outstanding bills you have, and will check your job pay slips to verify your income. Everything is well calculated, and if it is determined that you have the ability to make payments, you are likely to be considered for a short sale. Your Realtor can help you every step of the way.
Of course the best way of obtaining a short sale option is to deal with a real estate agent that specializes and understands this field. Surprise realtors have experience with short sales. The short sale option can be difficult and complex if you are trying to do it on your own. It's best to get in touch with a real estate lawyer or a real estate agent who specializes in short sales.
