 
Dan Bix A.B.R, E-Pro.
Real Estate Agent
Accredited Buyer Representative
(928) 699-5557 |
 
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Short
Sales
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Can’t
Make Your House Payment?
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•
Don’t know were to turn.
• Well I can help.
• If your property qualifies we can put it on the market
for less than what you owe.
• WITH NO MORE MORTGAGE PAYMENTS
• I would like to offer my assistance during these tough
economic times • Don’t wait - Act now Please call for more
info on short sales |
What
is a Short Sale?
A short sale is the process by which a homeowner can sell
a house for less money than he actually owes on the mortgage.
This is done by the buyer or investor providing proper documentation
to the mortgage lenders to convince them to reduce the mortgage
balance to allow the sale. The bank actually takes a loss
on the mortgage because the value of the home has fallen
below the mortgage balance and the homeowner is in a poor
financial condition that will not allow him to continue
to pay on time. If the bank approves the discount on the
mortgage, the home can be sold for a lower price without
the seller having to come up with cash to cover the shortfall,
and the mortgage is satisfied and the foreclosure process
stops.
Why would a bank or mortgage lender want to do a short
sale?
Banks do not want to own real estate, they want to lend
money and collect interest. When a bank takes a property
back via foreclosure, it is a long and expensive process
and often results in holding the property in their inventory
as a non-performing asset. Banks have a limit to the amount
of non-performing assets they want to hold. Once this limit
is exceeded, they have strong incentive to get rid of the
properties at discount prices. For a lender, doing a short
sale avoids many of the costs associated with the foreclosure
process. Attorney fees, delays from borrower bankruptcy,
damage to the property, costs associated with resale, property
tax, insurance, etc. all must be paid by the bank during
a foreclosure. In a short sale scenario, the lender is able
to cut its losses by getting rid of the property faster.
Again, this is particularly true in Arizona right now, not
only because the real estate market is so slow, but also
because the Arizona foreclosure rate is high. |
Please call for more information on short sales
Respectively
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