If you find yourself in a tough situation where you are unable to handle your mortgage payments, but will do almost anything to avoid the damaging effects of foreclosure, you may be looking for a viable option. If you don’t have much experience in the real estate industry, however, you might now know your option. Luckily, there is a viable choice for you to make called a Phoenix short sale.
If you heard that you could get out of your mortgage payments, sell your home for less than what you owe the lender, and continue to live in your home rent-free while the whole process takes place, you might think the whole thing sounds a little sketchy. However, that is not the case with Phoenix short sales. These types of home sales are agreed upon by your bank or lender and talked through with your real estate agent. Papers are signed, decisions are made, and the whole process is legitimate. Short sales are not a questionable practice, nor are they something new. In fact, they have become a necessity in today’s softening real estate market.
Like stated previously, a Phoenix short sale is a legal and more beneficial transaction than a foreclosure. Short sales don’t ruin your credit or diminish your buying power–they are simply that light at the end of the tunnel and a way to relieve some of your financial burdens. Lenders are usually on board with short sales too because they are much cheaper than the fees incorporated with foreclosure (closing costs, putting the home up for sale, etc.)