When you make the decision to go through with an Arizona short sale, there are a few steps you need to take. It is important to cover all your bases in an Arizona short sale so that you don’t experience even tougher financial and legal ramifications later on. Keep in mind that a short sale is a viable option to foreclosure, but you must maintain professionalism and be responsible throughout the process in order for it to be successful.

You may have many questions plaguing your mind about this decision. A good place to start is by making a plan of action. It doesn’t have to be anything formal, just a to-do list of sorts to help you organize your thoughts.

First things first, call the lender to discuss your options. Keep the lines of communication open and honest with your lender. Get the person responsible for making the decision’s name and contact information…don’t just get the general info from a banking agent.

Then, do some research and  find yourself an Arizona short sale real estate agent. It is best to find a real estate agent who specializes in short sales–they have likely dealt with other situations similar to yours. Don’t be fooled by “too good to be true” scams. You need an agent who is truly on your side and is willing to walk you through the process from day one.

Then, submit a letter of authorization to your lender. It is better to allow open communication with all parties so there is less confusion. Inform your bank that it is ok with you for them to share any information pertaining to your Arizona short sale with your short sale agent.

Next, Create a preliminary estimate net sheet. Include all the estimated costs of closing on the home, the sale price, payments due, unpaid Mortgage fees, etc. Basically, include any financial information you think the bank needs to know about. This will help them understand how a short sale is better for you, and more importantly, better for them.

That leads us into the hardship letter. Lenders aren’t heartless sadists–they do actually understand financial hardships. They see them everyday. If you were hospitalized, lost your job, or have any other legitimate financial reason for not making your payments, put it into a letter.

Lastly, gather your documents. You will need to provide your bank with proof of income, pay stubs, tax information, etc. Compile these documents into one place and add to them as per your lender’s instructions.

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