We've been asked to create a step by step guide for selling a home by short sale. The process is the same if you live in downtown Phoenix, Scottsdale or other cities in Arizona. The variables have to do with your loans, the actual lenders and financial/tax implications specific to your situation.
A lot has changed for people selling their home by short sale in Phoenix, AZ recently. New government policies such as HAFA are now in place and the rules to sell by short sale have gotten pretty darn complex.
the Urban Team has created a simplified process for helping you with your short sale that is designed to get the best and safest results possible for our short sale clients in the Phoenix and Scottsdale areas.
We've sourced out the top professionals we can find and created a team of experts who care and have the skills needed to help you. Below is the step by step guide to safe and successful short sales we use in our practice.
STEP ONE: Seek Legal and or Tax Advice First
Prior to listing your home for sale by short sale, a consultation with an attorney who specializes in foreclosures, short sales and loan modifications is very important. Your attorney will review your current financial situation and offer advice and options on how to proceed. We do not consider this an option. We have provided contact information to some Arizona firms that specialize in this form of law. See our section “Legal Services For Homeowners” for options. An appointment with your tax advisor is also wise.
STEP TWO: Hire A Professional Negotiation and Real Estate Team
The Urban Team uses a team to handle your short short sales. If you read our section on negotiating a short sale, you'll understand why we feel it is in your best interest to hire a professional short sale negotiator. A person who does hundreds of transctions and knows how the differenct lenders play. Most lenders to not play well and a person who understands this is a big advantage. We have several options for you to review.
Your Realtor is important as well. Make sure they have loads of expertise. Short sales are a very differenct type of real estate transaction. A pert time agent or one who has chosen not to represent home sellers in the short sale market probably do not have the tools to do the job right.
Your agent will know how to price your home so the lender will approve the short sale. They must also know the special timelines and rules lenders mandate. A good agent will navigate these waters for you and give you the best chance of a successful short sale.
