Feeling Upside Down?
upsidedownboy
Due to the current state of the economy, and real estate market in Phoenix, Arizona, many home owners are looking at "short sales" as a means to and end. 

 

A short sale occurs when a home owner negotiates with their lender to sell the home for less that what is owed becuase the current "market value" does not support a sales price high enought to pay off what is owed.  Often this is refered to as being "upside down" on your mortgage.  For example; a home owner owes bank $300,000, and current market value of home is $200,000.This situation can make it difficult, if not impossible, to sell the home because he/she is obligated to pay the bank $300,000, but can't sell it for that much.  So, some home owners have successfully negotiated with the bank to allow a sales price lower than what is owed. This strategy has also been used as an alternative to foreclosure.  There are advantages and disadvantages when doing a short sale.  Real Estate and Beyond recommends you speak with a CPA and your attorney about the effects this may have on your taxes and overall situation. We can help you with your short sale.  Our team has expirience in successfully selling ones home as a short sale.  Call 602-956-0432 to get started today! Or Click Here to send a request for us to contact you.

 

Here are some resource links: dictionary
Legal Resources  For Realtors - 7 legal pitfalls, common questions, the transaction, forms, realtors doing short sales, commissions, subprime lending.
Field Guide to Short Sales What is a short sale?  Short Sale Advantages. More resource links.
Help Speed Short Sales  Short sales can be less frustrating if you start the approval process early.
Successfully Negotiate a Short Sale Need access to realtor.org website for this document.
Short Sale Addendum to Listing Contract
Short Sale Addendum to the Residential Resale Real Estate Purchase Contract
Short Sales, REO's, & Foreclosures Risk Management Certification Elective Course
Tax Consequences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here are some links for more information on Short Sales:

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