Short Sales
The Short Sale Process
(This is also known as a Short Payoff or Pre-Foreclosure Sale)
In a nutshell, a "Short Sale" is negotiation with a mortgage holder (lender or bank) to accept less than what is owed as payment in full. A Short Sale is a proven strategy when we have a distressed homeowner owes the lender close to or more than what the property is worth.
How it works:
The homeowners owe $500,000 to their first mortgage holder and the payments are in arrears. Their property is worth only $400,000 in its current condition and real estate market. With the proper negotiating strategies, you can get the lender to accept $325,000 as payment in full. Selling your home for $325,000 when it is worth $400,000 is how we "Both get Paid.".
There are many controversies surrounding short sales. Many investors state that banks will not do them, or that you can not get "good deals" anymore. We have been doing short sales since 1996 - before we even knew what they were called or that banks indeed DO them!
With proper negotiations, we can take your deal that most investors would pass on and turn it into an amazing deal! Some of our happiest homeowners have resulted from deals that had "No Equity".
The key to a successful short sale is to build a great case and having a good relationship with the bank representative. We take the time to build a relationship within the banking industry. Building these relationships ensures our success to help other homeowners.
Don't let anyone discourage you from trying a Short Sale. Work with us and we will provide the solution for your situation.
or by e-mail at info@PhoenixRisingRS.com