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Setting your Arizona Short Sale Up for Success

Getting your Arizona Short Sale done efficiently largely depends on setting expectations
 
Short sales are unpredictable in terms of the time it will require in completing the transaction. A few years back, an Arizona short sale was expected to take as long as 2 years in closure and created stress for all the parties involved in the process. Do you know why it takes so long in closing a short sale transaction? Most of the people would blame financial institutions or banks for the same. However, with the latest upgrades in banking systems, this accusation does not hold true anymore. The past few years have seen a change in the banking systems and there has been a significant rise in the incentives given to the seller as well as the banks in a short sale.
 
Arizona short sale Motivation of the Homeowner
 
The best advice for a short sale agent is to set expectations with all the associated properties in a short sale. There is no doubt about the benefits of a short sale to the homeowner but it will require around 90 to 120 days in proper closure of the deal. Most of the experienced short sale agents are aware of this reality.
 
Generally, an Arizona short sale that involves sellers who don’t care are the one that consume additional time when compared with any similar short sale transaction. Sometimes, these homeowners even end up losing their house in a foreclosure. The motivation level of the seller will affect the motivation of all the other parties involved in the short sale transaction. Let us discuss about the other key players of a short sale process.
 
Key Players involved in a short sale transaction
 
In addition to the seller, bank/lender and the buyer are two important key players of the transaction. You need to keep both of these parties motivated and maintain proper communication with them.
 
Lender/Bank: Banks are among the most crucial and strict foundations in real estate transactions. All your paperwork should be accurate and provided in a timely manner. Keep in mind that all the documents have an age. The bank will require resubmission of the document if they are outdated. It happens a lot in terms of the bank statement and salary stubs provided by the seller. Banks will often close the files lacking recent documents.
 
There is a possibility that you may have to deal with two different banks and submit two copies of all the documents. In most of the cases, you will find it hard to convince the second lien because they do not receive the major part of the money. But a knowledgeable Arizona short sale realtor will negotiate down your debt to an amount that hopefully satisfies all parties.
 
Buyers: A few years back, buyers were the most difficult party to deal with. The low inventories have played a major role in motivating the buyers, but just try to imagine yourself in their position. Most of the buyers have the money and options available to them. Buying a home is an emotional decision in itself. Somehow, if one has to wait for 3-4 months, then how long do you expect them to be interested in the property rather than running away for a better option?
 
Short sales are lengthy and complicated in nature. It is important to set up these expectations at the initial stage of the deal. It will save your effort, money, and time spent on closing a short sale. After all, your time and effort is the most valuable element involved in the process!
 
If you’re searching for an experienced Arizona short sale Realtor who can guide you through the short sale process, please call us today at 602-741-1602.
 
Tracy (G+) is an Arizona Short Sale Realtor, Investor, Rehabber, and Foreclosure Expert.
 
She also is an avid blogger, vlogger, contributor to the Bigger Pockets Blog, and consultant on all things Arizona Foreclosures.


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Happy customers are saying:

“Tracy ... – thanks so much for your help on the house. Although it went a lot quicker than expected, I’m not complaining!! Owing nothing in the end was a big relief…I was so worried we would be responsible for all this extra money. Not the case, thanks to your team! I hope your your other clients appreciate all you’ve done like we do. Thanks for helping us move through this really difficult time.”...