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Flagstaff Short Sale Q&A:

 

What is a Short Sale, why is it something a bank would consider?

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 A short sale occurs when the bank accept an offer on your home that is less then what is owed on the mortgage. For example, lets say you owe $150,000 on your home in Flagstaff, and the market value is $100,000. Our team lists the property for sale, and receives an offer of $100,000. Basically, we are "shorting" the bank $50,000. In doing so, your lender will "forgive" the debt and allow you to move on with your life.

 

Banks accept Short Sales because they are better for their bottom line, when compared to foreclosure. A typical foreclosure will cost the bank anywhere from $15,000-$30,000 in legal fees, maintenance costs, utilities, etc. A short sale not only recoups more money for the lender/investor, but also keeps them from potentially having another home in their inventory. Remember, banks are not in the business of owning homes.

 

20 Frequently Asked Short Sale Questions

 

 How do I know if I need to sell my home as a Short Sale rather than a Standard Sale?

Ask us! Contact Kelly at 888.446.5602  

 

Great News, FHA has reduced waiting time after short sale & foreclosure! Are you qualified? Click on this link to view the new FHA guidelines.

 

 Buying and need a higher credit score? Read our tips :

How to Improve your Credit Score & Fix Your Credit Issues 

 

 

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