A short sale is a sale of real estate where the net proceeds from selling the property that fall short of the debts will be secured by liens against the property. A sale can be accomplished if all lien holders agree to accept less than the amount of money that is owed on the debt of the property. A short sale can seem like the route to go if you are trying to sell your home and have ran out of options. Although this may seem like it’s the only way to go, short sales aren’t the best way to sell your home fast. To sell your house fast, especially with short selling in Phoenix, Arizona expanding in the cactus state it can sometimes be the worst way to go.
Short sales happen when the home’s value falls. This makes it easier for the seller(s) to not receive enough cash from a buyer to pay off their existing mortgages. This also provides lenders to agree to take less than the amount owed to them in the long run. A few reasons to reconsider selling your house as a short sale is because a short sale is not sold at a discount, which is good for the seller but many homebuyers will avoid buying a home that is for short sale.
Although on the surface, for a short-sale buyer it may seem like they are getting a good deal but they are actually not. A slim margin of short sales may be profitable for a buyer, but a buyer would be better off buying a home that is not in default. For these reasons, a buyer will be LESS likely to purchase a short-sale home. Also, with short selling and credit worries; a foreclosure can last up to seven years on your credit which will make it challenging to get a loan for a new home. Fear not though, because we can help you sell your home with such services as giving you cash for selling your home, making improvements and remodeling your home in various ways to help you sell. So with that said, reconsider selling your home as a short sale because can assist you in selling your home (without doing a short-sale) in just 3 days.