A Step By Step Guide To Short Sales In Arizona

Your first step is to make a choice in regard to who you wish to use for your short sale in Arizona. You have no doubt determined that you have a great deal of options when it comes to this. You will want to search locally on Google for “short sales in Arizona” and look through the results for a credible service or begin asking around for referrals. Once you have a list of names, begin contacting each one and based on your comfort level narrow your list to no more than three possibilities.

What I recommend is that from this list of three, you choose the short sale expert who has a good track record of marketing effectively. Many real estate professionals do not understand marketing or sales, as the vast majority of the real estate work force is part time or they work real estate on the side. Be sure your short sale expert has a good marketing plan and can demonstrate how they plan to sell your property.

Short sales in Arizona are time consuming and require a great deal of communication with your lender. The next filter I like to use on my final list of three possibilities is that of “how well do they communicate with me”. If my short sale expert communicates well with me, then that should transfer to the people he may be dealing with at the bank. I want firm, clear communication that is presented in a friendly manner. I like to call this the three “F’s”: being fair, friendly, and firm.

Next, the person you choose to represent you will usually have you give written permission, in the form of a signed letter, to contact the loss mitigation department at your lender’s office. Your chosen short sale expert will communicate on your behalf to structure a possible short sale arrangement.

Understand that short sales in Arizona require not only that your short sale specialist market the home and attract buyers like any real estate sale, but also he must be able to prepare an exceptional short sale package. One that will catch the eye of the lender and entice them to move in your favor.

From a theoretical perspective, short sales in Arizona are not necessarily complicated. It consists of preparing the proper paperwork and sending it to the lender in a timely fashion… the process itself is time consuming and demands attention to detail. As they say, it is easier to get into a mortgage than it is to get out of one, yet do not become discouraged with the nature of the process. If you retain a good professional and remain diligent and focused on your putting together a quality short sale package for your lender you will have a good chance at completing the process and enjoying a favorable result.

    If there is one thing I’ve learned over the years through my personal experience and that of my collegues who specialize in working with short sellers is that putting a good package together is 80% of the battle!

The last element to completing a successful short sales in Arizona is choosing your list price. It is wise to choose a list price that just makes sense and is in alignment with what is happening in your market. This will give you a valid argument with the bank in regard to your asking and acceptance price. Lenders review contracts they receive and will then contract a Broker Price Opinion or BPO from an independent real estate agent. They will then compare your price with that of the BPO to determine if they are inline with one another. If so, you have a great chance at solidifying your short sale with the lender.

I have seen many agents make mistakes with either the preparation of the short sale package and/or the valuation of the property which have caused the lender to shy away from the deal. Do not let this be your downfall… get good advice from first!