STEP BY STEP PROCESS: Step 1: Find out what you owe on your mortgage and get a Bank Payoff by calling your lender and/or lender(s). Step 2: Contact our Team and we will give you a market anlysis to go over with you and tell you what the neighborhood homes are selling for that are comprable to yours. We can then determine how upside down you are between what you owe the bank and what the market says we can sell it for. Step 3: We will go over all the paperwork that your bank will require and what our Real Estate Office will require to start the process. You will need to prepare by organizing a financial file including your last 3 years tax returns, your last 3 months bank statements for your primary checking account and your 401 K or savings accounts and you will need to write a Hardship letter as to why you can no longer afford ths house and its payments. Step 4: We will price your home accordingly and put it in the Arizona Regional MLS and market it to all of the major search engines for sale. Step 5: Once we have a buyer they wil make an appointment to see the home. If they like the home they will place an offer that we will review with you and submit to the bank with all the financial paperwork you gathered. Step 6: We wait for the bank to review and send out an independent appraiser. Step 7: The bank will let us know whether they approve or counter the offer. Step 8: If they counter we go back to the buyer to get them up in price and negotiate with the bank. Step 9: If they approve we tell the buyer and we sign a series of documents to open up escrow and move forward with the short sale. The Bank will issue an Approval Letter that we will review. Step 9 through closing will be the same as if you were selling your home the traditional way. The buyers will have 10 days to do their inspections. The bank won't pay for any repairs nor will you so this is simply to reassure the buyer. Step 10: The bank will give us a cloing date that the buyer, title and you the seller will have to adhere with. At this time after inspections we will begin looking for a new home for you. Most likely it will be a rental home in the area. We will help you find something and coordinate the closing with the sale of your home. Generally the banks gives 45 days to close. Step 11: We attend the closing at title with you when you sign more paperwork to transfer the deed to the new buyer. If the bank agreed to give you money for moving it can be as little as $ 2,000 to as much as $ 10,000 the money will be sent to you by wire or check at closing.
Voila! You have successfully taken the steps to short sale your home and are now enjoying life with the comfort of knowing your home debt is now behind you.
Contact us for a Free No Cost Obligation 480 704-3012 ShortsaleTeamAZ@gmail.com