Those of us who help homeowners short sale their homes in downtown, N. Central and other parts of Phoenix are finding the process to be more streamline and easier. The banks have better systems in place and are finding short sales to be preferable to foreclosure in many ways.
Foreclosures often cost lenders and investors more than a short sale. Sales prices are generally higher, the home is not left vacant and legal fees are far less. Thus, the banks are making the process faster for homeowners choosing this route.
In a recent article on Realtor.org the following was said:
Banks are more willing to agree to a sale at a lower cost than a home owner’s mortgage balance in order to avoid having the property fall into foreclosure, which can be more costly for a lender.
In the fourth quarter of 2011, there were more than 88,000 short sales, a rise of 15 percent compared to a year prior. In all, short sales made up 10 percent of all home sales sold in the fourth quarter, according to recent data released by RealtyTrac.
Banks are now more willing to do short sales and that trend will likely “show up in more local markets in 2012 as lenders recognize short sales as a better option for many of their non-performing loans,” said RealtyTrac CEO Brandon Moore.
If you have been considering a short sale, the Urban Team is here to help. We will sit down with you and explain the process and we have excellent legal, tax and credit people who will look at your situation and provide professional advise. Our goal is to ensure the short sale process is as safe and effortless as possible with an emphasis on keeping you out of harms way from future legal and tax problems.
If you’d like to chat with us, we have an easy contact for below or you can call us at 602-234-5777 ext. 0. You will then reach Ron Urban who brings a deep commitment to his clients and over 20 years of real estate experience.