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Avoid Foreclosure With A Short Sale… Then Rent!

by Charlie Allred

Arizona foreclosures are up! Arizona short sales are up! But wait… So is tenancy? Yep… You can use a short sale to avoid foreclosure and then rent for a while. That seems to be the plan many are choosing to employ these days.

As home prices continue to fall and the threat of foreclosure looms, more and more people are opting for an Arizona short sale. Foreclosure is hard enough, but coupled with negative market forces it is pure hell on those looking for a way out of their predicament.

Short sales in Arizona give you a clean slate with your debt in most cases, but of course your credit is adversely affected. So, renting becomes a viable option.

The following was taken from the East Valley Tribune website:

“Are we turning into a rental community? Right now, we are,” said Tom Ruff, analyst for The Information Market, a Glendale real estate research firm. “In Maricopa County, we’ve had a lot of boom and bust cycles, and this is just another cycle that we’re going through.”

While I certainly agree that this is a cycle, I feel that this cycle goes deeper than anyone expects. You see, the economy as a whole is not improving and the Federal Reserve has announced an end to QE II. QE II came after QE I and is basically the way the government buys its own debt in order to prop up the economy.

Absent this artificial stimulus created by our own government, our economy will continue to suffer. There is no way around it.

As the suffering continues, so will the pain in housing. Still we are seeing falling home prices 4 years after the crash! Normally, a crash would signal a bottom. In speaking with a title company representative recently, I learned that 50% of the real estate transactions currently taking place are being completed by investors!

Certainly, if you have cash to spend, the US property market is ripe with deals and with prospective renters.

Those of you in the position of being upside down or unable to make payments on loans that have rates adjusting higher, can participate in this market as well. Use the benefit of a short sale in Arizona to get out of your problem situation. Then, lock up a rental property or a lease purchase or lease option deal to re-establish yourself.

In a few years, your credit will be less of an issue and you will be able to then look at more traditional home buying scenarios. If you chose to allow a foreclosure, your credit could be affected for a longer period of time. You owe it to yourself and your family to look into an Arizona short sale. So Speak with a short sale expert today!

 

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