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3 Arizona Short Sale Obstacles

by Charlie Allred

When you look at the real estate market these days you find people sitting on one of two sides of the fence when it comes to their situation. Either they bought before the boom or they bought at the top of the boom. Both parties; however, have used their houses as ATM machines according to the numbers, and those who bought prior to the boom are still better off unless they continued to pull equity from their home as prices rose.

Short sales in Arizona are the result of home owners who are now finding themselves upside down on their mortgage and needing a way out. The market needs to correct itself and this is but one way it can do so.

Many who may be interested in short sales in Arizona are running into obstacles though. The following are the three most common Arizona short sale obstacles.

  1. Some are embarrassed. Yes, some feel that going through the short sale process is degrading. They take it as a blow to their independence or their decision making ability. Then they resist exploring the possibility many times to their own detriment.
  2. Some want to go it alone. They either begin a short sale negotiation with the lender on their own or they begin working with an agent who really doesn’t understand the state of the market and how to get the most concessions from a lender. In most cases, lenders will resist having to perform a short sale and it takes skill to get the right people on the phone to discuss a short sale process on your behalf. Always get experienced help with short sales.
  3. Lastly, Time… Time is the most important thing when going into a possible short sale transaction. Lenders will file foreclosure proceedings on a schedule and if you wait until the last minute to be proactive, you could find yourself up said creek without said paddle. Do not wait to be advised.

To learn more, read about Arizona short sales and contact us before time gets away from you.

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