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Arizona Short Sales For Luxury Homes?

by Charlie Allred

Every heard of someone short selling a luxury home? I know, right? I can already hear you saying “poor little rich boy” under your breath.

The fact is that the economy has affected us all… And, believe it or not there are some people who are finding it necessary to short sell their homes, that you may not think would need a short sale in Arizona.

So the question becomes: Can I short sell my home if its considered a luxury home here in Arizona? I mean if you are upside down 500k or 1mm dollars on your home, is it even possible that the bank will consider a short sale?

Here’s the rub on the Arizona Short Sale… It’s not about the type of home or about the amount of money you may be upside down on your home, it’s about perceived value. Nothing more.

Your lender is going to base his or her decision on your short sale in Arizona on FMV or Fair Market Value. Its not about how much money the lender stands to lose on the short sale. They do not look at the deal and sale, “well because you are more than 600k upside down we won’t consider a short selling the property” or “we stand to lose 750k and that is just too much” because at the end of the day the bank knows that they will lose much more if that same property is sold at a later date as real estate owned after a¬† foreclosure proceeding.

Its important to remember, that the lender is going to consider what is best for the lender first. And, this can be a good thing for you should you be facing the prospect of a foreclosure or do not see how your home will ever be worth what you initially paid.

Remember  having a luxury home or owing a high amount on your loan does not exclude you from having the option of using a short sale to better your financial position in the long run.

Now that you have some information be sure to read our Arizona short sale articles for the complete story.

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