What Documents are needed for the Short Sale Process in Phoenix Arizona?
Welcome back folks as this article is going to start explaining the short sale process in Phoenix, Arizona and all documentation that is needed to complete a successful short sale so let’s get this train of information rolling for challenging scenarios such as this that unfortunately crop up in life and by doing a short sale in Arizona it will allow you the opportunity to avoid foreclosure and regain your peace of mind not to mention moving on with you and your family’s life as well.
So let’s once again define a short sale just case you just found this article and have not read the previous two articles which are part of the series on short sales in Arizona.
Moving on, a short sale is when a property is being sold and the lender has agreed to accept a lesser offer then the actual amount which is less then what the mortgage is owed.
That is a simple way to define a short sale but it can be rather complex and takes time versus a regular purchase transaction so you have to absolutely know what you are doing otherwise you will not be successful when trying to do a short sale.
First and foremost, you will have to meet with your lender and they will have a specialist for short sales that will find out if you are eligible to do a short sale. Furthermore, this is where you as the homeowner can choose the listing agent and this is a great place to talk about what documents will be needed to be collected by your listing agent so let’s continue and all details below:
- Once your listing contract is signed, the listing agent will begin by collecting the seller’s full mortgage account number, last four digits of the homeowner’s social security number to include the property zip code.
- The listing price will be set when the homeowner and the listing agent agree to an accurate market value.
- Please know that the listing price is required and needs to be submitted to the lender since it is part of the collected information aka listing agreement.
Before we can move on we have to establish how many participants are involved in approving a short sale versus a typical real estate transaction and these details will take your breath away but that is why Cash Now Homes is here to provide assistance so please keep reading.
For the real estate part, we have the following folks involved:
- Listing Agent
- Buyer’s Agent
On the mortgage side of the house we have the following:
- Private Mortgage Insurance Company
- Junior Lien Holder or Holders
Please know that all parties have to be on the same page before your home can be sold and least but not last when it comes to accepting the offer rests solely with the investor on the mortgage side of the house and not with the mortgage servicer as this minute detail always takes homeowners by surprise hence the reason I brought it to your attention.
Furthermore, we are not finished yet as far as surprises are concerned so let me state that the process of a short sale is to avoid a foreclosure in Phoenix, Arizona which will save your credit (not to mention you and your family’s peace of mind) but you absolutely need to fully understand that foreclosure proceedings will continue while you as the homeowner is going through the short sales process which can take weeks or even months if you don’t have an experienced listing agent (Cash Now Homes has the needed experience) helping you through this maze of documentation and what a maze it truly is.
Also it is imperative that you as the homeowner understand that you must receive an offer at least 30 days before the actual foreclosure date hence the reason there is a sense of urgency to the short sale process and by urgency, I mean the accuracy of collecting the right documentation for the short sale process to proceed in a logical and expedient manner.
So what are you trying to say George?
Good question all you smart folks in the great state of Arizona! All I’m trying to say is that you and your listing agent need to be “Johnny on the spot” when it comes to all documentation that is requested of your lender and to make sure that you have dotted all your i’s and crossed all your t’s when it comes to the required documentation that you will need to submit and that is all I’m saying good people of Arizona!
So at this point in time for the short sale process in Phoenix, Arizona you have chosen a listing agent and you are ready to get started and since we at Cash Now Homes have given you much needed details on where this begins so without further ado, I will stop here and continue in the next article by letting you know what the phases and tasks of the short sale process entails so please come back to the blog as we are here to share our collective knowledge to provide the assistance that our clients and potential clients are looking for in order to stop a foreclosure and begin the short sale process in Arizona.
Once again, if you need assistance in selling your home, please contact Cash Now Homes as we are here to serve our community with the needed experience and collective knowledge.
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