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By admin, March 29, 2009 7:25 pm

Short Sales in Scottsdale, AZ – Yes, Even in Upscale Areas Times Are Hard

You may think that affluent homeowners that live in upscale areas of town are immune to the effects of the economic downturn, but you would be wrong. Even in Scottsdale, short sales are a growing trend. If you are lagging on your mortgage payments and see no way out, an experienced Arizona real estate agent can help you get back above water.

When job loss is at a nearly all time high, people of every background are affected. Even those who once believed that money would never be a worry are experiencing problems. If you find that you owe more on your home than it is worth, and you just cannot meet your monthly financial obligations, selling your home may be the only way out. A short sale in Scottsdale means that you may be able to avoid foreclosure. Foreclosure is the least desirable option, as it completely destroys your credit rating.

If you are considering a short sale, you may wonder just how it works. You will hear bad things about the process, but most of that is due to the fact that it can be a lengthy undertaking. This is why you want to locate a knowledgeable real estate agent that knows the process thoroughly so that it will go as quickly and seamlessly as possible.

The first thing you must do if you decide to go this route is qualify. If you are unable to pay your mortgage because of a hardship such as divorce, loss of your job, a death or unexpected medical bills, you may be considered by your lender. Other things that play in to the equation are whether your home is worth less than you owe, and if you are currently in or near defaulting on your home. An Arizona realtor can help you sort through the red tape, so that you have a good idea of where you stand.

If you do qualify, it is the agents job to find a qualified buyer for your home. This is where the hold up usually begins – buyers want the home for a song, and lenders are not willing to sell it for nothing. If you hire a reputable agent, they will find buyers for your home that make reasonable offers. Once a buyer makes an offer that you like, it is then up to the lender to decide if they will accept the purchase offer.

While a short sale is probably not the easiest process, it should definitely be considered if you are on the verge of losing your home or going into foreclosure. Foreclosure is an ugly beast that you do not want to face if there are any other options available at all. Do you live in Scottsdale and find yourself sinking, unable to rise above the water? Speak with a reliable and experienced Arizona realtor today – it may be the best decision you have ever made!

Maureen Karpinski

Find your <a href=http://www.cactuscountryproperty.com/city/phoenix.htm>Phoenix Arizona Property</a> at Cactus Country <a href=http://www.cactuscountryproperty.com>Arizona Homes & Properties</a>

About the Author

Maureen has been in the real estate industry for 36 years as an agent and broker/owner of her own company. She prides herself in successful negotiation for both buyer and sellers and in building successful portfolios for investors. She is proud of her Agent friendly office environment that is her own creation and the caliber of real estate agents she has working for her

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