During an economic boom where there are people actually competing to buy homes, a short sale would not be an option. However, with the state of today’s economic climate and the increase in the number of homeowners in Phoenix, Arizona in a negative equity situation, sometimes it is the only sensible option to avoid foreclosure.
Lenders do not want to own real estate, nor do they want to go through the lengthy foreclosure process. Both these options are costly to the lender and most would like to avoid incurring any extra costs when they have no alternative but to call in a loan.
If you have been served with a foreclosure notice and have no idea what to do next; you really should consider trying to negotiate a short sale.
What you will have to do is to try and show your lender that, in these circumstances, they have more to gain if they agree to a short sale. You will have to provide them with hard facts and figures in order to persuade them that it will be in their best interests. You will need to show them, using facts, figures and statistics that it will benefit them more than foreclosing on the property and then having to sell it themselves.
However, negotiating such a sale is a very complex and time consuming process and usually beyond the scope of most homeowners.
Your could try speaking to your real estate agent but the problem here is that most have never negotiated this kind of sale. So you really need to be thorough in your research. Ask lots of questions in order to determine if the real estate agent has any actual experience in negotiating a short sale. This kind of sale required extra training that not many real estate agents have. Don’t despair there is a better option.
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