ARIZONA SHORT SALE SELLER TO BRING MONEY TO CLOSING TO SATISFY THE SECOND LIEN HOLDER
We continue to obtain more and more Arizona Short Sale Homes due to many people being upside down in their mortgage and/or of hardship being experienced from the Seller side. We have people who have not paid their mortgage in months and they do not know what to do. Again, statistics show us 7 out of 10 people who were foreclosed upon did not contact a professional Realtor for assistance. That was a shocking statistic to me. We can no longer ignore short sales. There are people out there that need our assistance. The Real Estate and Beyond Team is prepared to assist those that need proper counseling to see if the short sale route is the best one for them. We encourage all Sellers to visit a real estate attorney, CPA, tax attorney and credit restoration specialist to become fully informed when making decisions moving forward in life.
There is nothing easy when it comes to processing an Arizona Short Sale when negotiating with the banks. Every bank deals differently when it comes to an Arizona Short Sale. Many people do not touch short sales that have two liens on it. Hey, we will take a shot in negotiating all liens on the property. First, we qualify the seller before we take on each listing to ensure there is a Win-Win for all parties involved in the transaction.
We were assisting this one seller who had a first and second lien on the property. It took us about three months to finally agree with the first lien holder. Then, we started with the second lien holder to commit. Well, they wanted the seller to come in with $20,000 at close of escrow to satisfy the lien. That was not acceptable to the Seller. We negotiated another two weeks to get them down to $8,000. Personally, this took some negotiating skills witht the bank. Seller contacted their lawyer for consultation. Seller refused to bring anything to the table. She stated that she was protected under the law. Second lien holder said I will see you in court. Property is heading to the Arizona Trustee Sale.
Is she protected or not? Will the bank sue her for the remaining debt? I guess we will find out in court. The Arizona statue of limitations on second lien holders is six years. The Seller asked me what I would do. So, I told her to bring the $8,000 to close of escrow to move on with her life. I told her she will be spending more than $8,000 on lawyer fees for represenation. Furthermore, who wants to drag it out another six years just to be right? There are times when you have to pay up and just move on with life.
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.