PHOENIX ARIZONA SHORT SALES - GET STARTED

SHORT SALE STEP 1

Contact Arizona Short Sale REALTORs at the Kelly Cook (KC) Real Estate Group, experienced short sale experts. The KC Real Estate Group will help you get the process started by helping you collect the appropriate documents to submit to the lender.

SHORT SALE STEP 2

Sign a Letter of Authorization provided by The KC Real Estate Group authorizing them to speak on your behalf regarding all loan matters so that the negotiations with the bank can begin. Your loan information is subject to privacy laws so your lender needs your written authorization to release this data to anyone.

SHORT SALE STEP 3

Write a serious "hardship letter", detailing all the surrounding events that have occurred to cause you to arrive to the situation you are currently in. Explain your economic problems honestly and directly ask your mortgage lender to accept a less than full balance payment.

SHORT SALE STEP 4

Write up a statement of your current income and all of your other assets for your mortgage lender to evaluate. List your other assets, including bank accounts, stocks or other investments, additional real estate, and anything else of value. This information should display that you have neither the income nor the assets to repay your mortgage loan in full. This can be done on a simple spreadsheet or the The KC Real Estate Group will provide this document for you. You will often be asked to submit the last 2 to 3 months bank statements, as well. Lenders will want to be assured that what you claim is reflected on your financial statements.

SHORT SALE STEP 5

The KC Real Estate Group will compile a current market analysis of real estate sales in your area to emphasize the wisdom of your request for a short sale. This document should show the selling prices of similar homes in your area for the past 3 to 6 months. You should also include some similar properties currently for sale in your area. During times of market value declines, short sales become more common, thus this comparative analysis again reinforces the need for you to request this consideration.

SHORT SALE STEP 6

The KC Real Estate Group will procure a buyer for your property and secure a bona fide purchase contract.

SHORT SALE STEP 7

The Cook Team will deliver a copy of your proposed Purchase & Sale Agreement to your mortgage lender. They will want to examine the price, terms, and other conditions in the document. This is where having an experience Arizona Short Sale REALTOR will pay dividends as they will negotiate to get the entire short sale approved.