What Should Sellers Anticipate In Short Sale Process
Today’s topic is focused on seller expectations. As you are selling your house in the Phoenix market through a short sale there are certain expectation that we want you, as the seller, to be knowledgeable of.
First, you should expect a high buyer fallout pace. Right now we are in an incredibly volitale market with buyers. Buyers want to get the top deals. They are hasty. They may locate a foreclosure property. Buyers are not committed to the short sale procedure because of fear and because they wish to get the best deal. The commitment from buyers just isn’t very deep. We aim to bind the buyer down to a agreement with nonrefundable ernest money. Depending on the purchase price we ask for $750 to $1000.
An additional expectation you may find is that the bank is always going to want more cash in a short sale. Depending on your deficiency, expect the bank to ask for a promissary note or else cash. Any time they ask for this, we instantaneously tell them no. That begins the progression of negotiation. Standard process provides that the bank will note that they have approved the sale buy retain the right to sue you for the deficiency. This is standard verbage in 90% of all approval letters. Certain times this can be altered if you supply a promissary note or cash. With a promissary note or cash you will occasionally get them to relinquesh the right to collect on that deficiency
In Arizona, we are a non-deficiency state. They can not collect on this deficiency, although they may sue you for it. So, you should be aware of this.
We retain our systems in place. We successfully closed nine short sales in the month of May, a boost from 7 in the month of April. We look forward to working with you.
Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona
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