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We buy homes in “as is” condition, so you don’t need to make repairs. We can close in as little as 3 days (certain restrictions apply). We pay with cash – we can close fast or at a date that works best for you.
We buy homes for any reason – bad investment, bankruptcy, need a fast cash offer, divorce, inheritance, bad tenants, foreclosure, home needs repairs – any reason!
Even if you owe more than your home is worth, we can help. We offer expert Arizona short sale assistance. We buy homes with little or no equity. We are long time members of the Better Business Bureau and maintain an excellent standing.

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* We will pay for your closing costs.
* You can call us 24 hours a day, 7 days a week.
* We will give you a fair and honest price.
* Our advice/consultation is free.
* We will buy your home “as-is”.
* We will buy your home for any reason – bad investment, bankruptcy, divorce, inheritance, bad tenants, foreclosure, home needs repairs – any reason!
* We can provide several solutions to your problem, giving you extra time to move and possibly remain in the house as a tenant.
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We buy homes in “as is” condition, so you don’t need to make repairs. We can close in as little as 3 days (certain restrictions apply). We pay with cash – we can close fast or at a date that works best for you.
We buy homes for any reason – bad investment, bankruptcy, need a fast cash offer, divorce, inheritance, bad tenants, foreclosure, home needs repairs – any reason!
Even if you owe more than your home is worth, we can help. We offer expert Arizona short sale assistance. We buy homes with little or no equity. We are long time members of the Better Business Bureau and maintain an excellent standing.

We specialize in Nevada home buying, which allows us to give you the highest cash for houses offers available.

How It Works:  AllHomesAz.com will make you an offer on your home within 24 hours, providing you with the fastest cash possible. We respond faster than other “national” companies. AllHomesAz.com will not ask you to “list” your Nevada  home, we will buy it directly from you. We will set up a closing date that works best for you.

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* We will pay for your closing costs.
* You can call us 24 hours a day, 7 days a week.
* We will give you a fair and honest price.
* Our advice/consultation is free.
* We will buy your home “as-is”.
* We will buy your home for any reason – bad investment, bankruptcy, divorce, inheritance, bad tenants, foreclosure, home needs repairs – any reason!
* We can provide several solutions to your problem, giving you extra time to move and possibly remain in the house as a tenant.
* We will buy almost any single family home, apartment, condo, town home, etc. All information provided by you and all transactions are held in complete confidentiality.
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Unfortunately, short sales are a reality for home owners who owe more than their property is worth. If you have patience, persistence, and a knack for problem-solving, this niche could be for you.

To help you gain a better understanding of short sales and what it takes to specialize in this [...]]]> How to Succeed at Short Sales

Unfortunately, short sales are a reality for home owners who owe more than their property is worth. If you have patience, persistence, and a knack for problem-solving, this niche could be for you.

To help you gain a better understanding of short sales and what it takes to specialize in this growing area, we took a look at some of the most common questions on this topic that you likely will face today. Armed with this information, you can decide whether short sales are an avenue worth exploring for your business.

What is a short sale?

A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioner’s commission. The seller is unwilling or unable to cover the difference.

Some — although by no means all — short sellers may also be in default on their mortgage loans and be headed for foreclosure. However, home owners who bought at the top of the market or who took out large amounts of equity with a refinance and who now need to sell because of divorce or job transfer may also find themselves upside down, owing more than the home is currently worth when closing costs are factored in.

Other sellers simply don’t understand that if they have assets, such as stocks or a high-salaried job, a lender is not going to let them just walk away from a short sale without signing a note to repay what they owe, says Steve White, broker with Keller Williams VIP Properties, Santa Clarita, Calif.

How do I know it’s short?

A CMA will be your first indicator, but you also need to ask the seller what their outstanding debt is and calculate the cost associated with a sale

Check with the title company and the lender to get exact figures on closing costs and loan balances and to find out what procedures they have in place. If they can afford it, sellers should also consider getting a home inspection to determine what repairs are needed on a home and how this might affect its value, says White.

Who do I and the seller need to talk to about the problem?

If there are a first and second mortgage or a home equity line of credit, you may have to talk to more than one lender to get approval for a short sale. In addition, you may also need approval from the entity that holds the pool of loans if the mortgage has been securitized.

“The presence of two lenders makes a short sale more complicated since it’s often the lender holding the second, or junior, mortgage that has to absorb most of the loss.

Opinions differ, but most experts suggest that you let the lender involved know as soon as possible of the potential short sale. Others say you should wait until you have an offer because you’ll get no action until then. Without a viable purchase offer, your deal won’t be considered by mortgagees.

Tip: Be sure you contact the bank’s loss mitigation department, which will be the group to decide whether to accept a short sale, rather than the collection or customer service department, which is only interested in recouping past due loan payments. Finding the decision maker is often one of the biggest initial challenges in a short sales.

What information will the bank need to decide whether to accept a short sale?

The sellers’ submission package should include W-2 forms from employers (or a letter explaining the seller is unemployed), bank statements, two years of tax returns, and other financial documents outlining income and debt obligations. The bank will also need comps or a broker’s price opinion showing your estimate of value.

In addition, the sellers should submit a “hardship letter,” explaining the circumstances that make it impossible for them to pay the full amount of the loan. The seller needs to be able to show true financial hardship. Someone with the assets or the income to pay is unlikely to be considered, say most interviewees.

Tip: In preparing the package, be careful about discrepancies between the seller’s income and the income used to obtain the loan, cautions Lance Churchill, an attorney and instructor on short sales and REOs with FrontLine Seminars. A big gap may indicate mortgage fraud, unless employment circumstances have drastically changed.

What are the options besides a short sale?

Thanks to programs such as those proposed by Fannie Mae and Freddie Mac to assist subprime borrowers, many lenders are more willing to offer loan modification options. This option can extend the term of the loan, add on delinquent payments to the loan principal, and/or reduce the interest rate to make the loan more manageable for the home owner.

Another option is a repayment plan that requires home owners to increase their monthly payments until the loan is current, says Loni Parmelly, a real estate practitioner and consultant who specializes in short sales. Parmelly also is author of Success in Short Sales (2004), a book she sells on her Web site. It may be possible to refinance an adjustable rate loan with a Federal Housing Authority or conventional fixed loan. Note that lenders will not postpone a foreclosure just because a property is listed, although they may postpone if you have a reasonable offer in the works.

Tip: The ideal candidate for a short sale is still making loan payments and has a credit rating worth preserving. Otherwise, it may not be worth going through the complicated process, says Steve Pierce, broker and operating principal of Keller Williams Benchmark Properties, Fremont, Calif.

How should I price a short sale property?

In general, most short sale experts say to price the property at or near fair market value, although a few will begin with the total payoff amount owned by the seller. How frequently prices are dropped will depend in part on whether the property is in preforeclosure. Most banks have a formula for what percentage under market value they will accept, say interviewees. Figures cited vary from 8 percent under to almost 20 percent under.

“I always price the property 10 percent lower than comparable to peak buyer interest and initiate buyer activity,” says Cole-Murphy, who’s also founder and curriculum developer for Real Estate Pro Guides, a line of educational books for practitioners. However, it’s important for buyers to understand that the bank will not give away the property, she says.

Tip: Most lenders will want to get a broker’s price opinion or even an appraisal to see what the property is worth before you and seller set a list price. One way to help ensure that the bank’s estimate of value is realistic is to offer comps of recent sales — both traditional and REO, says Churchill, who is also the author of The Foreclosure Specialist: A Real Estate Agent’s Complete Guide on Working in the Foreclosure Market (Valco Press, 2007).

“Practitioners who do BPOs are rated in part on how close their estimates are to the final sale price, so they usually welcome information on legitimate comps,” he says.

What and how should I disclose about the short-sale property to prospective buyers?

Opinions vary on this topic, although most experts favor disclosing that a property is a short sale in the comments section of the MLS listing. Others suggest waiting to disclose the need for lender approval of the sale until a buyer is ready to make an offer.

Tip: Watch out for unethical investors who will try to convince an owner facing foreclosure to sign a quit-claim deed for the property, and then lease the property, warns Jim Cacioppo, broker/owner of Grand Realty Group. Grayslake, Ill. In such cases, the former owners will still be liable for the mortgage payments, even though they no longer own the house.

How long does it take to complete a short sale?

Although response times vary from lender to lender, it can take two weeks or as long as 60-90 days to receive an approval of a short sale from a lender. That’s why it’s critical that buyers and their representative understand and accept that time frame before they make an offer.

Tip: Keep in mind that the purchase contract on a short-sale property is a legally binding agreement once the earnest money has been deposited. Without language in the contract stating that the lenders must approve the offer and release all liens on the property, the seller may face a legal problem for failing to execute the contract if the short sale is not approved, says Hollingsworth.

What can the seller do to make a short sale more attractive to a lender?

Getting a lender to approve a short sale is primarily a question of economics. You have to provide hard numbers to show that the amount of money a bank will realize on the short sale is better than the amount it may recoup from foreclosing on the property and selling the property as an REO, says Todd Ruckle, ABR, RE/MAX Associates Inc., Newark, Del.

A 2002 study by Craig Focardi of the Tower Group estimated that the entire cost of a foreclosure was $58,759 and took 18 months. Other factors that can influence a bank’s decision include the liability risk it assumes by owning the property after foreclosures, the money tied up during the holding period for a foreclosure and REO resale, additional costs associated with an REO such as attorneys’ fees, and the additional reserves it will need if REOs rise in the bank’s portfolio.

Tip: A buyer that is willing to close in 30 days and who can make a substantial down payment may make the deal more attractive than a buyer who wants 95 percent financing, notes Michael Termine, GRI, CRB, associate broker, Prudential Rand Realty, New York City. All buyers should be preapproved for a mortgage before submitting the offer.

However, to avoid unnecessary costs, buyers should wait on having a home inspection and an appraisal for the loan until after the bank has accepted the short sale proposition, say Cole-Murphy. Genuine hardship, such as a lost job or high medical bills from an illness may also have an influence, says Covello.

What are the seller’s options if a short sale is rejected by the lender?

There are a variety of reasons a bank will reject a short sale — from too low a price to too many files on the loss mitigator’s desk. You can look for another buyer or even try resubmitting the same contract. “Banks don’t want to take properties back in foreclosure, so they are going to do everything they can to make it work,” says Pierce. You also need to prepare your seller in advance for the possibility of foreclosure if a short sale fails, says Parmelly.

Tip: A short sale might be rejected if the loan is less than a year old. In such cases, the servicer that’s bought the loan can often require the original lender to buy it back, says Hollingsworth.

What financial or credit liabilities will a seller have as a result of a short sale?

Many lenders ask sellers to sign a promissory note for all or part of the difference between the proceeds of the short sale and the debt obligation as a condition to a short sale. In such cases, the note gives lenders the right to sue a seller and attach other assets if the note is not paid when due.

It’s particularly important to understand this distinction if you work in states such as California that have a nonrecourse mortgage, says Churchill. In such states, the lender cannot pursue a deficiency judgment against a seller for any deficiencies after a property is foreclosed. Because of this distinction, sellers who are already in default on a mortgage and do not have the resources to pay off a separate promissory note after a short sale might be better off letting the lender foreclose, he says. If you are working in a state in which mortgage loans are nonrecourse, be sure and alert your seller-clients to this distinction.

Tip: Having a portion of a loan forgiven may have an adverse affect on the seller’s credit. Encourage your client to try and sign a lease on an apartment before credit is further damaged, suggests Roberta Murphy, an associate broker with Windermere Exclusive Properties, San Diego.

What tax liabilities will a seller have as a result of a short sale?

One often overlooked aspect of short sales is that a seller must count any amount forgiven by the lender as income and pay taxes on that income, even if no actual money was received. The IRS requires lenders to submit a Form 1099 stating the forgiven amount. Sellers who meet the Internal Revenue Service definition of insolvency (either in bankruptcy or with debts exceeding assets) will not have to pay taxes on the forgiven amount.

AllhomesAZ.com has a team of Arizona short sale experts and Phoenix short sale experts who have established relationships with banks.  We will handle your Arizona short sale transaction for you.  The AZ short sale process is NOT a “do it yourself” project.  To successfully negotiate an Arizona short sale or Phoenix short sale with a bank takes an experienced and highly trained real estate agent and staff.  Please provide your contact information by clicking here and one of our highly-trained Arizona short sale experts will be in touch with you shortly.  The more info you can provide, the better we will be able to help you with your AZ short sale.  All info provided by you will be held in complete confidentiality.

480-227-5214

Did you know that you can stop foreclosure and sell your home through a short sale with your bank – it’s never too late!

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Did you know that you can stop foreclosure and sell your home through a short sale with your bank – it’s never too late!

Did you know that can sell your home through a short sale even if you have no equity or owe more than what it’s currently worth?

Our service to you is completely free.

Don’t fall victim to paying $500 to $1000 upfront from other short sales companies.

We have helped numerous homeowners in the Phoenix area. Even if you are not behind on payments but feel that you can no longer afford the home, we can help.

Most homeowners never realize that a short sale in Phoenix can be completed through their bank and their credit can be saved. We can stop your foreclosure and save your credit. Our service to you is completely free. Check out our excellent standing with the Better Business Bureau. Read below for more info.

Do you owe more than your home is currently worth? Is your home loan amount equal to or higher than your current home value? Are you behind on payments, or realize that you can no longer afford your home? If this is your situation, you may want to consider an Arizona short sale.

Selling a home that has a loan higher than it’s worth is extremely difficult, if not impossible. Who would want to pay above the true value of a home? If this sounds like your situation, please read further. We can help. Or simply fill out your info to the right and we will contact you shortly.

Usually when a homeowner owes more than the home’s current market value and can no longer afford the home, they are left with two choices: 1. Lose the home to foreclosure due to no one wanting to buy an overpriced home; 2. Negotiate an AZ short sale with the bank to ensure the home sells before foreclosure.

Obviously no homeowner wants to lose their home to foreclosure. People who let their home go to foreclosure typically destroy their credit for 7 years. A foreclosure on a credit report will make it nearly impossible to buy another home for at least 7 years. So what is an Arizona short sale or a short sale in Phoenix? An Arizona short sale or AZ short sale is when the bank is willing to take a lesser amount of your home’s loan in order to sell your home and stop foreclosure.

For example: Your home’s current market value is $200,000 and your loan amount for your home is $215,000. No one will want to buy your home for $215,000 because the real value is $200,000. The bank then realizes they must lower the amount owed to $185,000 (this number varies) so the home can sell. This is just a simple example. Home prices and loan amounts will vary. Arizona short or short sale in Phoenix amounts will vary as well.

So why is an Arizona short sale better than foreclosure? An Arizona short sale is a win/win solution for everyone. Obviously the homeowner does not want a foreclosure on their record. The bank definitely does not want to take the home back through foreclosure due to the large expenses and long waiting period. So if the homeowner can complete an Arizona short sale, they will have successfully sold their home without losing the home through foreclosure, thus saving their credit. And the bank will be satisfied due to not having to foreclose on the home, and saving time and money.

Homeowners desiring to do an Arizona short sale or short sale in Phoenix usually must show to the bank: (AZ short sale processes will differ with each bank)

* Financial hardship
* Loss of job
* Divorce
* Medical conditions or large medical bills
* Behind on payments

Every bank is different in the requirements for homeowners looking to do an Arizona short sale. Each bank will have a different set of rules regarding an Arizona short sale, AZ short sale, or Phoenix short sale.

AllhomesAZ.com has a team of Arizona short sale experts and Phoenix short sale experts who have established relationships with banks. We will handle your Arizona short sale transaction for you. The AZ short sale process is NOT a “do it yourself” project. To successfully negotiate an Arizona short sale or Phoenix short sale with a bank takes an experienced and highly trained real estate agent and staff. Please provide your contact information and one of our highly-trained Arizona short sale experts will be in touch with you shortly. The more info you can provide, the better we will be able to help you with your AZ short sale. All info provided by you will be held in complete confidentiality.

Phoenix short sales experts – We’ll get your home sold, save your credit and stop foreclosure