Short Sale Specialist - Chandler, Tempe and surrounding area

If you find yourself in a financially distressed situation, a short sale may be the best way to sell your house in time to avoid a foreclosure. Joe Girmonde can help. Short sales are complex and we have the experience you need. The following information is designed to introduce how short sales work.

A short sale is a sale of real estate, in this case a home, in which the profits from the sale will be less than the homeowner owes or can repay via loans and liens against the property.

Most of the time the creditors in a short sale accept less than the amount owed on the debt and additionally consent to the termination of their lien. A short sale agreement, however, does not guarantee that the homeowner will be relieved of their financial obligations regarding any deficiencies of payment, unless both parties agree to those specific terms.

Short sales are often a method for a homeowner to avoid foreclosure, which alleviates supplementary fees and costs to the creditor and borrower.

One of the major consequences of a short sale for homeowners is that they can have negative consequences on their credit report; however, it’s normally less damaging than foreclosure.

Every short sale situation is unique, so it’s impossible to give a one-size-fits-all definition, but an example of the simple, basic steps in the process looks like this:

The homeowner falls behind on the mortgage payments so he or she puts the home up for sale. Let’s say an offer on the property is received for $175,000. The problem in this case is that the mortgage balance is currently at $200,000.

The $25,000 difference between the offer and what’s owed is swallowed by the lender as a short sale. The lender accepts the $175,000 as payment in full to avoid a foreclosure on the property. Essentially, they get paid and the homeowner gets out of debt. Once the short sale is complete, you may qualify for The Mortgage Forgiveness Debt Relief Act which allows the "relieved" debt to be non-taxable.

It's important to note Arizona's "anti-deficiency" laws. According to Arizona Revised Statutes, Title 33, Chapter 6.1, a lender may not come after the ex-home owner for the "relieved" debt.

Get Expert Guidance Through Your Short Sale

Unless you’re a real estate professional yourself, you most likely don’t know all of the complex, intricate details involved in a short sale. You need a real estate agent who is a Certified Distressed Property Expert (CDPE).

Joe Girmonde and The Valley Dream Team are knowledgeable, licensed real estate professionals and are the CDPE-qualified help you need to lead you through the financially tedious, often emotionally difficult process of foreclosure avoidance.

CDPEs bolster their extensive real estate experience with comprehensive education and training necessary to provide you with personalized solutions for you and your unique circumstances. It’s extremely important that you enlist such a professional to manage your short sale in order to efficiently execute this complex procedure.    

When you’ve reached the point of considering a short sale to avoid foreclosure, you need a real estate agent with a CDPE designation to ease your stress and make a tough transition a great deal simpler.

IMPORTANT NOTICE: The Valley Dream Team with Keller Williams Lifestyle Realty is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.