Ephrem Jando's Page
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- First Name
- Ephrem
- Last Name
- Jando
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- Agent
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- Arizona
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- Phoenix
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What is a real estate short sale in Arizona?
Basically its a quick sale of your real estate, also commonly called a short sale. The lender takes a smaller amount then the balance that is due to consider your mortgage paid in full! This has become a very common process in Arizona. Most recently even the government has offered Government programs to people for short sale.
What does it take to qualify for a Arizona Short sale?
While lenders seem to be easier to work with lately regarding qualifications, there are usually three borrower qualifications that most lenders require for a Arizona short sale.
- Negative Equity - The proceeds from the sale of the property, after all closing costs are paid, are less than the amount currently owed on the property,
- Financial Insolvency - Financial insolvency means that the borrower has no other assets that could cover the deficiency (the difference between what is owed on the property and the proceeds from the sale)
- Financial hardship - Financial hardships that are acceptable do vary some from lender to lender, but the most common ones are; divorce or legal separation, loss of employment or reduction in income, job transfer or relocation, incarceration, medical emergencies or major medical expenses, death of a family member, vacant rental properties, damaged property, just to name a few. Most lenders believe that a short sale is not for home owners who simply want to sell, but for those who have to sell.
Is it possible for me to get money back for completing a short sale?
Until recent times, it was almost unheard of for a home owner to get money back in a short sale. Things have changed for the better. The HAFA program, backed by the US Government, allows homeowners $3,000 to use towards relocation expenses. In addition, some lenders will offer generous incentives of their own in addition to money offered through the HAFA program. We have seen home owners get as much as $35,000 back to complete a short sale.
Who will pay the Arizona short sale Realtors® commission?
In a short sale it is customary for a lender to cover all fees associated with the sale of the property, including your Arizona short sale specialist as well. In almost all cases, a home owner in hardship will pay no out of pocket expense to complete a short sale transaction.
How Can a Arizona short sale specialist help me?
As a Arizona short sale specialist, I have helped many home owners who are in a
difficult financial season get a fresh start with a short sale. Short sales are not part of our "basic training" as real estate agents, and are something that should only be left to those of us who are especially qualified and experienced. Experience is everything when it comes. I'll not only market your home in the traditional manor, but will guide you through this transition while simultaneously processing the short sale with your lender. Visit my website for more information on the short sale process.
Ephrem Jando
~ Your Arizona Short Sale Specialist Realtor® ~
EJRA Managment and Realty
PHONE: 4802063631
Ephrem Jando's Blog
Seterus forecloses on my short sale and then offers my clients the home for sale
Posted on May 21, 2012 at 7:35am 0 Comments 0 Likes
This is the first time I am dealing with this issue so I am hoping to hear from people who have seen this happen. I worked on this short sale for almost a year (story of my life) the buyer is also the tenant at the property and he failed to perform in time so the lender decided to foreclose on it. Seterus called me a few days ago and said they are willing to sell the property to the current tenant/buyer but will not compensate our office or we can evict the tenant and list it on the MLS to…
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