Keith Ritter Has Arizona Homes Listed Online

Are you currently upside down on your home? Have your payments become to much to bare? Let us help! We can short sale your home at no cost to you! Contact me today to find out more!

Short Sales in the Maricopa County Area: Work with a Realtor You Can Trust…

If you are a struggling homeowner who is behind on their mortgage payments or “underwater” on your mortgage—owing more on your loan that what your home is actually worth—you may want to consider the possibility of a short sale. A short sale is an agreement between you and your lender to sell your home at its fair market value, even if that amount is less than what you owe on your mortgage. The basic steps of a short sale are as follows:

• You sell your home for less than what you owe on your loan

• Your lender accepts that amount as payment on your loan

• You avoid foreclosure but do not receive any funds from the sale

• Your lender does not report a foreclosure to the credit bureaus

When you are facing difficult possibilities like foreclosure and bankruptcy, short sale may be your best chance to sell your home and get a fresh start. Team Ritter is a full service Real Estate Team with special expertise in handing short sale transactions. We can show you the ways a short sale may be able to Preserve your credit standing:

• Help you sell your home without you having to pay anything out-of-pocket

• Possibly be eligible to buy another home much sooner than if you have a foreclosure

• Release you from your mortgage obligation

• Relieve financial and emotional stress

• Avoid foreclosure and/or bankruptcy

Short sales are a very popular way to avoid a foreclosure due to a job relocation, unemployment, divorce, medical bills, and adjustable rate mortgages (ARMs) that have reset to a much higher monthly payment.

For more information Text 602-885-2018, Email TeamRitter@kw.com or

call 602-908-5020.

Email me at Keith@keithritter.com

Home Listing Syndication

Your home can be advertised on websites all across the web, making sure buyers see your home and everything it offers. Here are some of the national sites where your home will appear:

Selling Your Home - Short Sales

When does foreclosure begin?
Lenders will initiate foreclosure proceedings when borrowers become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the borrower in writing that he or she is in default. The lender can request a trustee's sale or a judicial foreclosure, in which the property is sold at public auction. A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property's sale. Some sales allow the successful bidder to take possession of the property immediately. If the former owner refuses to vacate the premises, the court can issue an unlawful detainer that allows the sheriff to come out and evict them. Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events that can occur in an individual's credit history.

How long do bankruptcies and foreclosures stay on a credit report?
Bankruptcies and foreclosures can remain on a credit report for seven to ten years. Some lenders will consider a borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender's decision. For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic. If, however, you went through a bankruptcy because you overextended personal credit lines and lived beyond your means, the lender probably will be less inclined to be flexible.

Can a home seller sell a home for less than its mortgage?
Yes, in some case you can sell your home for less than what you still owe on the mortgage, but this is complicated and depends on the lender. This situation is known as a "short sale." Sometimes a lender will be willing to split the difference between the sale price and loan amount, which must still be paid. A short sale may be more complicated if the loan has been sold to the secondary market, because then the lender will have to get permission from Freddie Mac, the two major secondary-market players. If the loan was a low-down payment mortgage with private mortgage insurance, then the lender also must involve the mortgage insurance company that insured the low-down loan.

How does a home go into foreclosure?
Foreclosure proceedings usually begin after a borrower has skipped three mortgage payments. The lender will record a notice of default against the property. Unless the debt is satisfied, the lender will foreclose on the mortgage and proceed to set up a trustee sale.

How does someone sell a slow mover?
Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home. If you are selling in a slow market, your first step would be to lower your price. Also, go through the house and see if there are cosmetic defects that you missed and can be repaired. Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and listings on the local multiple listing service (MLS) and on the Internet. Another option is to pull your house off the market and wait for the market to improve. Finally, if you who have no equity in the house, and are forced to sell because of a divorce or financial considerations, you could discuss a short sale or a deed-in-lieu-of-foreclosure with your lender. A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender. In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings. The latter are radical options. Your simplest, and in many cases most effective, option is to lower the price.