7204 44th Lane, Laveen, AZ
3 BD 2 B / 2 Car Garage
Rebecca M. was a police assistant, and like so many people that went under in the housing crash, she found herself filing bankruptcy. Sadly, she was forced to short sell her home in order to deal with her financial crisis. A real estate agent had referred her to us, knowing that we could offer her both good advice and a possible solution.
Rebecca was facing foreclosure unless she could sell her home; and she knew that a foreclosure would make it even more difficult to get back on a sound financial footing than the bankruptcy. Because she had been in financial distress for a fairly long period of time, maintenance and repair work on her home had been neglected, and Rebecca’s house was in need of some serious TLC. Her financial situation was too precarious to do the cosmetic work needed to make it attractive to buyers. Her home was south and west of downtown, in what is considered a somewhat risky area, and this made it even more difficult to sell, even at a short sale. If the house couldn’t be bought in a short sale, the bank would foreclose on the home.
In addition, homes that are to be sold due in a short sale are subject to the court’s approval before they can be released. This means it can take can take a long time before anyone can actually buy the house, which discourages a lot of potential buyers. Also, when a house is sold at a short sale, the paperwork and negotiations between the lawyers and the bank that holds the mortgage can be overwhelming, and people have had the clock run out on them before they could get the proper court documents and paperwork done. It’s a difficult process for everyone involved.
What Fair Property Buyers Did:
When Rebecca called us, we went out and saw her property the next day. After hearing her situation, we decided to help her prevent a foreclosure by offering to purchase her home at a short sale. We told her we would handle the negotiations between the bank and her lawyer, so that the process could be accomplished in the least amount of time necessary.
The End Result:
There were problems at every juncture, so that – even with our help – it took months for the court to make a decision and release the property. Any other party would have given up long before because it was such a difficult process, but we hung in with Rebecca, because we knew we were her only option. After 6 months, the court and the bank finally reached an agreement, and we closed on the home within days after the sale was approved. Rebecca was free of a piece of real estate that had caused nothing but heartache, and could finally move on with her life.