• Home
  • Gilbert Real Estate

What you need to talk to your lawyer about when considering a short sale

shortsalesShort sale, it may be the most used word in real estate in 2009, but some times a real estate agent may not be enough and you may need to talk with a lawyer. A short sale is just one of the tools you can use when you are struggling with a mortgage.

I found an article over at RISMedia that talks about some things homeowners need to do so they are not taken advantage of during a short sale. It was good enough that I thought I should share it with you. You can read the whole article here.

Here is the articles list of the top 10 questions to talk over with your attorney when you are considering a short sale:

1. What is a better or more likely outcome for me and why?
– A short sale or a repayment plan?
– A short sale or a forbearance plan?
– A short sale or a loan modification?
– In the case of an FHA loan, a short sale or a partial claim?
– A short sale or a short sale/assumption agreement?
– A short sale or a deed-in-lieu of foreclosure?
– A short sale or a bankruptcy?
2. How do I know if my property and I may be considered for a short sale?
3. How would I initiate the short sale process?
4. Which process has a more adverse effect on my credit rating: short sale, foreclosure, bankruptcy, or deed-in-lieu of foreclosure?
5. What types of hardships would a lender generally consider favorable toward my appeal for short sale consideration?
6. On average, how long does a short sale process take?
7. What are the tax implications of a short sale?
8. If a lender agrees to the short sale option on my property, can the bank still proceed with a foreclosure?
9. Is there a real estate commission paid in a short sale? If so, who pays it?
10. When is a bankruptcy preferable to a short sale or to a foreclosure?

Relocating to Gilbert, not just for the dogs

cosmoparkIf you are a dog owner and lover one of the first things you may think of when you think of Gilbert may be Cosmo Dog Park, which was rated to top Dog Park in the United States. But Gilbert is not just for the dogs. Many people are relocating to Gilbert and for good reason.

Gilbert continues to grow quickly rising nearly six percent last year. But it is not just the population that is rising, it is the income of the Gilbert working families.

When you think of Scottsdale many will immediately think of mansions, luxury and ritzy. But according to a recent report that was covered by the East Valley Tribune, the “Ritzy” Scottsdale does not have the best paid population.

According to 2009 town statistics Gilbert had a median household income of $84,967 despite fewer residents holding college degrees. Chandler was the next closest with $69,615 and Scottsdale came in at $67,288.

Gilbert, with its quality schools and parks of living, continues to be one of the fastest growing communities in the Valley. Of course with Gilbert’s Cosmo Dog Park, which was rated the top dog park.