About Short Sales

There’s no doubt about it, we have all noticed it on a variety of products; crackers, sodas, chips cookies, candy the sentence; “new look same great taste.” These days you could apply a similar label to Trend Homes, one of Arizona’s leading home builders; “new company, new owners same great homes!” With Trend Homes recently being purchased by the private equity firm Najafi Cos, Trend Homes is on a mission to show that it is a fresh company without any of the old issues.

In the early months of 2008, Trend Homes after experiencing many of the same problems most Arizona home builders were experiencing was on the very edge of being forced to close their doorspermanently. The problems that presented themselves were not due to Trend Homes building an lesser product, in fact, quite the very opposite; Trend Homes was recently ranked Highest in Quality by Phoenix, Arizona Home Builders. The problem was simply that people were not buying houses in Arizona.

Now owned by the private equity firm Najafi Cos, Trend Homes has amplified its attractiveness beyond building beautiful homes across the Phoenix Valley and now offers programs other Arizona Home Builders can not, including Pre-Approved Bank Short Sales; Trend has partnered up with banks to Pre-approve short sales. With this pre-approval, Arizona home buyers can now avoid the lengthy waiting process of getting approval.

Alongside the many incentives and programs Trend Homes now offers homebuyers, Trend Homes, now under the ownership umbrella of Najafi Cos offers some of the most competitive interest rates available today. In addition, Arizona home buyers will now save up to 40 percent on new homes by taking advantage of the Pre-Approved Short Sale.

When the equity firm Najafi Cos purchased the two sister companies Trend Homes and Classic Communities in Jan. 2008, they also purchased the debt of the two companies. This provided the Arizona home builder a fresh start! Plus, with the new start that Trend had been afforded, Trend is able to offer savings, incentives and down payment opportunities which allow Arizona home buyers the opportunity for a start fresh also.

Along with the many changes that have occurred at Trend Homes and Classic Communities since January of 2008 when they were purchased by Najafi Cos, you’ll find the introduction of the Paint for Your Down program which allows Arizona home buyers to lower their down payment in exchange for spending some time with a paint roller painting their new Arizona home. This type of program is a first of its kind for Arizona home builders.

There are specific things that Arizona home buyers expect from Trend Homes. And as a leader among Arizona’s home builders, Trend Homes considers these expectations to be very serious. Even with the changing of ownership, (Najafi Cos bought Trend Homes in Jan. 2008) residents of Arizona can and should still expect the same things as they always have from Trend Homes. They can still count on; beautiful homes, made with quality products by skilled craftsmen. As a leader among Arizona home builders, Trend is committed to YOUR satisfaction.

Now owned by the private equity firm Najafi Cos, Trend Homes has been afforded the credit which permits the company to have a fresh start which is not only beneficial for Trend, but also is beneficial for Arizona home buyers as Trend Homes is able to offer things that other Arizona home builders can not such as Pre-Approved Bank Short sales and very competitive prices on foreclosed homes in Arizona.

There may be times because of a person’s career or for a personal reason that the home in which they are living and hoped to for many years needs to be sold. However, with the current economic climate selling a home whether in Washington or any other US city has become more difficult. This is one of the reasons short sales of Washington homes or homes elsewhere are becoming more common. So what is a short sale and how does one qualify for them?

Short sales on homes are where a property can be sold for less than the actual amount that is outstanding on the mortgage and this amount is then cleared fully by the lender. A great number of lenders are willing to allow a short sale on a property rather than carry out foreclosure proceedings. This is because it costs them a lot less because once a property is foreclosed the lender takes responsibility for it and has to arrange its sale.

However when it comes to selling your Washington home using this method you will need to be able to meet certain criteria’s and below we look at what some of these are.

1. Before agreement can be made of a short sale the owner of the property needs to show the lender that they are having financial problems. It is important therefore that as soon as you know you are having financial difficulties you contact the lenders customer service or collection department. When talking or writing to them keep a record of everything even though the lender will be keeping their own.

When it comes to showing them that you are having financial difficulties there is certain documentation that you need to provide them with which shows what assets you have. They will want copies of your pay checks, bank statements, tax returns along with any stocks or bonds you have. Not only can they see what your income is like but will be able find a way to assist you that may mean you don’t need to sell your home at all.

2. Should you complete a short sale on your Washington home then upon completion the lender will require further documentation to back up your request. They will want a copy of the comparative market analysis report carried out by the real estate agent who sold the property for you. Also they will require a copy of the sales agreement as well as details of the amount you made or loss when you sold your Washington home.

Be aware however that sometimes the lender may not be the only person who can agree to a short sale on your home. If you have mortgage insurance then the investor who has provided this may also be required to give their agreement to a short sale on your Washington home.

Americans are hearing and seeing TV stories regarding the national real estate market. Such a national market does not exist.

There are 124,377,000 homes in the United States according to the most current American Housing Survey. These homes are within:

- 50 states, with
- More than 30,000 incorporated cities, and with
- An innumerable number of neighborhoods

Our media clumps the 124 million homes in a huge group and attempts to analyze their data. It doesn’t matter one iota how the media presents this because houses in Los Angeles can’t be compared to houses in Pittsburgh.

To get real estate analysis that matters, look local instead. And I don’t mean stats from your state — I mean stats from your neighborhood. It’s the only way to know what’s driving home prices on your street.

The media doesn’t report small markets. Consult your neighborhood real estate agent or someone with access to the data. The professional can provide a better picture of what is driving your neighborhood market.

By talking to “in the market” professionals that know your backyard, you’ll get a much clearer picture of your local market — good or bad — than the national media could ever provide.

Real estate is a local market so your real estate data should be local, too.