Phoenix, Arizona (WiredPRNews.com): For Jill Segrove or Prudential Arizona Properties, every cloud has a silver lining. Many of her clients are “short sellers”, meaning they are selling their property for less than it’s worth.
“It’s an emotional decision,” she explains. “I know because I’ve been through it. No one likes to have to sell their home, but sometimes you just have to let go.”
In what has been a turbulent real estate market where terms once reserved for professionals have entered everyday speech, Segrove provides an island of calm and rationality as she helps clients navigate the short sale process.
“Many people think that they’re not able to do a short sale,” she explains. “They think they earn too much or the bank just won’t listen to them. That’s just not the case these days.”
Two or three years ago, short sales were practically unheard of. Then, in the 2008 to 2010 real estate crash, and foreclosures at an all-time high, banks decided that getting something was better than nothing. “Short sales are much easier today than they were even a year ago,” she says. “It’s an option anyone should consider before letting their home go into foreclosure.”
Segrove explains that, although a short sale will negatively affect a credit score, it’s not as bad as having a foreclosure or bankruptcy. “Short sales mean that the bank gets something from the sale,” Segrove says. “It’s much better for them to be able to walk away with some money than sit on an empty house that’s going to need maintenance and someone to sell it.”
A big part of her job is brining buyers and sellers together. The local MLS (Multiple Listing Service) requires that properties that are being short sold are listed as such. “It means that people making an offer understand that the bank has to approve the deal. If there is more than one lender, then both have to. It slows down the process considerably, but it’s not the “big black hole” we were experiencing at the start of the short sale business.
Segrove’s sense of accomplishment comes from two places. She concedes that short selling a home is hardly a cause for celebration, but it is often a relief. “Once it’s done, it’s done,” she explains. “Now people can pick up and move on with their lives. That’s a good feeling and I’m glad I can help people get there.” Of course, the other satisfying part of the job is putting a new homeowner into a home. “Every cloud has a silver lining,” she says. “Its a great time for new home buyers, especially with the tax credits. If short selling a home helps someone get out from under a debt burden and puts someone else into their first home, it’s a compromise.”
Not quite a win-win, but in today’s market, perhaps that’s close enough.
Jill Segrove is a Phoenix REALTOR with Prudential Arizona. Her website is at www.JillSegrove.com. She has spent most of her life in the Phoenix area and has been voted among the top agents in the area.
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