Jerry Raviol

1640 S. Stapley Dr., #124 • Mesa, AZ 85204
TOLL FREE: 1888-JRAVIOL (572-8465)
CELL: (602) 695-5478
Office: (480) 820-3333
Fax: (480) 907-1443

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West USA Realty

Archive for December, 2010

A new listing came on the market this week and this home is gorgeous! It adds a 2nd short sale listing to the market update. Be sure to click on the image below to read more details about the available properties.

Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478

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Dec
13

Foreclosures During the Holidays

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Watch the video below to learn about the only town that does not have any foreclosures and how to handle foreclosures during the holidays.

Click the play button to watch the video.

 Happy Holidays,

Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478

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Sellers often ask me what’s the difference if they do a short sale or just let the bank foreclose?  Most of the time property owner’s long term financial health is better off if they do a short sale. There are, however, some cases where the property owner’s long term financial health is better off by letting the bank foreclose or doing a bankruptcy.   

Your current situation is temporary, your finances will change in the future, and the choices you make now can affect you long term.  The most popular tools available to fix your situtaion include -
  • Short Sale
  • Foreclosure
  • Deed in lieu of foreclosure
  • Loan Modifications
  • Bankruptcy

Each of these tools will have a different impact on both your short and long term financial health.  Don’t let the bank foreclose before you know the difference, and you and I talk about the details. My initial consultation is free.

A short sale occurs when you negotiate with the mortgage company to accept less than the full balance of the loan.  When you consider a short sale or foreclosure you need to consider how they will impact the following items:

 Credit History
A foreclosure will hurt your score by approximately 250 to 300 points for at least three years. In addition the loan will show on your credit report as foreclosed for 7 years.

With a short sale only the late or missed payments prior to the short sale will be reported, the points off your credit report can be far less, and if you make all you other payments on time the impact will only be 12-18 months.  Furthermore, if the lender agrees to accept nothing more than the proceeds from the sale the loan is typically reported as “settled” or paid in “full”.

Getting a Mortgage in the Future
In addition to the difference in your credit score with a foreclosure you will not be able to get a Fannie May backed loan for 5-7 years, and you will have to answer yes to the question have you ever been foreclosed on.  Having to say you have been foreclosed on will increase your future interest rates.  With a short sale you will only be prevented from getting a Fannie May loan for 2 years, and you never have to answer yes to whether you have been foreclosed. 

Security Clearances
With a foreclosure if you are a police officer, in the military, or any other position that requires a security clearance, the clearance will be revoked.  A short sale on its own does not challenge most security clearances.

Remember my golden rule – friends don’t let friends get foreclosed on until after they have figured out if short sale can help them more.  You cannot know what is best for you without knowledge of the following:
  • The AZ Deficiency Statute
  • Bankruptcy
  • Loan Modifications
  • Short Sales
  • Foreclosures

As a public service to AZ homeowners I am glad to offer you a free consultation.  If you take advantage of this free service and then go to speak to an attorney and tax expertyou will be armed with information that will help you get more from their consultation fee.

Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478

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There are 2 new property listings in the neighborhood. One is a traditional sale and the other is a short sale. There was a home that just recently sold as well. Be sure to check out the details below.

Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478

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Huge Cul-de-Sac Lot with Private Pool!

Over 1/2 off the previously sold price!!

Huge cul-de-sac lot w/RV gate and beautiful fenced pool! Large backyard has lush green grass and landscaping. Decorator tile in the vaulted Great Room, dining & breakfast room & entry!  Oak cabinets in skylight kitchen. Smooth cooktop oven with built in microwave. Separate tub/shower in master bath w/large walk in closet. Upgraded cabinets and workbench on two garage walls.

MUST SEE TO BELIEVE!!!

3813 E. Wyatt Way
Gilbert, AZ 85297

Jerry Raviol
West USA Realty
http://www.houseaz.com
602-695-5478

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