Short Sale vs. Foreclosure

Q: What is a Short Sale?
A: A short sale is when the sale price of a property "falls short" (hence the name) of the amount the seller owes on the property. For example if you bought your home in 2003 for $200,000 and it is now worth $130,000, your sale would fall $70,000 short of the $200,000 you owe on your house (If you borrowed 100% of the purchase price from the bank in an 80/20 loan 7 years ago). It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better having the borrower foreclose. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency. Speaking to a lawyer would verify any responsibilities the borrower may have.
Q: What are the benefits to a Short Sale?
A: There are many different benefits for both the seller and their mortgage company (their bank).
1) Debt is satisfied for less then full amount.
2) Your credit record will not show a foreclosure. On average it will take 2-3 years more time to purchase another home if you choose to foreclose rather than short sell your home. In some cases, you could do a short sale you may be able to buy another home right away.
3) You MAY avoid the pursuit of a deficiency or judgment. It may limit the liability to the IRS.
4) The bank benefits because when thy foreclose they have an expense and an REO on their portfolio
5) The bank can receive incentives from the government
6) It enhances a banks relationship with their investors
7) The bank will avoid the added expense of servicing the loans.
Other Benefits:
The neighborhood avoids the blight of a foreclosure and the price impact.
There are a multitude of additional benefits to a short sale vs. letting the home go into foreclosure.

Overall the short sale process is much more common, therefore has become easier and much more positive then a foreclosure. Everyone's situation is different though, so please verify any legal and financial questions and implications with your legal counsel and CPA.

If you have any further questions about Short Selling your home or would like a Short Sale guide emailed to you, give me a call at (480) 316-0098 or send me an email to rosemarywatsonrealestate.com

New Home Design Website-Casa Sugar

I found this awesome new website Casa Sugar, and let me tell you the first article I saw jumped out at me begging to be posted about.

Design Ideas To Steal From The August Anthropologie Catalog

YES!!! Anthro is one of my favorite stores, not only for the things they sell, but the decor in their stores and sprinkled about in their catalogs.

There's all kinds of ideas like the use of the glass jars and shelving


And this wall mural for your kids to paint or the paint spattered easel you could make yourself.

Check out the article for more great ideas to bring some Anthro style in your own house!

Need a condo?

My good friend Maggie has one listed in Northwest Mesa on Mesa Drive & Brown. It's a one bedroom & one bathroom, perfect for a college student or anyone wanting to live on their own!

It's a steal for $45,000 and its a really cute complex with a pool & spa. I should know, Braden & I lived there before we had our kids!


If you know anyone who would be interested in checking out this cute little condo, give me a call or email me and we can take a look.

What to do this weekend

Come on by Wood Creations Furniture on Saturday for a Pampered Chef Party at noon!


Wood Creations is this fabulous unfinished wood furniture store in Mesa off of Power & Southern that allows you to create your own unique furniture! It's an amazing way to fill your home with your own personality. During the Pampered Chef Party receive 20% off of everything in the store! Try out delicious recipes and check out all the new kitchen gadgets they are demonstrating at the party!

Must Watch-Color Splash on HGTV

If you are looking for some serious home design inspiration, look no further than Color Splash on HGTV.

This is the host. David Bromstad. Try not to let your screen burst into flames from the hotness.

Anyhoo, he does some amazing things with the interiors of homes. Some of the before shots strangely remind me of my own bedroom sadly, so I love seeing what a creative mind can do with a blah space.








Check out his show Saturdays at 9/8 C. And try not to drool all over your couch.

Fun New Website-Lookiloos

Do you love going to home tours & open houses? Well, I have found the PERFECT website for you! Lookiloos is a place to "showcase beautiful homes and gardens with original photos and stories, to give decorating tips and remodeling ideas and create a community to share our stories of home."


It features real homes of real people and I could waste DAYS on their website people. They have DIY tips, videos of home tours, treasures people find to decorate their homes and so much more.

Seen and Heard at the Willow Glen Home Tour from Lookiloos on Vimeo.

Open House-CANCELLED

Tomorrow's Open House at 21013 E. Aldecoa Dr. is cancelled! I got a call this morning from a driver-by who wanted to see the house and lucky for me, they loved it! See you guys at the next open house event!

End of Summer Open House Event in Maricopa

Check out this open house event to get some sweet deals on some fab houses in Maricopa! If you've never checked out the area, tomorrow is the perfect time to do so. You can even enter to win a Weber Grill! Call or email me if you have any questions on any of the homes!

August Maricopa County Market Analysis

Sorry I've been MIA guys, I've been busy with a couple of new buyers previewing houses and writing contracts (wohoo!) Here's this month's Market Analysis for Maricopa County brough to you buy Keller Williams Legacy One

Open House-3839 E. Baranca

Come by and see me today at this gorgeous house in Gilbert! There's a sparkling pool out back, a nice loft upstairs, and even a MAN CAVE! Bring your husbands by and come eat some chocolate chip & oatmeal raisin cookies (so I don't have to eat them all;)

This Month in Real Estate-August

I have another video to share with you to help welcome in August. This edition of "This Month" explores why waiting for lower home prices could actually cost you more. Interest rates are extremely low right now, and if you'd like to talk to an expert call Mike Roman at Metro Grande Mortgage at (602) 810-8886 and he can get you some great information!

Also, if you'd like to get pre-qualified you can print out this information and fax it to me at (480) 907-1385 and I can have Mike give you a call!

New Living Blog-I Heart Mesa

Last week I stumbled upon this delightful little blog called I Heart Mesa. It's a guide to all kinds of fun things to do in Mesa, AZ and let me tell you, the design alone makes me swoon. Plus, I happen to live in Mesa (and have all my life) so it's such a sweet little tribute to my city.

You must check it out, and even if you live somewhere else in the valley you can get info about some awesome events & shops that you can visit-like the showing of Pink Floyd The Universe this Friday at MCC!

Welcome August!

It's the start of another month and I have a long list of events that you can catch me at! There will be all kinds of awesome information, prizes, and of course treats so come on by to any or all of August's fun events!

I have an open house this Friday, August 6th from 3:00-6:00 pm at 2565 E. Queen Creek Rd. Gilbert, AZ 85297

And another open house Saturday, August 7th from 9:00 am-1:00 pm at 3839 E Baranca Rd. Gilbert, AZ 85297.

If you would like to see any of these homes before the open houses, let me know and I can take you to see them!


Also this month is Keller Williams Legacy One End of Summer Open House Event, Saturday August 14th in Maricopa. We will be holding mass open houses throughout Maricopa and having contests, giveaways, and tons of prizes so come check out all the great deals you can get on a gorgeous Maricopa home!

Last but not least, I will be holding another open house at my listing on 21013 E. Aldecoa in Queen Creek AZ 85243 that has just been reduced to $115,000. Visit 21013aldecoa.com for more info about this home and give me a call or email if you are interested in taking a look at it!