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Call Laura today to get more information on listing your home for a short sale or to buy a short sale through the short sale process.

What Is the Definition of a Short Sale in Arizona?

A short sale is a real estate transaction in which the sales price offered by a potential Buyer is insufficient to pay the loan(s) owed on a property in addition to the costs of sale and the seller is unable to pay the difference. Simply put, a Seller owes more on the home than the house is worth at the present market value.

A potential Buyer can submit an offer to a Seller on the home for thousands less than what is currently owed, and through the process of a Real Estate transaction, the bank reviews the offer and makes a determination if it will accept the offer and absorb the loss of the difference owed.

For example, if your home is worth $200,000 in the current market but you have a loan or loans of $250,000 then a short sale is a consideration.

Further Definition:

    A short sale occurs when the sale price on a piece of real estate is insufficient to pay off the debts on the property. The primary reason for a short sale is a drop in property values. When the property owner is upside down in the real estate loan, owing more than the current market value of the property, a short sale is one way to liquidate. Sellers view short sales as an alternative to foreclosure. The federal government encourages lenders to consider short sales, as they are less detrimental to neighborhoods, compared to foreclosure. For the lender, the short sale is often less expensive than a foreclosure.

Short Sale Seller Advisory

    Before considering a short sale in Arizona, the seller should read the "Short Sale Seller Advisory", which is available as a downloadable PDF file on the Arizona Association of Realtor's website. The advisory lists warnings, alternatives and procedures for a short sale in Arizona. It urges the seller to consult the advice of an attorney, explains how to avoid predatory scams, and recommends seeking the assistance of an experience real estate licensee.

Lender Permission

Before listing a short sale, the seller contacts her lender to obtain permission. Before granting permission to consider a short sale, the lender typically requires the seller determine the current market value of the property. A lender may consider agreeing when property values have dropped below the outstanding balance of the loan, and the seller can no longer make payments. Once a seller accepts a buyer's offer, it goes to the lender who accepts, rejects or counters the offer.

Deficiency Judgements

When agreeing to a short sale in Arizona, the lender might just be agreeing to release the lien on the property, yet still hold the seller financially responsible for the deference between the final sale price and the loan balance. The "Short Sale Seller Advisory" urges sellers in Arizona to consult with an attorney when negotiating with a lender on a short sale. Should the lender agree to forgive the unpaid balance of the debt, get the commitment in writing.

Call Laura today to get more information on listing your home for a short sale or to buy a home through the short sale process.

Historic Phoenix Homes For Sale
Laura Boyajian
Mobile: 602.400.0008
Laura.B@cox.net


Office

  Wise Choice Properties
2323 N. 3rd St. #200
Phoenix, AZ 85004
(602) 687-8792


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