What is a Short Sale?

Short Sales are a common topic these days and make up a large percentage of homes currently on the MLS. Simply put, a short sale is selling a home for less than the amount owed on it. Once a seller receives an offer on their property, they can then send the offer to the bank and see if they'll approve it for a short sale. There is a whole lot to the transaction, including sending a "package" off to the bank which will include your financials along with all the listing docs and the offer on the property. Most banks will not accept a short sale unless the property is listed on the MLS because the bank wants to ensure the highest possible sales price.

There are a lot of misconceptions about a Short Sale. Not all short sales are accepted by the bank, a lot of the time the 1st and 2nd mortgage won't come to an agreement so it doesn't go through. In Arizona, the bank is NOT entitled to a deficiency judgement on the first mortgage. There may or may not be tax implications depending on a number of factors, including but not limited to, primary residence vs investment, what type of loan you have on the home, how many loans are on the property.

When considering a short sale you need a short sale EXPERT, someone that has over 100 listings and knows what they're doing, plus you should talk with an attorney. If you're interested in short sales, we currently have over 125 and we have hired a full time negotiator and close well over 70% of all our listings.

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