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Definition of a Short Sale
A Short sale occurs when all of the following are in place at the same time:
- The Seller owes more money on a house than it is worth under current market conditions
- For one reason or another a Seller must sell the property
- The Seller does not have the finances (savings, etc) to bring money to closing to pay off the mortgage at the time of the sale.
- The Seller's lender or lenders agree to accept less than what is owed on the mortgage
- The property is marketed through a local Real Estate Agent
- A qualified buyer presents an offer and the lender or lenders agree to accept the offer
- Escrow closes within a certain amount of time dictated by the Lender(s)
- What's So SHORT about a Short Sale?
Ever wondered why it is called a short sale? Here's why.
- Should I Sell My Home as a Short Sale?
Think you may need to sell your home as a short sale? Get some information here to help you make your decision.
- What to Expect During a Short Sale
Now that you've decided to sell your home as a short sale, here's what you're in for. It is more complicated than a normal transaction, but with an experienced agent, it can be a smooth process.
- Tax Consequences to Foreclosure or Short Sale
If your home is foreclosed upon or even if you sell it as a short sale, there are tax consequences. Of course, you will need to consult your accountant or CPA for specifics regarding your particular situation, but here is a run-down on what to expect.
- Benefits of Selling Your Home as a Short Sale
Being in a tough financial situation means making hard decisions about what will be best for your long term financial outlook. Many people have found that a short sale is a great way to reduce the damage to their credit as well as minimize tax consequences.
- Negative Consequences of a Short Sale
There can be negative consequences of doing a short sale. In order to determine if this is the route you wish to go you need to weigh these consequences against your other possibilities, such as foreclosure or renting the property to tenants.
- Recommended Experts
My recommendations for reliable professionals to consult when considering your options to avoid foreclosure
- Short Sales and Foreclosure News
Keep up to date on what is going on in the real estate and mortgage worlds. Read up-to-the minute news here.
- Short Sales - To Buy or Not to Buy? Tucson, AZ
You've heard that buying a short sale can be a really good deal. But how do you know whether purchasing a home being sold as a short sale is the right choice for you?
- Buying a Foreclosed Home
Buying a foreclosed home is a different experience than buying a "move-in ready" home or even than buying a short sale.
- Short Selling Process for FHA, VA & Conventional Loans
The short sale process will vary depending on what type of loan you have. Knowing which process to use will save you much time and frustration.
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Realty Executives Southern Arizona
1849 N. Kolb Rd, Suite 101 • Tucson, AZ 85715
Cell Phone: (520) 481-3695 • Fax (800) 405-6204
