Do you get the feeling every short sale webpage on the internet is designed to confuse and frustrate you more than the last? There’s an abundance of information on the subject and you could literally spend hours researching the process. Let us simplify the process for you!
What is a Short Sale?
“The term ‘short sale’ is used to describe a sale in a situation where there is more debt owing against a property than the property’s value. In a loan default situation, (pre-foreclosure) the creditor(s) may be willing to agree to allow the property to be sold for less than the loan amount and/or accept less than (or “short”) the amount owed as payment in full.”
~ Arizona Association of Realtors®
Questions for your REALTOR® about Short Sales
- What is the difference between a Short Sale and Foreclosure?
- Short Sale v. Foreclosure? What’s the better option for me?
- How will a Short Sale impact my credit?
- How does the process work and what is the time frame?
- Can I sell the house to a close friend or family member?
- Do I have to be behind on my payments to qualify?
- What is the current market for Short Sales?
- Is there any way to get cash out of the sale?
- What does it cost me to do a Short Sale?
- Am I still liable for the balance on my mortgage following the transaction?
Desert Heritage Real Estate agents are required to undergo extensive training and are committed to bringing you the ideal scenario for your situation. Not every REALTOR® has the training or experience necessary to oversee complicated Short Sale transactions.