HomeSellers : Short Sales : Understanding Short Sales : The Short Sale Process
Beacon Property Solutions, LLC
6869 W Jackrabbit Lane
Peoria, AZ 85383
Site Map  |  © 2016, Beacon Property Solutions, LLC.  All Rights Reserved.
Beacon Property Solutions - Pinterest Logo Beacon Property Solutions - Youtube Logo Beacon Property Solutions - Facebook Logo Beacon Property Solutions - About Beacon Beacon Property Solutions - Home Sellers Beacon Property Solutions - Home Buyers Beacon Property Solutions - Neighborhoods Beacon Property Solutions - Contact Form Beacon Property Solutions - Your Home's Value Beacon Property Solutions - Find a Home Beacon Property Solutions - Home Page Beacon Property Solutions - Short Sales
Understanding the Short Sale Process

The short sale process is confusing to most homeowners.  Unfortunately for sellers, many real estate agents are not as familiar with the short sale process as they should be.  It is important for a homeowner to make sure that they are hiring a qualified agent that has substantial experience closing short sales.  As a REALTOR®, we are not licensed to provide legal or tax advice.  It is important for a homeowner to consult with an Arizona licensed real estate attorney and a tax professional (CPA) to understand their legal and financial rights and obligations when considering a short sale.

Although the short sale process has become more streamlined in recent years, there is still uncertainty and fear about how and why a short sale may work for some sellers and not others.  Understand that each short sale situation is unique.  Not all lender(s) are willing to accept and approve a short sale.  It is completely dependent on the homeowner’s hardship, circumstances, and the banks motivation and willingness to approve the short sale rather than to take the property back as a foreclosure.  Even with a high ratio of closing success, we have experienced circumstances where the parties cannot agree and the home will ultimately go to foreclosure.

Working with Lender(s)

Generally a lender will agree to accept a short sale for a homeowner for two reasons:  the seller’s hardship and the seller owing more than the current market value of the home.

Examples of hardship may include:

     • Divorce
     • Death of homeowner or immediate family member
     • Unemployment or reduction of income
     • Medical emergency
     • Job transfer
     • Bankruptcy

Getting Started-First Steps

If you are facing any of the above (or other) hardship situations, the first step is to contact us to request a short sale questionnaire and financial package.  These documents are required and must be completed in order to allow us to fully understand your current situation and to assist in evaluation of the circumstances and options available.  We will also ask you to contact legal and tax professionals to gain the best understanding of your legal and financial rights and obligations regarding a short sale.

Timing is Important-Don’t wait!

Many times, homeowners will wait too long before contacting an agent to get their home listed on the market before the scheduled trustee’s sale date.  They may be “avoiding” the situation--not answering telephone calls or opening mail from their lenders.  Today, many lenders are offering financial incentives to homeowners as a way to help them avoid foreclosure and to encourage them to short sale their home.

The important key for homeowners is to take action and to reach out and understand the available options through a qualified professional to avoid foreclosure.  Waiting too long may not provide the agent the necessary time needed to get the home on the market, properly marketed, under contract, and negotiated before the trustee sale date.  Even if a homeowner has a pending sale date scheduled, that doesn’t mean that the lender will not agree to postpone or cancel the sale.  Contact us today.