Beacon Property Solutions, LLC
6869 W Jackrabbit Lane
Peoria, AZ 85383
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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.
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 homeowners 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.
Generally a lender will agree to accept a short sale for a homeowner for two reasons: the sellers hardship and
the seller owing more than the current market value of the home.
Examples of hardship may include:
Death of homeowner or immediate family member
Unemployment or reduction of income
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.
is Important-Dont wait!
Many times, homeowners will wait too long before contacting an agent to get their home listed on the market
before the scheduled trustees 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 doesnt mean that the lender will not agree to postpone or cancel the
sale. Contact us today.