SHORT SALES

SHORT SALES presented by Jill Segrove, your Phoenix, Anthem and Scottsdale REALTOR
A short sale is the sale of real estate in which the proceeds from the sale "fall short" of the balance owed. If you have suffered a financial hardship and have fallen behind on your mortgage payments, then it may be time to consider a short sale.

A successful short sale is based on communication, professionalism, organization, and preparedness. It is essential that the homeowner and all lenders involved come to a mutual agreement of the sale. Lenders do not want your home and offer solutions to help you avoid foreclosure. Before entering into a short sale contract, sellers should always seek legal and tax advice to learn the consequences of debt forgiveness.
If you find yourself unable to make your mortgage payment, contact your lender's loss mitigation department and request a short sale package. Information requested by the lender will depend on the lenders requirements. Here is a list of what is typically requested:

A valid listing agreement to sell your home.

A valid purchase contract if an offer has been made on your home.

A hardship letter explaining the cause of your financial hardship.

A statement of your current financial condition. This may include a collection of paycheck stubs, tax returns, bank statements, and list of expenses.

A letter of authorization allowing the lender to discuss your situation with a third party such as your real estate agent, tax advisor, attorney, or title company.
SHORT SALES by Jill Segrove, Phoenix Arizona REALTOR
In addition to a qualified REALTOR®, there is help available, but be wary of anyone charging an upfront fee or promising results, and NEVER sign your deed over to anyone. 

The U.S. Department of Housing and Urban Development (HUD) offers free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender. To find a HUD approved housing counselor near you, call (800) 569-4287 or TTY (800) 877-8339.