Short Sales: Real Estate Escape Hatch for

Today’s Market

Tucson Short Sale Search

 

 

A short sale is a strategy for selling your home when your mortgage balance is more than your home is worth.  A dramatic and prolonged drop in property values, rampant unemployment, and other financial problems have many Americans at their breaking point.  If this describes you, a short sale may be the answer to your problems.

Short Sales Defined

A short sale is nothing more than a lender agreeing to allow the sale of a home for less than the current mortgage balance.  This method of selling a home isn’t good for everyone, but depending upon your specific situation, it could help you to sell your home and free you of the stress of going through the foreclosure process.

A successful short sale transaction requires a number of conditions to be met.  If you meet the following conditions, a short sale might be a good solution for you.

Recipe for a Successful Short Sale Transaction

  • Negative Equity
  • Strong Seller Motivation
  • Financial Trouble
  • Lender Agreement
  • Real Estate Agent Involvement 
  • Qualified Buyer

Homeowner benefits

While a short sale transaction won’t offer you financial gains, it can do a number of things for you that can make it an attractive alternative to foreclosure:

  • Allows you the freedom to sell your home and move on with your life
  • Helps to avoid the personal, spiritual, and societal stigma attached to foreclosure
  • Can minimize potential credit damage compared to foreclosure

Lender benefits

While a short sale can be good for you, this transaction can also be good for your lender:

  • Eliminates the financial implications of a protracted foreclosure process
  • Gets “bad loans” off the books, which improves the lender’s financial situation
  • Eliminates the potential for vandalism, maintenance costs, and other expenses associated with carrying a non-performing asset

Short Sales Aren’t for Everyone

A short sale may be a good solution for you if you owe more on your home than it is worth and you are experiencing serious financial problems due to changes in your employment situation, health problems, or any one of a number of different reasons.  They do, however have some drawbacks that must be carefully weighed in light of your specific circumstances:

  • Potential for tax liability for any forgiven debt
  • Possible deficiency balance for the difference between your loan balance and the amount accepted by your lender in the short sale
  • Credit damage as a result of a short sale and ineligibility for federal housing-related lending programs for two years (versus four years in a foreclosure)

Selecting the Best Real Estate

Professional for Your Short Sale

A major factor to consider when thinking of foreclosure avoidance with a short sale is the the qualifications of the real estate professional with whom you choose to work.  All real estate professionals are not created equal.  Because a short sale transaction involves multiple communications with your lender in order to complete the short sale process, it’s imperative that your real estate professional be trustworthy, experienced in short sales, and willing to keep you informed with regular updates.

Deciding whether or not a short sale is the best foreclosure alternative for you and your family is a big decision – with major implications for your future.  Only you can decide which foreclosure avoidance strategy is best for you.  Armed with the right tools you can make the right decision.  

property image

$699,900

2455 E Miraval Primero, Tucson

PRICE REDUCTION $30K !! 4,301 sqft Custom 1 story 5 Bed/3 bath Territorial Adobe brick home nestled on private 1.3 ac lot in cul de sac in popular Catalinas Foothills 8. ...

  • Beds5
  • Baths3
  • Courtesy ofTierra Antigua Realty

property image

$580,000

1527 E Benson, Tucson

This Property has some Incredible History of Tucson behind it. The Old Round Up Steakhouse is No More BUT The land and memories will forever be. Buy a piece of the Old W...

  • Courtesy ofOmni Homes International

property image

$460,000

419 S 5th, Tucson

Gorgeous Historic home in prestigious Armory Park. Estate of Jon Lightfoot, renowned Tucson artist. Magical home for buyer who appreciates historic value + charm/beauty o...

  • Beds6
  • Baths5
  • Courtesy ofHomesmart Advantage Group

property image

$385,000

10768 E Placita Merengue, Tucson

Pre-approved short sale! Bank appraised for $400K. Gorgeous custom home on 1.46 acres with huge attached work/studio space that could easily be converted into quest quart...

  • Beds4
  • Baths3
  • Courtesy ofExp Realty

property image

$306,000

9446 S Horned Lizard, Tucson

This beautiful Richmond American home is located in the highly desired Vail School District and within walking distance to Esmond Station. This home has it all. The upg...

  • Beds4
  • Baths3
  • Courtesy ofMy Home Group Real Estate, Llc

property image

$280,000

5199 N 1st, Tucson

Calling all investors! 6.1 Acres on a private drive with soaring city and westside views. Private well and city water. Horse property and CR-1 zoned. Bring ideas. SHOR...

  • Beds2
  • Baths2
  • Courtesy ofTucson Property Executives Llc

property image

$230,000

6411 S Reed Bunting, Tucson

Short Sale sold As IS.

  • Beds4
  • Baths3
  • Courtesy ofTierra Antigua Realty

property image

$204,900

5267 W Fireopal, Tucson

Potential Short Sale. Priced to Sell! Beautiful Large 4 Bedroom 2.5 Bath Priced to Sell! Huge 2155 sq ft Multi Functional Floor plan Home w/ 2 Living Rooms & 2 Dining A...

  • Beds4
  • Baths3
  • Courtesy ofTierra Antigua Realty

IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

All information deemed reliable, but not guaranteed.