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

$799,000

8105 N Fairway View, Tucson

Spectacular Views! Hilltop estate in Tucson National. Perched high on the hill overlooking hole #13 of the PGA Tournament Course. Situated behind private gates, and over ...

  • Beds5
  • Baths6.0
  • Courtesy ofRealty Executives Tucson Elite

property image

$465,000

35936 S Ocotillo Canyon, Tucson

*Bank Approved Price* Upgrades abound in this Sabino model home on an oversized .3 acre lot & featuring plantation shutters, electric sunscreen, 62" Samsung TV, DVD, & su...

  • Beds2
  • Baths3.0
  • Courtesy ofLong Realty Company

property image

$450,000

3620 N Lynford, Tucson

Poss Short sale. Discover Quality Desert Living as the owner of the spacious home with amazing mountain views, resort backyard & design for comfortable living for multipl...

  • Beds5
  • Baths3.0
  • Courtesy ofRe/Max Excalibur

property image

$449,000

5564 E Paseo Cimarron, Tucson

Great foothills value! Wonderful adobe block home located in desirable Cimarron Foothills Estates. The .9 acre hilltop lot offers amazing city and mountain views. Spaciou...

  • Beds5
  • Baths3.0
  • Courtesy ofLong Realty Company

property image

$375,000

819 N Circulo Zagala, Tucson

Back on the market! This is a short sale. The previous buyer was not able to finish the process but we are more than half way there for you to get it done quickly! This i...

  • Beds3
  • Baths2.0
  • Courtesy ofLong Realty Company

property image

$369,900

5520 E South Wilshire, Tucson

Rare short sale opportunity in sought after central location.Come view this magnificent property in convenient and desirable Wilshire Heights. This truly is a ranch in th...

  • Beds4
  • Baths4.0
  • Courtesy ofTierra Antigua Realty

property image

$350,000

4325 N Paseo Rancho, Tucson

Lovely Tucson home surrounded by majestic mountain views! Interior with custom designer paint throughout. 100% re-plumbed home. Upgraded kitchen boasts custom cabinetry, ...

  • Beds4
  • Baths3.0
  • Courtesy ofKeller Williams Southern Arizona

property image

$350,000

10742 E Avenida Hacienda, Tucson

This large home has 6 bedrooms (two Maters), 3 bathrooms and an office! This property is a dream home on a large lot with lots of potential. ADA adapted and previously us...

  • Beds6
  • Baths3.0
  • Courtesy ofPanda Key Realty

property image

$315,000

6510 N Camino Abbey, Tucson

City & mountain views shall sell this home. 5 BR, 6 BA home features great square footage for endless possibilities. Home is in distress so it is not for everyone. Needs ...

  • Beds5
  • Baths6.0
  • Courtesy ofTierra Antigua Realty

property image

$295,000

1154 S Avenida Los Reyes, Tucson

Open Spacious Floor plan with mountain views abounding. 3 car garage, living, dining, family space, huge kitchen. Full covered patio and pool. Plenty of room for family ...

  • Beds4
  • Baths2.0
  • Courtesy ofKeller Williams Southern Arizona

property image

$289,000

15260 W Ajo Hy, Tucson

Potential Short Sale- GREAT BUY for Anyone!!House Appraised for over $500K (per owner a few years back).Alder wood thru-out house Doors,Builtin Cabinets, Closets,vanity a...

  • Beds4
  • Baths4.0
  • Courtesy ofHomesmart Advantage Group

property image

$240,000

10004 E Denver Hill, Tucson

Lovely 2-Story Home with Sparkling Pool! Kitchen boasts Corian counters, updated backsplash, plenty of cabinets with open concept to family room. Retreat to your Master B...

  • Beds4
  • Baths3.0
  • Courtesy ofLong Realty Company