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Short Sale in Phoenix

What Is A Short Sale, And Why Would A Bank Consider It?

Simply stated, a short sale occurs when the bank accepts an offer on your home that is less than what is owed on the mortgage. For example, lets say you owe $150,000 on your home in Phoenix, and the market value is $100,000. Our Phoenix short sale agent team lists the property for sale, and receives an offer of $100,000. Basically, we are “shorting” the bank $50,000. In doing so, your lender will “forgive” the debt and allow you to move on with your life.

Banks accept Phoenix short sales because they are better for their bottom line, when compared to foreclosure. A typical foreclosure will cost the bank anywhere from $15,000-$30,000 in legal fees, maintenance costs, utilities, etc. A short sale not only recoups more money for the lender/investor, but also keeps them from potentially having another home in their inventory. Remember, banks are not in the business of owning homes.

A short sale may not be your only option.  You may qualify for the HARP 2.0 Refinance Program, which was recently announced by President Obama.  We have set up a HARP 2.0 Eligibility Questionnaire to help you determine if you are eligible for this program.

After 4 years of completing short sales for our clients, we have assembled a collection of short sale approval letters to get an idea of what we are looking for when handling short sales.  As you will see, our main priority is to make sure that our sellers avoid any potential deficiency issues when completing a short sale.  Feel free to visit this page to get a better idea of what we are looking for on our client's short sale lender approval letters.

Over the years, I have also written several blog posts on the topic of short sales, with the hope of helping not only homeowners that are facing foreclosure, but also fellow real estate agents that are trying to help their clients through the short sale process.  Feel free to peruse our short sale blog post category to learn more.

You can also visit our client testimonials page to get a better idea of what our clients think of our services.  Feel free to call me at 602-909-5994  if you would like to talk to any of our clients directly.

Additionally, feel free to take a look at our Phoenix Short Sale FAQ'S Video Series.  They are all short and to the point, and cover some of the most frequently asked questions that we hear from our potential clients.  Included in this series are the answers to the following commonly asked questions:

  • What are the benefits of a short sale versus a foreclosure?
  • Is a short sale right for me?  Do I qualify for a short sale?
  • What is the short sale process, and how long does it take?
  • Why won't my lender modify my loan?
  • Can my lender come after me for a deficiency?  Will there be tax consequences for my short sale?
  • Why should I hire Summit Home Consultants for my short sale?

Lastly, if you provide us with your contact information and the name of your lender, we will send you any updates that may pertain to your specific situation. Some lenders may have guidelines or incentives that are unique to them, and these tend to change regularly. As we are notified of any such changes, we may touch base with you, so that you know where you stand. We will never send you unsolicited mail or in any way harass you or pass on your information to anyone.  Everything you share with us will be kept in the strictest of confidence.

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Latest Short Sale Listings

8943 E Palm Lane, Mesa image
8943 E Palm Lane, Mesa $1,475,000

Need Space?? Check out this Amazing Opportunity! This exquisite home has all the upgrades and space along with a cash flow rental opportunity. Located in North East Mesa ...

  • 7 Beds
  • 7 Baths
  • 6218146 MLS
  • 7,221 SqFt.
9578 N 132nd Place, Scottsdale image
9578 N 132nd Place, Scottsdale $950,000 ▲

Wow! Amazing city light and mountain views to be enjoyed from the gorgeous and peaceful back yard with large covered patio, pool, spa, fire pit and built-in BBQ. Popular ...

  • 4 Beds
  • 3.5 Baths
  • 6203427 MLS
  • 3,261 SqFt.
5527 E Cheryl Drive, Paradise Valley image
5527 E Cheryl Drive, Paradise Valley $939,900

Terrific Two Story home in Singletree Ranch. Four Bedrooms, 5 Baths and Formal Living and Dining Rooms. Family Room is Open to the Spacious Kitchen. Inviting Rear yard wi...

  • 4 Beds
  • 5 Baths
  • 6219798 MLS
  • 3,684 SqFt.
276 W Swan Drive, Chandler image
276 W Swan Drive, Chandler $725,000

This charming 4 bed, 3 bath two-story home features a spacious kitchen, a refreshing in-ground pool and spa, and a large master bedroom complete with a walk-in closet and...

  • 4 Beds
  • 2.5 Baths
  • 6220426 MLS
  • 3,146 SqFt.
13327 N Blue Coyote Trail, Fort McDowell image
13327 N Blue Coyote Trail, Fort McDowell $720,000 ▲

CUSTOM HOME on a 4.45 acre horse property in Goldfield Ranch. Minutes from Fountain Hills, Saguaro Lake & 35 minutes to the airport. This 1 level home has a beautiful kit...

  • 5 Beds
  • 3.5 Baths
  • 6190695 MLS
  • 4,650 SqFt.

All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2021 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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Short Sale & Foreclosure Info

  • Short Sale vs Foreclosure
  • Stop Foreclosure
  • Short Sale FAQs
  • Our Short Sale Listings

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The Bob Hertzog Home Selling Team
1819 E Morten Ave Suite 140
Phoenix, AZ 85020
602-957-1583

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Popular Areas

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  • Arcadia
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  • Kierland
  • Litchfield Park
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