Phoenix Homes for Sale
  • Home
  • Advanced Search
  • Selling
  • Buying
  • Blog
  • About
  • Our Listings
  • Our Lender
  • Careers
Login
Call Us: 602-957-1583

Sign in to your account

Need to reset your phone number?

Don't have an account with us?

Click here to sign up.
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.

[gravityform id="1" name="Consumer Resources for Phoenix homeowners..."]

Latest Short Sale Listings

property image
21187 E Via De Arboles --, Queen Creek $780,000

None

  • 4 Beds
  • 3 Baths
  • 6393786 MLS
  • 3,626 SqFt.
2047 W Elliot Road, Chandler image
2047 W Elliot Road, Chandler $699,000

Huge lot with tons of potential!! 4 bedrooms and 2 baths with an additional 400 sq ft office with a separate entrance. This property is pre-approved for commercial offi...

  • 4 Beds
  • 2 Baths
  • 6385788 MLS
  • 2,626 SqFt.
17234 N 42nd Place, Phoenix image
17234 N 42nd Place, Phoenix $697,900 ▼

Located in the Village of Paradise Valley, bordering Scottsdale, this beautifully decorated home checks all the boxes with location & design. The home is professionally i...

  • 3 Beds
  • 2.5 Baths
  • 6392098 MLS
  • 2,613 SqFt.
4339 E Wescott Drive, Phoenix image
4339 E Wescott Drive, Phoenix $675,000

Fantastic Location and Lot! Large open kitchen and family room, neutral decor with tile and carpeting. Master bedroom boosts seprate shower and jetted tub. Backyard is...

  • 4 Beds
  • 2 Baths
  • 6396443 MLS
  • 2,125 SqFt.
3060 N Ridgecrest -- Unit #56, Mesa image
3060 N Ridgecrest -- Unit #56, Mesa $655,000

You'll LOVE this gorgeous 3 bed, 2 bath home with POOL in the gated Desert Vistas at Las Sendas! Nestled on a corner lot offering an RV gate and a 2.5 car & golf cart gar...

  • 3 Beds
  • 2 Baths
  • 6391335 MLS
  • 2,226 SqFt.

All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2022 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

Like or Share
Loading likes...

Short Sale & Foreclosure Info

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

Popular Areas in Community

Looking for the perfect home in the perfect place? Chances are you'll want to check here first.

Community Real Estate

  • A M Ranch
  • Ahwatukee
  • Anthem
  • Arcadia
  • Avondale
  • Buckeye
  • Carefree
  • Cave Creek
  • Chandler
  • Desert Ridge
  • Fountain Hills
  • Gilbert
  • Glendale
  • Goodyear
  • Kierland
  • Litchfield Park
  • McCormick Ranch
  • Mesa
  • North Phoenix
  • Paradise Valley
  • Peoria
  • Phoenix
  • San Tan Valley
  • Scottsdale
  • Sun City
  • Surprise
  • Tatum Ranch
  • Tempe

The Home Buying Process

 

 

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years
Calculate

Does not include any taxes or fees.
Please consult a financial professional.

  • Home
  • Advanced Search
  • Selling
  • Buying
  • Short Sale Info
  • About Us
  • Blog
  • Our Listings
  • Contact Us
  • Closing Costs
  • Resources

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

© 2015 - All Rights Reserved | Privacy Policy

Popular Areas

  • Ahwatukee
  • Anthem
  • Arcadia
  • Avondale
  • Buckeye
  • Carefree
  • Cave Creek
  • Chandler
  • Desert Ridge
  • Fountain Hills
  • Gilbert
  • Glendale
  • Goodyear
  • Kierland
  • Litchfield Park
  • McCormick Ranch
  • Mesa
  • North Phoenix
  • Paradise Valley
  • Peoria
  • Phoenix
  • San Tan Valley
  • Scottsdale
  • Sun City
  • Surprise
  • Tatum Ranch
  • Tempe
IDX Real Estate Websites by
• Accessibility