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FAQ - Scottsdale Short Sale and Foreclosure


I have a home that I want to sell, but my home is not “distressed”. Can you sell it for me?
Absolutely! Summit Home Consultants is full-service Real Estate Brokerage. We are a division of Summit Land Consultants, which was created in 2001. Summit Land Consultants handles land transactions, and Summit Home Consultants handles Residential Transactions. In light of the recent spike in distressed properties, we took it upon ourselves to become more involved with Foreclosures and Short Sales. We have invested an enormous amount of time and resources to distinguish ourselves as the Premier Short Sale Brokerage in Arizona, but we will gladly assist you in selling your home, regardless of the situation.

What is a Short Sale?
If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiations of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify (see our report on the “3 Must Have Qualifications for a Short-Sale Homeowner").

What other options do I have, other than a Short Sale?
There are numerous options that you should consider before attempting a short sale (see our report titled “Options and Solutions for Homeowners in Foreclosure”). All of these options should be researched before moving forward with the Short Sale.

I’ve heard that Short-Sales are impossible, and never get approved. Is this true?
Nothing could be further from the truth! We are Certified Distressed Property Experts (CDPE) and we have undergone extensive training in helping homeowners in distress and processing short sales. The CDPE membership organization is made up of agents (less then 1% of Licensed Real Estate Agents nationwide) who receive thousands of short sale approvals on a monthly basis-don’t think for one minute this is an impossible process. While there are no guarantees in any transaction, more and more short sales are being approved monthly.

I’m not in Foreclosure, and have not missed any payments. Can a short-sale be negotiated on my behalf?
At one time (not too long ago), most lenders wanted you to be in default (missed one or more payments) before they were willing to consider a short sale. This trend has almost altogether reversed. Today, lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency. In other words, if you feel that your home is about to make you insolvent, start negotiating for a short sale now! The more time we have to market your home, the better the chances that a lender will approve a short sale package.

Wouldn’t the bank rather foreclose than bother with a short sale?
We know you have heard this; you may have even heard it from an overzealous collections agent working for a lender. The reality is that banks DO NOT want to foreclose on your property. Banks, investors, and even the Federal Government have all publicly said that if a person is qualified for a short sale, the deal needs to be considered (see our report titled “The 7 Most Dangerous Short Sale Myths”)

I’ve received a Notice of Trustee Sale from my lender. Isn’t it too late to negotiate a short sale?
This is a myth that probably hurts homeowners the most. Many don’t realize that foreclosure is a process and there is time. The foreclosing party (in most cases a lender) can stall a foreclosure up to the final day of the process. These days, many lenders will stall a foreclosure with as little as a phone call from you, letting them know that you are trying to sell. Almost all lenders will stall a foreclosure with a legitimate contract. In our view, there is time until the foreclosure process is complete.

If the bank loses money when my short sale closes, won’t I have to pay income tax on that amount?
Not messasarily. The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007. Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence. Please consult with an attorney or CPA to verify that you qualify for this relief.

If we are successful with the short sale, can I be sued for a deficiency judgement?
In rare cases lenders also pursue a Deficiency Judgement against borrowers and attempt to collect the amount that was short. This does require a separate action to be filed in court, causing the mortgage company to incur further expense. The mortgage company is also acutely aware (after seeing our extensive short sale package) of the borrower’s inability to pay, so it is our belief that they see further collection action as fruitless. (Learn more about deficiency judgements in Arizona). As always, consult with a qualified attorney if you have any concerns/questions about your particular situation.

We have attempted to include questions that we are commonly asked in this section. We know that you likely have more questions. Please feel free to contact us using the form on this page, and we will do our best to provide the answers.

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fairThe above brokerage assumes no responsibility nor guarantees the accuracy of this document and is not engaged in the practice of law nor gives legal advice. It is strongly recommended that you seek appropriate professional counsel regarding your rights as a homeowner. © Copyright 2009 Summit HomeConsultants. Scottsdale, Arizona.