How To Sell Your Arizona House Fast When You Have No Equity! Arizona Short Sale Expert Cody Sperber Explains.

Real Estate Agent with Clever Investor, LLC


Desperate Man In Desert


Can A Real Estate Short Sale Allow You To Just Walk Away From Your Arizona Home?

It all starts with some kind of financial hardship!  You and your family struggle to make the mortgage payment.  Maybe this month you scrape by, but it will be nearly impossible to pay next months bills.  To make matters worse, you owe as much or more than your home is worth.  You go to your local bank and ask about a refinance, but you are turned down.  No bank is going to lend money on an overleveraged house, plus, you credit isn't all that good.  You think to yourself...I am just going to let the house go to foreclosure and go rent somewhere.  Well, what if we told you there was a better way!

Introducing The Real Estate Short Sale: An Amazing Exit Strategy!

A Real Estate Short Sale refers to a lender(s) accepting a sales price that is less than what is currently owed plus all related sales expenses. So basically, a potential buyer can make an offer on the home for thousands less than what is currently owed, and get it accepted by the bank!  This is common in a declining housing market and can be a win-win for both the bank and the homeowner.  Normally a bank will begin to look at the Short Sale Option only if the homeowner is behind on payments and begins to Face Foreclosure, but not always. In rare instances, the bank will still accept a short sale if the mortgage payments are current.  The process to end up at the Short Sale Options typically works like this:

  • The homeowner(s) begin to miss payments
  • The lender(s) try to arrange a repayment plan
  • The repayment plan fails or is never attempted and the bank mentions a short sale

Requirements for a Short Sale are:

  • A proven financial hardship
  • Behind on payments (In most circumstances)
  • You owe as much or more than your home is currently worth
  • The homeowner requests a short sale packet from their lender(s)
  • The bank notifies the homeowner(s) that they can't turn in the short sale packet until they have a signed purchase contract
  • The homeowner(s) have to decide what to do next...hire a Realtor (, or find a company like Sell Quick For Cash, LLC (Investment Company that specializes in Short Sales)

Okay, We Qualify For A Short Sale...What Do We Do Next?

First, you want to find a person or company that specializes in Short Sales and has a proven track record.  This is very important, because you only have one shot to get the job done!  If your Short Sale does not work, and the Foreclosure auction is not postponed, you run the risk of loosing your house to Foreclosure and having it on your credit record!  So take your time while interviewing prospective companies or Realtors before you do your Short Sale.  Below is a list of questions I expect to be asked when being interviewed to run a Real Estate Short Sale:

  • How long have you been negotiating Short Sales?
  • How many Short Sales have you completed?
  • Do you have any past clients (referrals) that we can talk with?
  • What is the average time it takes to complete a Short Sale?
  • Do you charge anything to facilitate my Short Sale?
  • Are you just listing my house, or are you actually putting in an offer to buy?
  • What are the chances a Short Sale will not work?

 On my next post I will explain what information the bank will require in order to entertain a Real Estate Short Sale as well as explain What the Tax Consequences and Credit Consequences of a Real Estate Short Sale.  If you need immediate assistance to Stop Foreclosure Arizona, please visit

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Comments (1)

Todd Clark
eXp Realty LLC - Tigard, OR
Principle Broker Oregon


Another option you may want to look into for your sellers is owner financing, it has helped alot of people in that same situation.


Sep 12, 2008 10:33 AM