Steps For Phoenix Property Owners To Take In A Short Sale Situation

The short sale is when the lender agrees to accept less then is owed on the outstanding debt.  This is a very common situation in this market where people are finding themselves 'under water' or 'upside down' on their mortgage with no short term prospects for improvements.

The precarious Phoenix market and ferocious cycle many homeowners and investors find themselves in is a difficult position where they may not be able to keep a property for multiple reasons. 

There are quite a few options for those in such a position: modification, foreclosure, deed in lieu of foreclosure or short sale and it's the short sale that's becoming a more viable option with the sponsorship of this method by the government and the more willing banks.

Below are the basic steps of a short sale followed by access to more details and resources about the process.

1. Talk to your lender.

2. Consult a lawyer and your CPA.

3. Collect the documents.

4. Put your property on the market.

5. Submit a buyer's offer to your lender.

6. Stay in communication with your lender.

7. Your lender's acceptance or denial

8. The sale/purchase process.

9. Closing and closure.

Read the full steps in detail.