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The Long Realty Short Sale Resource Center provides you helpful information on short sales, the short sale process and how to search for short sale properties. Articles are provided by the Long Realty Short Sale Resource Group, a collaboration of Long Realty agents and managers with an expansive knowledge of short sales.

The "Short Sale" in a Market Recovery

June 4, 2013

While the housing market has shown strong signs of recovery over the last couple of years, many homeowners are still “underwater” and facing monthly financial difficulty in paying a debt that is greater than the value of their home. The decision to pursue a “Short Sale” is a difficult one and should be carefully considered with other options.

If considering a Short Sale, know that you are not alone. estimated that 42% of homeowners in Pima County had negative equity at the end of 2012. While that number decreases as values continue to rise, there are still many people that are “underwater”. As the economy recovers and more, and higher paying jobs are created, many homeowners will be able to continue making their monthly payments and hopefully tip the scales back in favor of positive equity in their homes.

However, if you are struggling to make the payment and have negative equity, a Short Sale may be a good option for you. In a market recovery, Short Sales are beneficial for both the lending institutions and consumers with negative equity.

By successfully completing a Short Sale of your property, you may be able to limit the damage to your credit score (in comparison to a foreclosure) and you may also receive moving assistance funds from your mortgage holder (sometimes up to $3,000). Perhaps most importantly, depending on the type of loan you have, banks may often forgive the unpaid debt as part of a Short Sale agreement. Banks benefit as a Short Sale typically brings a higher sales price than a foreclosure. estimated that in fourth quarter 2012, foreclosures sold at a 39% discount while Short Sales sold 23% below market. Neighborhoods benefit from higher sales prices and occupied, maintained homes. The seller can remain in the home until the Short Sale is completed.

As the housing market imploded and then eased into recovery, REALTORS®, consumers and lending institutions became more adept at processing Short Sales. Many banks now have quicker response times and require less financial documentation as part of this process. However, be prepared to present a comprehensive financial package to your lending institutions, including tax returns, pay stubs, bank statements, profit and loss statements and a letter explaining your circumstance, known as a “Hardship Letter”.

If you are considering a Short Sale, consult with a REALTOR experienced in this field. It is a specialized category of real estate sales. An experienced Short Sale agent can guide you through this difficult process and help you through what is often times an emotional and exhaustive process. You should also seek legal and financial advice from a professional when considering selling your home “Short”.

Short Sale Articles

December 12, 2013 Helpful Short Sale Tips and FAQ

The "Short Sale" in a Market Recovery

Debt Relief Act To Expire

FHFA Announces New Short Sale Guidance

Many Homeowners Ask the Question: Foreclosure or Short Sale?

What’s Happening in the Short Sale Market - June 2012

What Our Clients Are Saying

What’s Happening in the Short Sale Market

Preparing for the Short Sale Listing Appointment

Beware of Scammers

How Short Sales Affect the Market

How do Short Sales Affect Me?

How to Get Started

Why do We Need to Know about Short Sales?

Short Sale Resources

Lawyer Referral Service

Arizona Short Sale Advisory

IRS Debt Relief Act

Before using this service, consider the following information.


Long Realty Company is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.