The information and answers to the questions below are general in nature. Picture Perfect Realty recommends you seek advice from a real estate attorney and tax professional to fully understand your options and what would work best for your situation.If you need a referral, don’t wait CALL TODAY!

First things first, call or fill out the “What’s my home worth”. We have found 1 out of 5 homeowners don’t need to short sell their home!!!

If you have to short sell your home, you will need to consult with the following 3 professionals:

1. Realtor ®


2. Real Estate Attorney


3. Tax professional

By consulting with the above professionals you will know all of your rights and can organize a plan tomeet your needs.

Short selling your home would relieve the stress and headaches that comes from the foreclosure process, but may not always be your best option.

In instances where a property owner owes more money on a property than it is worth, or where the property owner no longer has the financial wherewithal to continue making mortgage payments, certain options become available. Those options include engaging in a short-sale transaction, deed-in-lieu of foreclosure, strategic foreclosure, or Ch. 13 bankruptcy with a lien strip, et al. You should consult with an attorney to ascertain which of the aforementioned options (if any) would be to your advantage.  

If it is determined that a short-sale transaction is to your greatest advantage, there are many benefits that could result. First, you would no longer continue paying money for an asset that is worth less than what you owe. Second, you would avoid having a foreclosure reflected on your credit report. Third, a debt settlement on your junior mortgages may be negotiated that would require you to pay less money than you would otherwise pay if you engaged in a straight settlement. Taken together, these benefits could provide you with tremendous peace of mind.

Arizona has anti-deficiency judgment statutes. These statutes are designed to protect homeowners in situations where they fail to repay the entire outstanding balance(s) on their home loans. If a homeowner satisfies the elements of these statutes then his or her respective mortgage lender(s) will be precluded by law from obtaining a deficiency judgment against the homeowner for the unpaid loan amounts in the post-foreclosure, or possibly post-close of escrow environment.  

Lenders have harder qualifying guidelines for people that have a foreclosure vs. people that have short sale in their past. Short selling your home under today’s banking guidelines would allow you to buy a home much earlier than if your property went into foreclosure. Speak to a mortgage broker or mortgage bank for more details.

Remember everyone’s situation is different. We recommend you consult with the appropriate professional to understand your options. If you choose to short sell your home, we will make the process as painless as possible, call today for your free consultation!