Short Sale.

Being faced with owing more to your lender(s) than what your home is worth is a scary and frustrating situation faced by Arizona homeowners.

The challenges you face to help you out of an underwater home are many and the reliable sources to educate you on your options are few. We are here to help you, and that starts by educating you about your particular loan(s) and the solutions available to you.

The most common manner of dealing with an underwater property in Arizona is via a short sale. A short sale is a sale where your lender(s) agree to allow you to sell your property for less than the outstanding balance on your loans. For most, the short sale will relieve you entirely of your debts without any tax implications. However, given that each loan, homeowner, property and process for proceeding with a short sale is unique, it is imperative that you get a legal opinion on your options.

1. Each of our clients receives a free consult with attorney Andrew Spitler. Whether you choose to proceed with a short sale or another option, you will not owe any fees for the consult.

2. The legal advice will cover any questions you may have and specifically will address whether you should continue to make payments, what to do about HOA dues, your options for being granted a short sale or other relief from your lender(s), and the potential for income tax liability based on your options.

3. Should you choose to proceed, Andrew will gather your financial information and prepare the necessary documentation for your lender(s).

4. You list your home for sale with Spitler Realty Advisors.

5. You agree to an offer on your home with a buyer.

6. The offer, all of your financial information and the documentation for your lender(s) are compiled into a short sale package(s) by Andrew and submitted to your lender(s).

7. Andrew then handles the negotiation process for approval of the short sale with your lender(s). As part of the process the lender will evaluate your eligibility for the short sale, the value of your home and the offer agreed to with the buyer.

8. Upon successful approval of the short sale by your lender(s), each lender issues an approval letter which is reviewed Andrew.

9. You prepare for closing on your home with the buyer of your property as in a typical closing. Andrew will gain final approval of the closing statement from the lender(s) to confirm the closing documents are acceptable.

10. At closing, your underwater loan balances are typically written off by your lender(s) you usually have no out of pocket costs at closing (real property taxes, title company expenses, Realtor ® commissions, etc.).

Call or email as soon as you believe you may be facing a problem as it is critical to address an underwater home as quickly as possible in order for you to have the most options and be in the best financial and credit situations in the future.

@2019 Spitler Realty Advisors