Short Sales

Being faced with owing more to your lender(s) than what your home is worth is a situation faced by many 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.

The short sale process works as follows:

  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 legal fees.
  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 your HOA, your options for receiving a payout from your lenders in agreeing to a short sale and the potential for any tax liability.
  3. Should you choose to proceed, we 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 attorney Andrew Spitler.
  7. Andrew Spitler handles the negotiation process with your lender(s).
  8. Upon successful approval of the short sale by your lender(s), each lender issues an approval letter.
  9.  The approval letter is reviewed by attorney Andrew Spitler.
  10. You prepare for closing on your home with the buyer of your property.
  11. At closing, your debts will be wiped out and you will owe no fees for your legal representation or any other costs associated to your sale.

Call or email as soon as you believe you may be facing a problem as it is critical to address underwater homes as soon as possible in order for you to be in the best financial and credit situation in the future.