Dipping a Toe into Phoenix Short Sales

Jonathan Dalton, Phoenix Real Estate AgentWe’re surrounded by contradictions every day. Things get challenging when the contradictions strike closer to the home front.

It would take me too long to link to all of my past posts about short sales here in the Phoenix real estate market. I’m not a big fan of them, speaking with my buyers’ agent hat firmly in place, as there often are better deals on the market.

Then you start to see the numbers shifting and you see more and more short sales that are being completed. And you start to see banks being slightly more cooperative and not necessarily waiting for an owner to fall three months behind on payments before they’ll even talk to them.

And then your own phone rings and you’re talking to a homeowner … “You’re a real estate agent. Help me.”

It’s hard to say no.

This week I’ll be listing my first short sales. This isn’t to say that I’m unfamiliar with the process, having gone through it on the other side of the table.

So I’m in the process of collecting documents, authorizations and all of the other fun things that go into the short sale process. I’m gearing up for time spent on hold, getting the run around from loss mitigation departments and the like.

Would I show one of these properties to one of my buyers if I wasn’t the listing agent? I really don’t know. Once I explain the short sale process, most of my buyers turn toward other options pretty quick. But does that make them unsellable? No. Not at all.

Short sales are selling. I’m planning to make my listings join that crowd.

[tags]Phoenix real estate, short sales[/tags]

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.


  • Carmen 10 years ago

    I just attended to a class with (x) bank representatives, they mentioned something that shocked me. They said that a foreclosure is better than a short sale for the owner, because on a short sale the bank can still go after the owner for defiancy payment, where as with a foreclosure they cannot. If you are three months late on your payment it will show up as a foreclosure on your credit report even if it was a short sale, a deed in lieu, or an actual foreclosure. Correct me if i am mistaken.

  • Carmen 10 years ago

    I meant deficiency payment.

  • Jonathan Dalton 10 years ago

    I had heard that was not the case but I’m not certain, to be honest. I’m researching as we speak but this is one of those areas where a tax attorney/accountant would know best.