• Retain some dignity in knowing that you sold your home and "defaulted responsibly". 
• You won't suffer the social stigma of the "F" word: foreclosure.  
• No mortgage payments to make, unless you choose to make them.  
• You can meet the new owners.  
• You will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years in a foreclosure.  If your credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, you will be eligible to buy another home immediately.
• For many sellers, though, the chance to buy another home in two years is the real motivation to do a short sale. Good credit behavior can supplant bad credit after two years, even though the derogatory will remain. 

• Waiting for the bank to respond to an offer is frustrating.
• The bank will want to examine personal records such as tax returns, bank accounts, assets and liabilities, in addition to asking for a hardship letter from you.
• Accommodating buyers will mean keeping your home in spotless condition for weeks until an offer is received and putting up with traffic through your home.  
• There is no assurance the bank will accept a short sale offer.  
• The derogatory credit will remain on your credit report for 7 years.

• Credit- Once the short sale is complete the sale will be reported as “paid as agreed, or paid as settled,”. A short sale by itself is a minor ding on your credit…maybe 10-20 points. The negative impact on your credit comes from any delinquency on the mortgage. However, usually you will recover from these delinquencies within 12 months from the most recent missed payment.
   
• Taxes- Although I am not giving you tax advice, I highly recommend you discuss the Mortgage Relief Act of 2009 with your CPA or Tax Attorney. As I understand it, and this is not meant to be advice, if your short sale your primary residence the IRS cancels the tax liability that would normally be assessed on the amount of forgiven debt. This law is set to expire at the end of 2012.
   
• Future Liablility- Arizona is a “Non-Recourse” state which means that the debt written off by the 1^st lien holder or any first money also known as Purchase money is exempt from any future liability. However, HELOC’s do not qualify for this exemption, which means that the Creditor can pursue the borrower for the remaining balance and often times will not release the junior lien until the future liability has been settled. We negotiate both aspects, the release of the junior lien as well as the lowest possible settlement of any future liability.

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Short Sale Disclaimer
Website visitor and all clients acknowledge that Broker/Agent is not qualified to provide financial, legal, or tax advice regarding a short sale transaction. Therefore, the Seller is advised to obtain professional tax advice and consult independent legal counsel immediately regarding the tax implications and advisability of entering into a short sale agreement.

Listing Disclaimer 
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. 

Mortgage Assistance Relief Services (MARS) Disclosure
(a) REAL PROS Arizona is not associated with the government, and our service is not approved by the government or your lender.  (b) Even if you accept this offer and use our service, your lender may not agree to change your loan.