AZ Short Sale Guide


Are you looking for Short Sales in Scottsdale? Are you behind on your payments, facing foreclosure, or confused by all the talk about short sales and just trying to understand your options? Thankfully, as one of the leading Short Sale Real Estate Agencies in Scottsdale, Arizona and the Managing Director for REO / Loss Mitigation, NXT Generation Real Estate provides complete and professional assistance on both sides of short sale spectrum. Whether you are looking for a short sale condo or multi-million dollar estate you will find all of the Scottsdale short sale inventory on the Arizona Multiple Listing Service using the links below.

This is a great time to capitalize on a short sales and other Scottsdale Real Estate. Whether you're shopping for a short sale in Scottsdale, an investment property, a foreclosure or bank owned property, or need assistance trying to sell or save your home through the short sale process, NXT Generation Real Estate, based in Scottsdale, Arizona, is perfectly situated to guide you.
Please feel free to browse our inventory of Scottsdale short sales, read our helpful short sale articles or download our FREE shortsale vs. foreclosure guide today. Then contact us right away so we can get the process started. We're here to help you with all of your scottsdale short sale needs and we're waiting to hear from you, contact us today!


Glenn Real Estate Group, Short Sale Expert | 16420 North 92nd Street Suite #216
Scottsdale, AZ 85260 | CELL (602) 321-8959 | TOLL FREE 1.855.Greg.Glenn
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There is no easy answer to the questions regarding short sales. Emotions play a big part of this decision, but when the negative equity in your home reaches a level that justifies the potential damage to credit or when the home owner is simply unable or unwilling to continue making payments, the decision becomes easier. It is important to have all the facts before making your decision to go with a short sale. NXT Generation Real Estate can help you determine the value of your property and which option best suit your needs so you can make a more informed decision. We've also answered some common short sale questions below, but don't hestitate to contact us for any other questions or information regarding short sales in Scottsdale, Arizona.
Who pays the fees in a Short Sale?

The lender may pay some or all of the fees associated with the short sale of the property. However, it is not unusual for either a 1st/2nd lien holder or MI company to require funds or a promissory note from the home owner prior to close. It is important for the homeowner to know their obligations prior to listing the home for short sales.

Can I stay in my home if I am not making my mortgage payments?

Typically, if a home owner stops making payments, after 90 days they will receive a notice of default and then a notice of sale. The notice of sale must give the homeowner90 days notice. So from the time a homeowner stops making payments, the minimum time before the home could be sold at trustee’s sale and the homeowner forced out is 6 months. Many lenders are extending these times in order to slow the number of foreclosures. Additionally, lenders will usually extend the trustee sales dates to accommodate a short sale

What is required from the Property Owner?

The homeowner must provide a listing agreement with a qualified REALTOR, provide the lender with requested documents, and allow access to show the property.

How does a Short Sale work and how do I get started?

Typically this is a difficult process, complicated by the overwhelmed lenders that are hard to reach and slow to make decisions. The lender has to approve any offers, but the decision also lies with the homeowner. An experienced REALTOR can help you get started and simplify this process by taking on much of work with the lender.

Do I need to be delinquent on my Mortgage to short sale my home?

No, in most cases if the homeowner is unable to continue making payments due to hardship such as job loss, income reduction, or illness in the family lender will accept short sale offers for consideration of approval without the loan being in default. Some people are in are in a position to continue to make their mortgage payments and make the financial decision making their payments until the home's sale transaction is closed. According to the new FHA guideline on short sales, those homeowners who keep their payments current during a short sale may qualify to buy a new home through FHA immediately after closing.

Must I have a hardship to qualify for a short sale?

No, Lenders often approve short sales for homeowners that do not have a hardship simply because the alternative is to take the home back in a foreclosure, which would only increase the lenders loss.

What constitutes as a hardship?

  • Death of income earner
  • Medical expenses
  • Military Service
  • Loss of Job
  • Reduction of Income

Will I still own the bank after a short sale?

It is commonly misstated that Arizona is a non-recourse state. Although Arizona has strong anti-deficiency statutes, there are circumstances in which a lender could peruse a deficiency judgment against the homeowner. There are statutes to protect homeowners from deficiency liability in a foreclosure that may not apply in a short sale. The upside to a short sale is it will typically reduce the potential tax obligations when a 1099 is filed after the lender takes a loss. This is why it is very important to consult an attorney before signing any documents or even listing the property for a short sale.

Short Sale vs. Foreclosure

  1. A foreclosure is typically more damaging to the credit than a short sale or deed-in-lieu.
  2. A foreclosure can create more of a tax liability for the home owner than a short sale, since a short sale is likely to result in a higher payout to the lender.
  3. Once a foreclosure is complete, the borrower has no bargaining power if the lender decides to peruse a deficiency lawsuit. If a short sale is completed on a property

Choose Glenn Real Estate Group for assistance with
Short Sale Homes
in Scottsdale, AZ


Scottsdale Arizona's Leader in Short Sales & Foreclosures!

NXT Generation Real Estate
12006 n 135th way • Scottsdale, AZ 85259
Toll Free: 1.855.Greg.Glenn | Direct: 602.321.8959 • Email: