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Desert Dream Realty
Find your Dream Home with Us!
Office: 480-252-8300     Fax: 480-619-5093
Short Sale Information

 
What is a Short Sale?
 
A short sale as a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens' full amounts. The lien holders would have to agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency. Short sale agreements do not necessarily release borrowers from their obligations to repay any deficiencies of the loans, unless specifically agreed to between the parties.
 
A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower; however both will often result in a negative credit report against the property owner.
 
 
 

Check out these programs before you Short Sale Your Home

If your mortgage is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance and take advantage of lower interest rates.
Have questions or need more information? Fill out the form below or contact Desert Dream Realty at 480-252-8300.
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Desert Dream Realty
6201 E Cave Creek Rd. Suite B • Cave Creek, AZ 85331
Office: 480-252-8300 • Fax: 480-619-5093



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