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The Long Realty Short Sale Resource Center provides you helpful information on short sales, the short sale process and how to search for short sale properties. Articles are provided by the Long Realty Short Sale Resource Group, a collaboration of Long Realty agents and managers with an expansive knowledge of short sales.

What’s Happening in the Short Sale Market

One of the most asked questions by sellers investigating their alternatives to foreclosure is “Are creditors approving short sales? I have heard they are impossible to accomplish.” Although a short sale is certainly more difficult to bring to a successful conclusion than a traditional real estate transaction, with the combination of an experienced, knowledgeable real estate professional listing and marketing the property, a cooperative seller, and a willing, able, and committed buyer, they can be accomplished.

Through October 14, there have been 1,135 successfully closed short sale transactions recorded in the Tucson Multiple Listing Service in 2011. This constitutes just over 10% of all closed sale transactions reported for 2011. As of the same date, there were 832 active properties listed as short sales and 1004 properties with a purchase agreement accepted by sellers awaiting either lender approval or final closing of the transaction. Clearly, short sales can be accomplished.

During the months of January through May of this year, short sale closings were fairly consistent with a low of 102 closings in March and a high of 111 closings in April. June closings jumped to 124 closed sales and have risen every month since, with September recording 163 closed sales. The average sale price of a short sale this year is $153,249 and the median price $124,000, both consistent with the overall market sales numbers. The lowest price recorded this year is $20,000 and the highest $1,255,000. Days on market (from listing until offer received) are 118, which is approximately 50% longer than the market average.

What conclusion can be drawn from this information? First, short sales are being completed in our market. Second, the prices that short sales are getting are in line with the market average and if presented properly, should be looked upon favorably by a creditor willing to work with a seller attempting to prevent foreclosure. Third, the short sale alternative to foreclosure is prevalent in all pricing segments of our market.

If you or someone you know is investigating alternatives to foreclosure, it would be worthwhile to include the short sale option as one of the avenues to investigate. Be certain that you choose a real estate professional experienced and knowledgeable in the short sale process to give you the best advice and represent you if you pursue this option.

Short Sale Articles

December 12, 2013 Helpful Short Sale Tips and FAQ

The "Short Sale" in a Market Recovery

Debt Relief Act To Expire

FHFA Announces New Short Sale Guidance

Many Homeowners Ask the Question: Foreclosure or Short Sale?

What’s Happening in the Short Sale Market - June 2012

What Our Clients Are Saying

What’s Happening in the Short Sale Market

Preparing for the Short Sale Listing Appointment

Beware of Scammers

How Short Sales Affect the Market

How do Short Sales Affect Me?

How to Get Started

Why do We Need to Know about Short Sales?

Short Sale Resources

Lawyer Referral Service

Arizona Short Sale Advisory

IRS Debt Relief Act



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