Seller Resources - Articles

Selling Your Home - Short Sales


Experiencing some type of financial hardship? In need to Short Sale your home?

The Waggoner Team is here to assist you in this tough and delicate process. With short sales being a major source of the housing distressed market here in the Valley, we know that the opportunity to help homeowners with such a challenge will only continue to increase in years to come as more and more lenders are willing to negotiate short sales with current homeowners. Therefore we have implemented a system in that facilitates the process of listing and successfully selling your home through a short sale.

What is a Short Sale?

Homeowners are “short” when they owe an amount on their property that is higher than the current market value. A short sale occurs when a negotiation is entered into with the homeowner’s mortgage company to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is "sold short".

You need a great listing agent who is knowledgeable about all the different government assistance programs for homeowners in financial distress as well as with different lender procedures in negotiating short sales. For more in depth information on what it takes to short sale your home, schedule a free consultation with The Waggoner Team by contacting us at 623-293-3463 or email waggoner3000@cox.net Let us demonstrate to you how we can be of assistance in the sale of your current home.

Can a home seller sell a home for less than its mortgage?
Yes, in some case you can sell your home for less than what you still owe on the mortgage, but this is complicated and depends on the lender. This situation is known as a "short sale." Sometimes a lender will be willing to split the difference between the sale price and loan amount, which must still be paid. A short sale may be more complicated if the loan has been sold to the secondary market, because then the lender will have to get permission from Freddie Mac, the two major secondary-market players. If the loan was a low-down payment mortgage with private mortgage insurance, then the lender also must involve the mortgage insurance company that insured the low-down loan.

How does a home go into foreclosure?
Foreclosure proceedings usually begin after a borrower has skipped three mortgage payments. The lender will record a notice of default against the property. Unless the debt is satisfied, the lender will foreclose on the mortgage and proceed to set up a trustee sale.


Ron and Tina Waggoner
Ron and Tina Waggoner
Sales Executive