There is a lot of misleading and incorrect information about Phoenix real estate short sales. Many people don't have a clear understanding of the purpose of short sales or how they actually work. Essentially, a short sale is when one sells their home for less than the balance remaining on the mortgage attached to the property. The proceeds from the sale are used to repay a pre-negotiated portion of the balance to settle the debt. A short sale can be a solution for homeowners who really need to sell their home but owe more on the mortgage than the home is worth. Understanding the short sale … [Read more...]