Sam Elam
Berkshire Hathaway HomeServices
Arizona Properties
Arizona Broker Lic. BR110971000
California Sales Lic. 01065106
480-213-1799  |  EMAIL SAM

Quick Search

view all



No Min.

No Max.

Contact Sam

Sam Elam - Arizona Real Estate Broker at Berkshire Hathaway HomeServices Arizona Properties

Sam Elam

Arizona Real Estate Broker
 • BR110971000


CELL: 480-213-1799


* fields are required

Don't Miss a New Listing Again!
Register to create custom MLS home searches and have results auto-emailed to you

*Contact Information NOT Shared*

Already registered? LOGIN

Register for access to all the
features this site offers.
Save your favorite Searches

for auto email updates!

Learn how to create and save your custom home searches
How to create a Custom Search To Find Your Home?
Click Here for More Information


Phoenix AZ Dream Home Finder Request

Current mortgage rates updated daily


Sam Elam Phoenix AZ Southeast Valley Blog is all about Phoenix AZ Homes for Sale, AZ Area Information, businesses, local area news, real estate investment tips and fun events that make Chandler, Gilbert, Mesa, Scottsdale and Tempe great places to call home.


Short Sale Guidance

Short Sale homes for sale in Chandler AZ, Gilbert homes for sale and Mesa AZ homes for sale AZ (photo)

Phoenix Short Sale Guide For Home Sellers


Sam Elam - Certified Short Sales and Foreclosure Resource Specialist

A Short Sale can be an excellent solution for home owners in Gilbert, Chandler, Mesa, Phoenix, Scottsdale, Tempe and Queen Creek homes who need to sell, owe more on their home than they are worth in today's real estate market and have a financial hardship such as: Unemployment, Curtailment of Income or Under-employment, Excessive use of credit, Payment Adjustment, Illness of Borrower, Illness of a Family Member, Death in the Family, Marital Difficulties (separation or divorce), Loss of Renters/Tenants, etc.

In the past it was rare for a bank or lender to accept a Short Sale. Today, however, due to overwhelming Phoenix area real estate market changes, high unemployment and a depressed real estate market, banks and lenders have become much more negotiable when it comes to short sale transactions. Recent changes in corporate and government policies have improved the chances of getting a Short Sale approved. But before a decision is made, homeowners must learn how to recognize and avoid potential legal and financial pitfalls.

When should you consider a doing short sale? When you are unable to make your house payment. If your situation has changed and you know you will not be able to make your house payments in the future, consider a short sale now before your credit is destroyed. If you must move for job, health, or many other reasons and can make your house payments, plan on making your payments and get approval for a short sale.

Short Sale definition:

  • A homeowner is "Short" when the amount owed on his/her property is higher than current market value of their home for sale in Phoenix and the surrounding area.
  • A Short Sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing including seller closing costs, real estate commissions and buyer closing cost concessions. A buyer closes on the property and the property is 'Sold Short' of the total value of the mortgage.

For homeowners to qualify for Short Sale of their homes in Gilbert, Scottsdale, Chandler, Gilbert, Mesa, Tempe, Queen Creek and Phoenix AZ, they must experience one or more of the following circumstances:

  • Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
  • Monthly Income Shortfall - In other words: "your income is insufficient to pay all of your financial obligations." A lender will want to see that you cannot afford, or how soon you will not be able to afford your mortgage and to know why.
  • Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of an experienced team of professionals I use to help you produce a "hardship package" that explains your financial circumstances to your lender's satisfaction and to negotiate with your lender while I get your home listed, marketed and sold. My team and I are ready to assist you with the quickest execution of a short sale transaction.

Please contact a tax attorney to advise you of your legal and tax liabilities resulting from a Short Sale, Foreclosure or Bankruptcy or call me for attorneys.

Normally you owe income taxes on the amount of debt relief resulting from a Bankruptcy, Foreclosure or Short Sale. Through 12/31/2013 Debt relief for lender concessions or losses on purchase money loan(s) used to purchase your primary residence or refinanced without taking money out for other purposes may not be taxable. They  still may not be if you would be insolvent. But you need to understand the financial impact of your options, so you won't be hit with income taxes later for debt relief.

Arizona anti-deficiency protection provided in a Foreclosure may not apply in a Short Sale, if the original purchase loan was refinanced and the owner received cash (cash out re-fi). Your lender may insist you waive your anti-deficiency protection before they agree to cooperate in a Short Sale. If you do, you are agreeing to let your lender sue you within the next 6 years to recover their cash out loss when you are in a stronger financial position. In this is the case, it may be better to refuse their cooperation and let the property be foreclosed. Part of the free legal consultation is to learn what to look for in the Short Sale Agreement Notice from your lender so you can not be sued for the deficiency later.

Once you understand the benefits and liabilities of each course of action from competent legal authority, I will implement the appropriate marketing strategy to get your home sold to free you from the debt of your home and ultimately put you in a stronger financial position.

Request a complimentary Free Market Analysis of your Phoenix home

Understanding your options could make all the difference in the world in your future. Contact Sam now, so he can understand your challenges and recommend your next step.

©2014 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. 

Comprehensive resource for Phoenix AZ homes for sale, Real Estate Investment Property and Homes for sale in Chandler, Gilbert, Mesa, Scottsdale and Tempe Arizona.

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu