highest number of properties sold as a short sale in the Santa Cruz
County, AZ market peaked in 2012 and since then short sale transactions
have declined year after year due to property values rising.
A short sale is a transaction in which the lender, or lenders, agree to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt.
Banks may grant short sales for 2 basic reasons: the seller has a hardship, and there is not enough equity in the home to pay off the mortgage after paying costs of sale.
A few examples of a hardship are: