Tucson Real Estate

terra antigua realty logoHighly Experienced and Highly Educated Professional Short Sale Real Estate Agents serving Tucson, Oro Valley, Marana, Vail, Sahuarita and Green Valley.



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Chris Pendleton


Shannan Marty

Associate Broker - RealtorĀ®, ABRĀ®,CDPE, CSP, CNE, CSSN, SFR, a-REO, PSC

Short Payoff or Short Sale

A short sale is contingent upon the seller and seller creditors coming to an agreement. It is a private workout solution.

During the process the seller will have to open themselves up finacially for examination in order for the creditor to determine if they qualify for a short sale. In order to do that, most lenders require the following information:

  • Hardship Letter
  • Financial Worksheet
  • 2 months of bank statements
  • 2 months of pay stubs
  • One or two years of tax returns


There is no guarantee that the bank will accept the short sale. The typical time it takes a bank to approve a short sale is roughly 60 days. We have had some transactions take 2 weeks and other that took longer than 60 days. Some of the potential decisions include:

  • Short Sale Potential Outcomes
    • Approval with Full Release
    • Approval contingent on Cash or Promissory Note
    • Approval with Release of deed and seek deficiency
    • Denial


Unfortunately the term 'Short Sale' doesn't have anything to do with the time involved in the short sale process.


    • Determine Value of Home
    • Advise Legal and Tax Consultation
    • Listing Agreement with Short Sale Addendum
    • Authorization Letter - RE Agent contact lenders
    • Market the Property - Using our Comprehensive 99 point marketing plan
    • Offer
    • Submit Short Sale Package
      • Hardship Letter
      • Copy of Purchase Contract
      • Written Proof of Buyers ability to purchase property
      • Copy of certified escrow instructions
      • Preliminary Title Report
      • HUD 1
      • IRS From 4506
      • Completed and signed personal financial worksheet
      • Tax returns for past two years
      • Employment paycheck for past two months
      • Bank statements for past two to three months
      • Short Sale Application
      • CMA
      • Short Narrative by Realtor - Market, Market Trends, Ave Days on Market, Number of short sales, Number of Foreclosures, Price Trends
      • Marketing History, showings/feedback
      • Formal request signed by seller that the short sale approved as submitted
    • Frequent Follow Up
    • Agreement Notice