FYI: This article was written in 2011 when short sales were a big part of our real estate practice. Today, short sales are a rarity. thus, this information is kept on the site for historical information and is not reflective of the current real estate market in Phoenix AZ.

Many of our readers know we are very involved with people trying to sell their home by short sale. We have a dedicated short sale site, and have written dozens of articles on the subject including our newest about how some lenders and PMI companies use lies, mistruths and threats to intimidate homeowners into signing promissory notes. I know you are shocked a bank would do such a thing… Not.

Anyway, we just posted a real world example of the email one of our clients received from their lender. Our clients are ideal short sale candidates… they both lost their jobs, the husband’s new job pay 40% less and is 30 miles from their house, they can no longer afford their house payments, they had just one loan and they did not refinance and take money out.

We listed their home last January and  a well qualified buyer was brought in by an agent. The short sale package was professionally put together by a law firm who handled the conversations between the lender and the homeowner. Five months later we finally get conditional short sale approval from the lender.