1. The Seller owes more money on a house than it is worth under current market conditions
   
2. For one reason or another a Seller must sell the property
   
3. The Seller does not have the finances (savings, etc) to bring money to closing to pay off the mortgage at the time of the sale.
   
4. The Seller's lender or lenders agree to accept less than what is owed on the mortgage
   
5. The property is marketed through a local Real Estate Agent
   
6. A qualified buyer presents an offer and the lender or lenders agree to accept the offer
   
7. Escrow closes within a certain amount of time dictated by the Lender(s)

The Tucson market is seeing its fair share of short sales.  If you are interested in learning more about the short sale process, feel free to visit any of the links below.