Short sales, once almost unknown, have become a significant part of the real estate jargon in Phoenix Az. Short sales remain one of the most misunderstood real estate transactions inspite of their increasing numbers. There are many aspects and implications a seller must understand reinforcing the need to seek competent legal and tax advice. First of all, let’s define an Arizona short sale. A short sale is when the lender/investor is willing to authorize the sale when the proceeds do not cover the outstanding loan amount. What are the issues to be considered by Phoenix valley homeowners regarding a short sale?