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Should My Tucson Realtor Have Short Sale Experience?

November 14, 2014

If you are considering a short sale on your home, you may have already been in contact with your Tucson realtor about getting the process started. We want to caution you, though, to be aware of whether or not they have an adequate amount of short sale experience. Many homeowners don’t realize that the process of completing a short sale is completely different than a traditional real estate transaction. Because of this, you need to ensure that your Tucson realtor has short sale experience and knows how to navigate the sometimes tricky waters of the short sale world.

While we don’t mean to deter you away from your current Tucson realtor, we’d like to help you understand that using an experienced real estate agent for your short sale transaction can actually make the difference when it comes to getting approved for your sale. One of the most important pieces of the short sale process is the short sale package that’s submitted to your lender. Is your Tucson realtor familiar and up-to-date on all the documents that your lender requires for this? Are they going to be able to help you write your hardship letter as well as have easy access to all lender-specific forms that you need? Also, if your short sale is at a stalemate, is your Tucson realtor going to know who to call to get the ball rolling again or are they just going to let your paperwork sit there, causing your transaction to take even longer than necessary and possibly jeopardizing the sale?

These are all important things to consider when working with a Tucson realtor on your short sale. Completing a short sale is completely different than a traditional real estate transaction, so just be sure that whomever you decide to work with has an adequate amount of experience rather than little to no experience. It’s worth the time and effort in the beginning to make sure that your short sale is going to be a success in the end.

Is A Tucson Short Sale Going To Affect My Credit?

November 7, 2014

Right now we’d like to put to rest one of the more popular myths about completing a Tucson short sale: that it will destroy your credit. First and foremost, it’s important to keep in mind that you should take most short sale information with a grain of salt if it doesn’t come directly from a Tucson short sale expert. There are a number of rumors floating around out there that simply aren’t true and they generally scare many potential short sale clients away because they don’t know the truth.

The tricky thing about your credit and how it will be impacted by a Tucson short sale is that there really isn’t any way to tell until the transaction is completed. There are a few positive things to note, however. Completing a Tucson short sale will always affect your credit far less than if your home is foreclosed on. In fact, many homeowners that have completed a Tucson short sale in the past report that they were able to obtain a loan and purchase bigger items, such as a new car, within a few months to a year of closing on their short sale; this generally isn’t possible with a foreclosure on your record.

One piece of advice that any Tucson short sale agent will tell you is that if you’re facing foreclosure or need to complete a short sale, time is of the essence. The sooner your take action and begin the process, the less of an impact to your credit. This is generally where many people that complete short sales take the biggest hit to their credit scores; they wait too long and have too many missed payments before they begin the process.

Even if you’re still current on your mortgage but feel that a Tucson short sale is in your near future, it’s never too late to talk to a realtor and see what you can do to mitigate the effects of a Tucson short sale on your credit score.

Tucson Short Sale Package: What Do I Include?

October 31, 2014

If you’ve started the process of selling your home on the Tucson short sale market or if you’re about to do so, you may be wondering what you need to include in the short sale package that your lender requires. While this often depends on your specific lender and what short sale programs they offer, there are certain items that generally all banks need.

Perhaps the most important piece of information that is required for your Tucson short sale package is the hardship letter. This letter is written by you, the homeowner, and is essentially your chance to explain why you need to complete a Tucson short sale on your home. Are you underwater, did you lose your job and are falling behind on your mortgage? Your lender is going to want to know why you’re unable to complete a traditional sale and what you’ve attempted to do to reconcile the problem.

Also included in the package to complete your Tucson short sale are financial documents, such as tax returns, paystubs, bank statements and W-2s. A bank is going to want to know how you stood financially over the past few years to help determine that you do qualify for a Tucson short sale. As previously mentioned, some lenders also have their own specific forms that they require in addition to the previously mentioned items.

If you’re nervous about writing a hardship letter or assembling the documents for your Tucson short sale, there’s no need to worry. Your Tucson short sale agent will look over everything before submitting it to your lender for approval. This is one of the most important steps in the Tucson short sale process so together with your agent it’s important that you have all of your bases covered and are submitting everything as accurately as possible.

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About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

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