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Tucson Realtors Say Now Is the Time To Short Sale Thanks To Numerous Incentives

August 20, 2013

Has your Tucson realtor told you about the current incentives that are being offered to homeowners to complete a short sale on their home? If you’re in a difficult financial situation and want to be out of your home a short sale may be the best alternative for you and Tucson realtors say that now is the time to take advantage of the many incentives that are available.

With any short sale or foreclosure Tucson realtors say the homeowner is usually responsible for paying taxes on the forgiven amount, however currently the Mortgage Forgiveness Debt Relief Act is in place until the end of the year. This act makes a majority of homeowners exempt from paying taxes on their forgiven amount, saving them hundreds of dollars at tax time next year.

There are also many different cash incentives currently being offered. First, there are a few government sponsored programs such as HAFA, or if you have an FHA or VA loan they are offering cash at closing. Tucson realtors also say that some lenders, especially some of the bigger ones such as Chase, Wells Fargo, GMAC and Bank of America are also offering cash incentives at closing; not only this, but some homeowners are also being offered full debt forgiveness before they even begin their short sale process. If you qualify for a government sponsored short sale program as well as one through your lender, Tucson realtors explain that you could walk away with a nice amount of money in your pocket; this is very helpful when trying to start over financially.

To learn more about the many different cash and money saving incentives that are currently being offered to homeowners, reach out to a Tucson realtor for additional information. They can help you determine which programs you qualify for and if there are any extra steps you need to take in the qualification process.

Interview Your Tucson Realtor Before Starting Your Short Sale File

August 13, 2013

If you are currently in the market to sell your distressed property make sure you find the best Tucson realtor for your needs. While any realtor in the area can handle your file it is best to interview multiple agents in order to find what you are looking for. When searching for a Tucson realtor there are some certain things to look for in order to find an experienced agent for your file.

First of all it is important to know that your Tucson realtor has a history of succesfully closing short sale files. Realtors across the state are able to take weekend classes and training in order to handle short sales but it does not compare to real world experience. Many short sale agents are willing to share their success rate with potential clients in order to show why homeowners continue to trust them with listing their homes. It is also important to ask how many files your Tucson realtor is handling at one time. A short sale requires nearly daily contact with your lender and if an agent is overwhelmed with files yours may not get the attention that it needs. In this situation it is also important to know if your Tucson realtor works alone or has a team of specialists in their office. A short sale is usually a time sensitve transaction and by having a team of specialists in each area of real estate your file can be processed much quicker. This can also be an opportunity for the homeowner to have all of their questions answered by an expert in each field. In fact, some of the more successful Tucson short sale realtors have CPA’s or real estate attorney’s on staff to answer all of your questions.

It is important to find a Tucson realtor that can provide you peace of mind during the sale of your home and asking the right questions is one way of doing just this. If you are ready to sell your distressed property make sure to ask the right questions of any potential agents who will help you avoid foreclosure.

Tucson Realtors Explain Foreclosure Alternatives

August 6, 2013

Have you received a foreclosure notice in the mail or fear one will be coming soon because you’ve missed a few mortgage payments? Do you want to speak with a Tucson realtor to find out what your foreclosure alternatives are and which on might be best for you? If this is the case, then you’re off to the right start. Many homeowners often ignore the foreclosure notices that they receive in the mail because they don’t think there’s a decent solution to their situation or they feel that foreclosure isn’t that big of a deal. Tucson realtors want you to know that losing your home to foreclosure is a big deal and can have a lasting effect on all aspects of your life for quite some time.

There are many different foreclosure alternatives that are available to struggling homeowners. One that isn’t as well known to homeowners is a deed in lieu of foreclosure. Tucson realtors say that with a deed in lieu of foreclosure the homeowner essentially transfers the title back to the bank; there is no foreclosure process however they homeowner is still liable for the mortgage. Next is a loan modification. If a homeowner is interested in completing a loan modification they have to apply for one through their lender. Tucson realtors say that while a loan mod may seem promising the truth of the matter is that a homeowner may wait months until they finally hear back from their lender as to whether or not they were approved for their loan modification; another sad reality is that even if they are approved, many loan modifications aren’t successful and the homeowner is left looking for another foreclosure alternative. In this situation, Tucson realtors say that most homeowners turn to a short sale. With a short sale you request to sell your home for less than what you owe on it; again, you have to get approval from your lender however the turn around time with a short sale is much shorter.

If you’re looking for additional information on foreclosure alternatives and which one might be best for you, contact a Tucson realtor today. They can help you analyze your situation and determine which choice is in your best interest.

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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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