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Common Short Sale Questions Show How Easy It Can Be

January 22, 2013

Hello everyone Shawn Polston here with Tucson Keller Williams Realty and 520 Short Sales thank you for your time today. I am working with distressed property owners in the Tucson area every day and use this blog to keep residents informed on all of their options for avoiding foreclosure. If you are struggling to make your mortgage payments every month or simply need to sell your home fast please take a minute to browse my website or call me directly to learn about the options for selling your Tucson property.

In my blog today I wanted to talk with Tucson homeowners about some common short sale questions that can expand their knowledge of the subject. The most common questions I get about completing a short sale involve the tax or deficiency possibilities a homeowner will face. Many Tucson homeowners will also want to know roughly how long it will take from start to finish for their file to be completed. From time to time we will get questions that are better suited for a tax professional or an attorney. Thankfully at our office we have partnered with the top real estate attorney in the Tucson area and also have a CPA on staff to answer any of these questions. Most importantly we can answer all of these questions for free that way you are completely comfortable with a short sale before you start.

If you are ready to start your short sale file today or would just like to chat with an experienced agent go ahead and fill out a contact form on my website or call me directly. On my website you can also find our Short Or Stay Calculator that can help you determine if a short sale is right for you. Thank you for your time today and I hope to hear from you soon at Keller Williams Realty in Tucson.

What are the Pros and Cons of Completing a Short Sale on my Home?

January 18, 2013

Hi there, I’m Shawn Polston with Keller Williams and TucsonShortSaleNegotiator.com, your Tucson short sale specialist. I wanted to talk to you today about the pros and cons vs. short sales and foreclosures vs. deed in lieu of foreclosure. I just want to give you a general overview and if you have more questions, I can certainly talk to you more about it if you want to contact me. Usually with a short sale, the homeowner is underwater and they need to get rid of the house. It might be because they are moving, a death in the family, divorce or job loss. Your basic options are to rent the property out, and sometimes that can lead to a lot of issues. Another option is to do a short sale where we go to your lender and negotiate a settlement of the account and allow the property to be sold and settle the property for less than what is owed. There is also a deed in lieu of foreclosure where you basically deed the property back to the lender. Sometimes homeowners will look at their credit report a few years later and see a foreclosure listed when they went through a deed in lieu. You need to get something in writing about how they are going to report this to your credit report.

In most cases, the worst option is foreclosure. I don’t feel any sympathy for the lender who made you the loan. In a lot of cases I’ll have people call me up and ask to do a short sale because they walked away from the property a year ago and the lender has not foreclosed and they don’t seem to want to foreclose. Without insurance, they have a liability and they want to get rid of it.

When you contact us, we will work with your lender for you and make the process as painless as possible for you. If they won’t give you an agreement, or we can’t negotiate an agreement that is acceptable for you, you don’t have to do it. You can proceed down the other route of just walking away from the property if that’s what you choose to do. Again, I’m Shawn Polston with Keller Williams, your Tucson short sale specialist and I’m here to help answer any questions you may have. Thanks and we look forward to speaking with you soon.

Short Sale Guidelines Are Dependent Upon Many Different Factors

January 15, 2013

Hi there, Shawn Polston with Keller Williams and TucsonShortSaleNegotiator.com in Tucson. Today I wanted to talk to you about short sale guidelines; this is a subject that I know a lot of people search for online because there are a lot of definitions.

When someone asks me what short sale guidelines are, I first ask them what type of loan they have, who the investor is and who the lender is. All of the different entities have their own short sale guidelines. For me to give you all of these guidelines would take hours; one of the biggest things to know when talking to a short sale agent is if that agent is familiar with the bank that owns and services your loan as well as what type of loan you have. All of these different factors affect you as a homeowner. For example, with a VA short sale, they offer you $1500 in relocation assistance, however the short sale agent has to ask for it; you don’t automatically get it. On the opposite end, with an FHA short sale, they automatically give you relocation assistance.

There are all different types of short sale guidelines within the different programs where not being familiar with them can cause success or failure with your short sale, especially with FHA because they’re very stringent.

Bank of America also has their own guidelines; they have cooperative programs where they’ll give you money at the end of the short sale and cooperative programs with Fannie Mae. Is your short sale agent aware of these guidelines and do they know how to ask the lender if you qualify for them?

In most cases, we can figure out who your investor is and we’d love to sit down and talk with you, explain the different processes and what you can expect if these programs apply to you. It’s very important that you work with a short sale agent that is aware of the many different guidelines. One thing to watch out for is if you get the answer, "It’s no different than any other short sale." That essentially means they don’t know; I can tell you that there are big differences between all of these lenders, investors and loan types and working with the right short sale agent can mean success or failure for your short sale.

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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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