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Who is Responsible for Paying the Huge HOA Fees at the Close of Your Short Sale?

September 19, 2012

Hi there, I’m Shawn Polston with TucsonShortSaleNegotiator.com, one of Tucson’s leading short sale teams. I wanted to talk to you today about Rancho Sahuarita and Sahuarita. Sahuarita is an area that is near and dear to me. We do a tremendous business in the Sahuarita area. At any given time we are handling 5-15 sales down there. We are very active in the area. One of the things I wanted to bring up if you are considering doing a short sale and you are in Rancho Sahuarita for example, please keep your HOA payments current if you can. Your HOA down there does not take kindly to not getting HOA payments. They will file lawsuits, they will file liens against the property and you will have additional problems in getting your short sale done.

The other thing is the transfer fees associated with your sale are pretty massive. In Rancho Sahuarita, if you are in that association, in most cases you are going to have a 1% community enhancement fee, a transfer fee, and a resale disclosure fee. If you are talking about a $150,000 house, it’s around another $2,000 in fees that go to the HOA. You may be wondering why this is important to you. Your short sale lender doesn’t care. I have yet to run into a short sale lender that thinks that for one second those fees are their problem and they aren’t going to pay them.

Here’s where that becomes big, your agent that is helping you with your short sale, and you really want to negotiate that from the buyer. A lot of times when we get offers the buyer is asking the seller to pay all these fees even though we are a short sale and usually in a short sale the seller is not getting anything out of this. I have yet to hear of a bank that will pay all those fees. So if you know of that situation, please let me know and you’ll be the one. What’s going to happen is a month later your bank is going to say yes they approved your short sale but they aren’t paying the fees. So now you are in a position where you go to the buyer and tell them you need the fees to come from them. Then they don’t have the money either.

One thing you want to get out of the way when you go under contract with the buyer, who is going to pay all these massive HOA fees associated with being in the Rancho Sahuarita area. Here’s a tip, get it from the buyer. Again, I’m Shawn Polston with TucsonShortSaleNegotiator.com, one of Tucson’s leading short sale teams and we are here to help. If you have any questions about short sales please give us a call today. Thanks and have a great day.

Having Trouble With Your PNC Short Sale And Need Some Help?

September 11, 2012

Hello everyone my name is Shawn Polston with Tucson Short Sales and 502 Short Sales thank you for your time today. I work with Keller Williams Realty in the Tucson area and use this blog to share valuable information with distressed property owners on their options for avoiding foreclosure. If your mortgage is underwater and you are having trouble making your payment each month take a minute to browse my website or give me a call to discuss all of your real estate options.

In my blog today I wanted to speak with Tucson homeowners who have their mortgage through PNC Bank about the opportunity to complete a short sale. If you have a PNC loan and are considering a short sale there are some things you should know about how they handle each file. Having worked with PNC on numerous short sales I have been able to build some great relationships with their staff which are a big help when we run in to problems. It is very important to be proactive with PNC on a short sale because from what I can tell their staff is not very big and in turn very busy. When I contact a PNC office to check on a Tucson short sale there are only a handful of people who answer the phone and that person is not allows fully educated on their own short sale process. For this reason it is important that your short sale agent have experience with PNC to make sure your file does not get lost in the shuffle.

If you have questions on your PNC mortgage or would like to get your Tucson short sale started fill out a contact form on my website or call me directly to get started. On my website you can also find my Short Or Stay Calculator which can help you determine if a short sale is right for you. Thank you for your time today and I look forward to helping you in the future with all of your Tucson real estate needs.

You Can Do A Short Sale With Multiple Liens Against Your Home

September 4, 2012

Hi there, Shawn Polston here with TucsonShortSale.com in Tucson. I wanted to talk to you today about short sales with multiple liens on the property. A lot of people have multiple liens against their property whether it’s two mortgages, a mortgage and a HELOC, a mortgage and a judgment, a mortgage and an IRS lien, etc. One of the saddest things I see is they will talk to a real estate agent that doesn’t know anything about short sales and they tell the homeowner that they can’t do a short sale with multiple liens on the property. What the real estate agent should be telling the homeowner isn’t, "You can’t do a short sale" they should be saying "I don’t know how to do that" and then get you to someone that knows how to do that. We handle these situations all the time and have very easy processes to deal with most every type of situation. Some situations can get a little difficult as far as how they’re going to turn out, however we have written processes for how to handle these as well.

We actually have a short sale closing soon where there was a Wells Fargo first mortgage, Green Tree second mortgage, a different Green Tree department for the third mortgage and the house was worth less than what the first mortgage was owed, so it was a short sale for all three mortgages. Not only were we able to negotiate the short sale with Wells Fargo, we were also able to successfully negotiate on both Green Tree mortgages and get full releases from all three of the mortgages.

Again, here’s the thing, there are people out there right now that are getting bad advice from a real estate agent about doing a short sale with multiple liens. Make sure you pick up the phone and give us a call because we can direct you on how to best handle these problems. We want to go over your situation with you and make sure you are aware of all of your options, so please give us a call or fill out the short sale information request form on our website. Thanks again for coming to TucsonShortSale.com

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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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