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Category: Short Sale FAQs

Short Sale Timeline Depends On Your Specific Situation; Work With An Experienced Short Sale Agent

January 29, 2013

Hi there, I’m Shawn Polston with Keller Williams Southern Arizona in Tucson and TucsonShortSaleNegotiator.com. Today I’d like to go over short sale timelines with you because it comes up all the time. I commonly have homeowners ask me how long their short sale is going to take and, honestly, it’s a loaded question with no simple answer.

We’ve done hundreds of short sales and each one has been different, even if they have similar lenders. If you have an FHA loan, a VA loan, a conventional loan, multiple liens, etc., all of these things factor into the short sale timeline. One of the things that it’s probably safe to say is that on average it’s a four to six month process; some can take longer, some can go quicker. It really varies and depends a lot on your circumstances.

One of the things to know when you’re talking to a real estate agent is to find out what their short sale experience is. For example, has it been three years since they’ve done a short sale with Bank of America? If so, I can tell you that Bank of America’s short sale process is completely different and have improved dramatically from three years ago. In getting an answer to this question, the recent experience of the real estate agent that you’re talking to is very important. These lenders do business completely different than they did in the past.

What I’d love the opportunity to do is sit down with you and discuss your situation. Do you have one loan, two loans, an FHA loan or other liens that would affect the short sale? We’d like to help educate you on how long your short sale process could take. Please feel free to fill out the short sale request form at the top of my web page or pick up the phone and give me a call because we’d be happy to help you assess your situation and go over your specific short sale process with you.

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.

Never Underestimate The Importance Of Getting Deficiencies Waived

January 14, 2013

Hello everyone Shawn Polston here with Tucson short sales and 502 short sales thank you for checking out my blog today. I work with Keller Williams Realty in the Tucson area and use this blog to share valuable information on all of your options for avoiding foreclosure. If your mortgage is underwater and you are ready to sell please take a minute to browse my website or call me directly to chat with an expert today.

For my blog today I wanted to talk with Tucson area homeowners about the importance of getting all deficiencies waived during the short sale process. There is often some confusion between a deficiency judgment and short sale taxes but it is very important to understand the difference. Simply put a deficiency judgment will determine whether or not you will owe any money on your mortgage once a short sale has been completed. As short sales become more common I can tell you that getting all deficiencies waived on your Tucson mortgage is highly likely. While your lender may ask for money from the borrower at closing if your short sale agent has experience this should be easily negotiated. Tucson homeowners also have the ability to turn down any short sale agreement that asks for cash at closing and does not waive all deficiencies.

If you have questions on the short sale process or your distressed property please fill out a contact form on my website or call me today. On my website you can also find my 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 look forward to helping you in the future with all of your Tucson real estate needs.

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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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