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Category: Short Sale FAQs

Seterus Short Sale Updates Result In Better Communication & A Faster Approval For You

October 2, 2012

Hello everyone my name is Shawn Polston with Tucson Short Sales & 520 Short Sales, thank you for checking out my blog today. I work with Keller Williams Realty in the Tucson region and use this blog to share information with distressed property owners on their options for avoiding foreclosure. If you need to sell your distressed property please take a minute to browse my website or call me directly to learn about all of your options in the current housing market.

In my blog today I wanted to talk with Tucson homeowners who have a mortgage through Seterus about the opportunity to complete a short sale. Seterus, formerly known as LBPS, has been approving short sales for many years in Tucson and I have plenty of experience getting fast approvals with their staff. The staff at Seterus is not quite up to speed as far as technology goes and most of your paperwork will be shared via the fax machine. Some of my most recent Seterus short sales have been handled via e-mail which is a big improvement as they continue to improve their short sale department to better help Tucson homeowners. One other thing that is unique about Seterus is that they often send off your short sale file to a third party that will handle most of the short sale process. While this is very uncommon the third party negotiating companies they use do a great job of communicating and ultimately returning a favorable short sale decision.

If you have questions on about your Seterus mortgage please fill out a contact form on my website or call me today to talk about all of your options. On my website you can also try the Short Or Stay Calculator that may help you decide if a short sale is right for you. Thank you for your time and I hope you have a great day.

Do You Need Help With Your FHA Short Sale?

September 25, 2012

Thanks for coming to TucsonShortSales.com with Keller Williams Southern Arizona. I wanted to talk to you about FHA short sales today. I’ve got a number of blog posts and videos out there on FHA short sales because I’ve been doing them for a very long time. Most of the guidelines associated with FHA short sales are from 1992 so it’s nothing new.

One of the key things about FHA short sales is knowing and understanding those guidelines and that there’s a process of doing a variance. What you do is ask the servicer to request a variance from HUD because you think whatever isn’t within the guidelines is close enough. For the most part, HUD has been fairly cooperative. They’ve got a lot of problems and they would rather get rid of some of these homes before they become their problem. If the servicer reviews this and says that they’re not going to submit the variance, we call or email HUD. We communicate a lot with the person that handles the variances at HUD and they have been phenomenal to work with; they’re very responsive, into solving problems and want to provide solutions to their homeowners. If you have an FHA loan and want to do a short sale, it’s a big deal that the short sale agent you’re working with knows and understands FHA guidelines. Ask them questions such as what FHA expects for closing costs, what their expectations on a buyer’s offer should be or something to that effect. If they don’t know the answer to your questions, you’re working with the wrong agent. The answers to your questions aren’t a secret because the guidelines are out there for everyone to read. If you’re hiring someone to handle your short sale and save your credit, you need to ensure that they understand FHA loans or things could end badly.

If you have any questions about doing an FHA short sale in Tucson, please give me a call or fill out the form on my website. Thanks again for joining me today.

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.

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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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