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Category: Short Sale Programs

What You Will Need To Know To Get Started On A Short Sale Today

June 23, 2011

Hi there I am Shawn Polston with Tucson Short Sale Negotiator and Keller Williams Tucson. Today I wanted to talk about getting started on a short sale and what you need to know about the first few steps. Hopefully you have watched some of my video blogs to help answer some of your general questions about short sales and feel confident that this is the right choice for you. One of the first things you will need is a run down of all the documents your bank will request in order to initiate a Tucson short sale. Included in these documents you will need two years of tax returns, two months of bank statements, and pay stubs for your last month of work. The most important document will be a letter of hardship. This letter of hardship will briefly describe your situation and why the bank should consider allowing you to short sale your home. If you are unsure about what to write we can certainly provide some assistance but it is important to remember this letter is just to provide the facts to your bank. I recall the first short sale I ever closed the gentleman simply wrote,"My hours have been cut at work, I am not making as much money, please consider me for a short sale." By having this paperwork all set up it will take a lot of the guessing out of the short sale process for you the homeowner. If you would like to get started or have specific questions please give me a call or send me an e-mail. I look forward to hearing from you.

Understanding the Possible Tax Consequences of Filing a Short Sale

May 31, 2011

Hello this is Shawn Polston of Tucson short sale and Keller Williams Southern Arizona and I’m hear to talk to you today about one of the most common questions I receive. One of the first questions I get is, ‘will there be tax consequences if I do a short sale?" When a short sale is done you receive a 1099-C tax form, which represents a cancelation of debt. If a homeowner just walks away or forecloses on their property they will receive a 1099-A, which represents an abandonment of a secure property. In most cases a 1099-A will end up costing you ten to forty percent more than by filing a short sale and receiving a 1099-C. Therefore the amount of loss shown on a 1099-A will be much higher. Most homeowners also are not aware of the Mortgage Debt Forgiveness Act of 2007 which runs until the end of 2012. This act is in place to give tax relief to a homeowner after finishing a short sale. In order to qualify the property must be your primary residence and the debt forgiveness needs to be less than $2 million dollars. Most property owners fall under these two basic guidelines which is why a short sale can be much more beneficial for your tax record. When considering your tax questions when moving a distressed property it is also a good idea to speak with a tax professional who will have a better understanding of your specific situation. I look forward to answering any other questions you have about the short sale process and helping you move on from your distressed property. Thank you and have a great day.

Don’t Believe What You Hear, Bank of America Short Sale Can Be Quick & Easy

May 23, 2011

Hello thanks for tuning in this is Shawn Polston, owner of Tucson Short Sale Negotiator with Keller Williams Realty. I would like to talk to you today about working with Bank of America on your short sale. Many of the home owners in the Tucson area we have talked with have mentioned how difficult and frustrating it can be to work with Bank of America on their short sale. I’m sure some people have had the occasional bad experience, but I personally have found it rather easy to get a short sale approved with Bank of America. We currently have over 15 files in the works with Bank of America and I am confident they will all get approved. One of the great options that Bank of America offers is the ability to work multiple mortgages for the same short sale client with the same negotiator. Instead of going through the hassle of separate short sales, Bank of America will process both mortgages in the same file and send out only one approval letter for both. My team and I also love using their Equator systems tool to help make the short sale process quicker and easier for both the client and the agent. Well I am sure you have other questions and hopefully you can many of the answers on my website. I would love for you to download a copy of the Short Sale Seller Advisory using the link at the top of this page. Please feel free to give me a call or drop me an e-mail if you are in the Tucson area to see how I can help you. Thank you for tuning in to your Tucson short sale specialist, Shawn Polston 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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