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Category: Short Sale Programs

Tucson Short Sale Specialist Discusses how to Buy a Short Sale

March 18, 2013

Hi there, I’m Shawn Polston with TucsonShortSale.com and Keller Williams Southern Arizona. I wanted to talk to you today about the flip side or the buyer’s side of a short sale. It’s not uncommon; we actually have buyers come to us because we have the knowledge of the listing side of a short sale. They are usually curious about how to buy a short sale. One of the biggest things about buying a short sale is the knowledge the listing agent has and there is also the knowledge the buyer’s agent has. If you have a buyer’s agent that doesn’t really understand these transactions at a decent level, the odds of you successfully purchasing a short sale go way down because they aren’t going to understand all the nuances that go along with these transactions. They are also not going to understand the timeframes. A typical short sale, if you’re lucky you are going to close in 60 days. Most likely it’s 90 to 120 days, and in some cases it’s actually more when the buyer’s agent gets updates from the listing agent.

One of the biggest things about buying a short sale is the house. Are you ready to commit to this house and stick it out? The other part of your buyer’s agent knowledge is when they receive updates from the listing agent which by the way should be once a week or less. With an agent like me, when I’m handling a buyer on a short sale and the listing agent is telling me something that doesn’t add up, especially when the lender gets involved, I’m quick at figuring that out and letting the buyer know about it and tell them maybe we need to look at another property. It’s very important to have someone exclusively representing you in the purchase of a home. One of our first steps with our buyer’s plans is we sit down and talk about the different transactions and time frames involved. If you are looking to buy a house and you are wondering how to buy a short sale, fill out our short sale request form and we’ll get back to you. I have a team of professionals on my staff and that’s all they do is helping buyers out and helping buyers find the right house. We can provide you the best level of service out there. Thanks and I hope you are having a great day.

FHA Or VA Assumption On Your Home Loan

March 13, 2013

Thanks again for coming to TucsonShortSale.com; I know you hear me talk about short sales all the time, but today I wanted to talk to you about something else that we help people with. There are many homeowners out there that have an FHA loan or a VA loan and it’s possible that they have a little bit of equity on the house. One of the things that we can help you with is what’s known as an assumption.

With an assumption, we find a new buyer for your home, they make a down payment to cover all of the closing costs and go through the assumption process. If we do it through the VA, we’d be substituting your eligibility with another member of the military and with an FHA loan, it can be anyone, but they do have to qualify if your loan is fairly recent. The goods for both of these is that they can just assume your loan. With interest rates starting to rise, those of you that have FHA loans with a fairly low interest rate all of a sudden become a fairly attractive option to buyers. The buyer may very well be willing to pay a little bit more because the cost of the financing by assuming that loan is a lot less than they’ll pay for financing when interest rates go up.

I wanted to put this out there, so if you have an FHA or VA loan, you don’t know if a short sale or an assumption is the right thing or you don’t know if you have any equity in the house, we can help you figure all of these things out. We know how all of the different FHA and VA programs associated with your loans work, so please fill out the request form at the top of TucsonShortSale.com or pick up the phone and give us a call.

Important FHA Guidelines That Will Make Or Break Your Short Sale

March 12, 2013

Hello everyone Shawn Polston here with Tucson Short Sales and 520 Short Sales thank you for joining me. I work with Keller Williams Realty in the Tucson area and use my blog to share my experience with underwater property owners. If you are facing foreclosure or at risk of defaulting on your mortgage please contact me today to discuss all of the options for selling your home.

Today I wanted to talk with Tucson homeowners who have their mortgage through the FHA about their specific short sale process. These loans are guaranteed by the FHA and since this is government sponsored program they actually do not refer to it as a short sale. Regardless of who the servicing bank is, whether Wells Fargo, Bank of America, or another lender, selling your FHA property for less than what it’s worth will follow very set guidelines. The first step in getting an FHA approval is submitting a valid offer to your lender along with your financial information. Once this is submitted we will need to receive what is called an approval to participate from your lender to start the short sale process. After we have received this from your lender they will send out a specialist to appraise your home to determine a fair market value. In order for your short sale to be approved the offer that we submit to the bank must be fairly close to this appraised value from the FHA. For this reason it is important your short sale agent has FHA experience. We will need to get a good price for your home and the FHA simply won’t allow us to accept a low ball offer.

If your mortgage is backed by the FHA and you are considering a short sale please browse my website or call me to learn even more. Thank you for your time and I look forward to helping you in the future with your underwater property.

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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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