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Category: Tucson Real Estate Agent

Finding The Right Tucson Real Estate Agent For Your Short Sale Is Job Number One

September 10, 2013

If you are considering a short sale do you trust your current Tucson real estate agent to get the job done right? Not every agent has experience or training handling a short sale file and it is important to know that you are in good hands. When selecting a Tucson short sale agent for your home make sure you are confident they can get your home sold fast and help you avoid foreclosure.

While making the decision to buy or sell a home is always a big one a short sale may require your Tucson real estate agent to act fast. If you are already facing foreclosure your short sale will need to be handled by an experienced professional to make sure your closing date is set before your auction date. Finding the right Tucson short sale agent may be as simple as asking the right questions when it comes time to sell your home. Finding out what your agents success rate is and how many files they handle a week can be very important indiciators of if they are the right agent for you. Any Tucson real estate agent can take on a short sale file but unless they are closing them at a high success rate they may not be for you. Likewise, if your short sale agent has a pile of homes to sale by themselves every week they may not have enough time to devote to your home. For these reasons it can be helpful to find an agent with a high success rate that also utilizes an office of short sale specialists. By having multiple experts handle your file you can make sure that your short sale is finished in the shortest amount of time and received the focus that it deserves. Selecting a Tucson real estate agent with an office of experts can also help answer any questions you have before the sale of your home.

When buying or selling a home it is important to feel confident in your Tucson real estate agent. They should provide you with the peace of mind to know that your home will sell quickly and for the best price available.

Tucson real estate agents Want You To Take Advantage Of MFDRA

September 3, 2013

Has your Tucson real estate agent told you about the Mortgage Forgiveness Debt Relief Act and how it can save you money in the future? If you’re just beginning the short sale process with your Tucson real estate agent, they may not have explained that part to you yet but it’s important that they do; if they don’t you need to ask about it.

Currently the MFDRA is in effect for all homeowners that complete a short sale on their primary residence. The MFDRA makes them exempt from paying taxes on the forgiven amount when they file their taxes in 2014. Some Tucson real estate agents say that their clients weren’t even aware they would have to pay taxes on the forgiven amount, but this is how it works. When you complete a short sale on your home, you’ll receive a Form 1099 from your lender that shows the forgiven amount as taxable income, which is how it is viewed by the IRS. So, say you sell your home for $200,000 but owed $275,000 on it; if the MFDRA wasn’t in effect, that $75,000 difference would be shown on your Form 1099 and would be taxed next year when you file. This obviously can add up to quite a bit of money, especially for a homeowner that is starting to rebuild financially. This is why Tucson real estate agents want you to know that if you haven’t begun the short sale process, you really should do so. The Mortgage Forgiveness Debt Relief Act is scheduled to expire at the end of 2013 so your short sale transaction needs to be closed on or before December 31st.

In the very rare chance that you don’t qualify for the MFDRA, your Tucson real estate agent may be able to provide you with other tax alternatives. For additional information, to see if you qualify or to learn more about what you need to do to begin the short sale process, get in touch with a Tucson real estate agent immediately.

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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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