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Category: Tucson Short Sale Help

What You Can Learn from Taking a Tucson Short Sale Class

April 1, 2014

The more you read about a Tucson short sale, the more overwhelming the prospect of getting in on the Tucson short sale can be. The good news is that most of your angst probably comes from a lack of information on subject. Many real estate companies offer classes that will teach buyers about their roles when it comes to buying a Tucson short sale. You can also look online for a class that you can take in your home. Here are some of the advantages of learning the ropes of short sale negotiations.
One of the foremost advantages of taking a Tucson short sale class is that you learn to work more effectively. There are a lot of deadlines with short sales, and you know the house won’t be on the market forever so many buyers get in a rush to try and make an offer on every Tucson short sale they can find. The problem is that if you don’t work smart, you could end all of those negotiations without a single property to your name. Learn to work smart and you’ll come out on top.
Another advantage of a class is that it teaches you the process of making an offer. It is true that an offer on a Tucson short sale does take a long time, but the trick to get an approval after all of that work. Your Realtor will be an invaluable resource when working with short sales, but understanding the process will help you to approve the right offer for the house.
Finally, a class will help you understand the timelines behind a Tucson short sale contract. Understanding the length of time for a contract can help you understand if a short sale is right for you, and it will help you plan for the future.

How to Deal with Repairs on a Tucson Short Sale

March 25, 2014

There are many homes that are listed as a Tucson short sale, and many of these homes are listed “as is.” While that term may seem relatively self-explanatory you may find that there are some things that you can do if you find extensive home repairs.
First, with a Tucson short sale that has over $10,000 in home repairs, you can consider lowering your price. If you discover the repairs after you have submitted an offer to the bank, you may resubmit your offer to the bank to try and offset the cost of repairs. You should be aware that in this situation you would have to restart the entire acceptance process over again.
Second, you should understand that you must always work through your Realtor when working with a Tucson short sale. The buyer cannot ask the bank direct questions because the seller has never given permission to the bank to disclose any of the home information to anyone but the Realtor that is working with a buyer.
Third, with a Tucson short sale reducing your offer will not necessarily put money into your hand. It will decrease what you pay every month, but the extensive repairs will still have to be paid. When you get a home inspection make sure that you fully understand the nature of the repairs and that you sign papers with a plan to fix the issues on the house.
Some of the repairs in a Tucson short sale will need to be addressed before you move into the house. These repairs involve safety issues or code violations, but other repairs can be completed over time. It is more financially sound to only pay interest on the repairs that are too expensive to afford and need to be done before you can move in. The other repairs in your Tucson short sale may have to be completed over time, but it will save you from paying extra money in interest.

The Most Common Repairs in a Tucson Short Sale

March 18, 2014

While a Tucson short sale can give you a good deal on a house, it is not secret that many of these homes come with some risk. One of the biggest risks that you take in buying a Tucson short sale is with the possible amount of extensive home repairs, but by understanding some of the most common repairs with a Tucson short sale, you can find issues before signing a contract.
One of the most common repairs with a Tucson short sale comes from broken pipes. When pipes aren’t used for extended periods of time, the water can sit on the pipes, eroding the seams that hold the pipes together. Broken pipes can lead to water damage and mold so using an inspector that is well-versed with home plumbing can help you avoid the damage that comes from broken pipes.
Another common home repair comes in the form of homeowner-inflicted vandalism. Too many times there are hard feelings with homeowners when they lose their home, and they can take out their frustration on the house. Many times the damage comes in the form of stripping the house of anything that is removable. That includes microwaves, fridges, sinks, cabinets, and anything else that can help the home owner make up their losses.
When there is home damage with a Tucson short sale it is possible to get the bank to foot some of the bill, but the best time to include this provision in your contract is before you put in your offer. If the bank doesn’t pay, you can apply for a 203K loan. It is a home rehab loan that allows you to include the price of repairs into the cost of your mortgage. That keeps you from paying for a lot of repairs for the Tucson short sale in one, big lump sum.

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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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