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Category: Tucson Short Sale Help

Is Your Loan Mod Coming To Term? Consider All Options Before Reapplying

December 17, 2013

I wanted to go over loan modifications today because there are a lot of people that have had their loans modified about four years ago and they’re coming up on their fifth year. This means the loan is going to change back to what it originally was or something else. If you talk about loan modifications as if you were talking about going to the doctor, I would say, unfortunately, that a loan modification treats only the symptoms, it doesn’t actually treat the disease. Not a whole lot of loan modifications that we’ve seen have dramatically principal balance on the loan and most of the loan mods may have a lower payment but there’s still the same problem of the home being severely underwater.

What I’d like to encourage you to do is to really think about your options if you are looking at a first time loan modification, or if your loan modification is coming to term and you might apply for another one but aren’t sure if you want to go through the entire process again. Consider what your options are when considering a loan modification versus a short sale or a foreclosure. I want to remind you that it doesn’t cost you anything to pick up the phone and call me or fill out the online request form so we can help talk you through the best decision you can make. Regardless of your situation we’d like to get to know you because at some point in time you are going to want to sell the house, even if it’s years down the road and you may actually have equity again; either way we are here as a resource for you as well as just to be here for you whenever the time is right to sell your house.

While Not Every Short Sale Is The Same The Keys To Success May Be

December 10, 2013

Hello everyone Shawn Polston with Keller Williams Realty talking with homeowners today about some of the keys to getting your short sale approved quickly. I use this blog to keep distressed property owners in the Tucson area up to date and knowledgeable about their current real estate options. If you have questions about your current property situation or need to sell your home fast please take a minute to fill out the contact form on my website or call me directly to get started.

So today we are going to discuss some of the keys of short sale success that I have learned over the years while helping homeowners. It is important to remember that no two short sales are the same but there are some guidelines to follow to make your approval easier to attain. One of the best ways to prepare for a short sale is by having your financial history available to share with your lender during negotiations. This will call for two years bank statements, two months of pay stubs, and a brief explanation of your monthly expenses. This is vital information in getting a short sale approved and the sooner it is organized and submitted the better chance we will have. The homeowner is also responsible for completing a hardship letter that explains why a short sale should be approved. Of course all of this preparation is worth nothing if you the homeowner are not committed to leaving your home and moving on. Finding an experienced, qualified agent is an important part of the short sale process but they cannot make you sell your home. For those homeowners at risk of default or that have already defaulted it is important that you considering all of your options.

If a short sale may be in your future please give me a call so we can discuss all of the options you have sooner rather than later. The more time a homeowner has to work with the better opportunity of avoiding long term credit damage. Thank you for your time today and I look forward to helping with your Tucson real estate needs in the near future.

Is Your Agent Charging You Upfront To Do A Short Sale?

December 3, 2013

One of the most common questions I have received in the last 10 years of doing short sales in the Tucson area is, "Sean, what are we going to have to pay you or how do you get paid for performing this service for us?" It’s actually really simple but first of all I want to caution you about talking to an agent that wants money up front or on the back end to complete your short sale.

Number one, you’re talking to the wrong agent and number two they may be engaging in illegal activities. The state of Arizona has made it pretty clear that there are very specific rules for agents that want to collect upfront fees. What I’ve found is that most of them aren’t playing by the rules. My team and I have never collected an upfront free from a homeowner that is in distress. The way we get paid is by collecting our fees as part of the short sale from the short sale lender; the short sale lender agrees to pay us as part of the terms of the short sale. Not only do they pay us, they also pay your property taxes, the title and escrow fees. In ninety-nine percent of the short sales we complete, the seller pays nothing. The only time the seller actually pays something is when the short sale lender comes back and says they’ll approve the short sale but they’ve noticed the borrower does have a certain amount of money available. The lender will sometimes request that the borrower contribute a small amount of money to get the short sale completed. If it makes sense for the homeowner to do, then typically they’ll oblige but if the homeowner isn’t comfortable in doing this we can go back and renegotiate with the bank.

The long and short of it is that if you need short sale help come to me; I completed more short sales than any other realtor in Tucson. We have never charged any one any money upfront or on the back end. All of our compensation comes from your lenders. So, please remember that I’m here to help you at your bank’s expense and not yours. Please give me a call or get in touch with me today; I look forward to hearing from you.

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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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