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Tag: short sale specialist

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.

Tucson Short Sale Specialist – Bank of America Short Sale

March 8, 2013

Hey there, I’m Shawn Polston with TucsonShortSale.com, and Keller Williams Southern Arizona. I wanted to talk to you about Bank of America short sales. A lot of people have Bank of America loans. They are one of the largest servicers out there. We work with Bank of America a tremendous amount. Whether you have an FHA loan or a VA loan, a conventional loan or another loan you might have, we have experience dealing with Bank of America. We also have a program with Bank of America that allows us to pre-screen you to see if you may qualify for one of their incentive programs. In some cases in Tucson is they are willing to offer $3,000 to $7,000 in relocation assistance. We have been very successful with accomplishing these types of sales with Bank of America and we have a very good working relationship with them. I attend all kinds of trade shows and have met a number of the higher executives at Bank of America. One of the things about Bank of America is that they really do want to help you. If they can help you get out of your house by doing a short sale, they are really wanting to do so. It doesn’t mean they will give you a decision in a day, but they are being very proactive in these short sales. They have had some kinks in their FHA short sale program which tend to take a little bit longer than the other short sales with them. They are working to get those worked out. I commend them on knowing they have something to address there. If you have a Bank of America loan and you are considering doing a short sale, please give us a call. I encourage you to fill out my short sale request form and we’ll get back to you as soon as we can. Thanks and we look forward to speaking with you soon.

Are there Tax Implications with a Short Sale?

February 6, 2013

Hi there, I’m Shawn Polston with Keller Williams Southern Arizona and TucsonShortSaleNegotiator.com. I wanted to talk to you today about a topic that gets brought up a lot. It revolves around the question of taxes. I’m going to give a quick explanation of the tax ramifications that occur in a short sale as well as in a foreclosure or a deed in lieu also. When your lender does a short sale, a lot of times there is a cancellation of debt where they send you a 1099C. After a deed in lieu of foreclosure and a foreclosure, they will send you one as well. This is a requirement any time there is more than $600 worth of cancellation of debt. Whoever forgave that debt is required by the IRS to inform them. The IRS looks at cancellation of debt as income to you.

The good news where it involves short sales, in most cases the vast majority of our clients have some way out of the tax liability associated with that. The Mortgage Debt Forgiveness Act of 2007 is going to be around until the end of 2013. There is also a provision within the IRS tax code related to insolvency and this means at the time of that cancellation of debt where your debt is greater than your assets. I can tell you there is no expiration currently on this. There is also the question of is it a capital loss? The person who you need to speak to about this specific situation is a CPA. If you don’t have a CPA, pick up the phone and give us a call. We would be happy to point you towards someone. Also, IRS.gov is an excellent reference. We are looking forward to helping you and answering any questions you have. Give us a call today.

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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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