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Tag: tucson short sale

Some Important Traits To Look For When Searching For A Short Sale Agent

July 20, 2011

Hello everyone this is Shawn Polston with Tucson Short Sale Negotiator, thank you for joining me today. Today I wanted to discuss what kind of questions you should ask and what you should look for in a short sale agent. I travel across the country to seminars and training sessions and have met numerous different agents with several different strategies. Often times when meeting with people in the Tucson area I end up referring them to a short sale agent in a different part of the country so I often interview short sale agents just like you the homeowner. Some of the things I always look for is a proven track record of short sale approvals and how many short sales are they currently working on. If a short sale agent isn’t working on files on a consistent basis it is very easy to lose touch with the ever changing short sale process. Currently my team is negotiating over fifty short sale files and are in the trenches day in and day out working for our clients. Also, be wary of any certifications or designations that a short sale agent adds to their title. Some of these designations only require three hour seminars or merely watching a few DVD’s and cannot match up with years of experience. If you are in the Tucson area and have short sale questions I encourage you to visit my website or contact me today. Even if you are outside of Tucson we have several credible short sale agents around the country we can refer you to for your short sale. Thank you for your time and have a wonderful day.

What You Will Need To Know To Get Started On A Short Sale Today

June 23, 2011

Hi there I am Shawn Polston with Tucson Short Sale Negotiator and Keller Williams Tucson. Today I wanted to talk about getting started on a short sale and what you need to know about the first few steps. Hopefully you have watched some of my video blogs to help answer some of your general questions about short sales and feel confident that this is the right choice for you. One of the first things you will need is a run down of all the documents your bank will request in order to initiate a Tucson short sale. Included in these documents you will need two years of tax returns, two months of bank statements, and pay stubs for your last month of work. The most important document will be a letter of hardship. This letter of hardship will briefly describe your situation and why the bank should consider allowing you to short sale your home. If you are unsure about what to write we can certainly provide some assistance but it is important to remember this letter is just to provide the facts to your bank. I recall the first short sale I ever closed the gentleman simply wrote,"My hours have been cut at work, I am not making as much money, please consider me for a short sale." By having this paperwork all set up it will take a lot of the guessing out of the short sale process for you the homeowner. If you would like to get started or have specific questions please give me a call or send me an e-mail. I look forward to hearing from you.

Understanding the Possible Tax Consequences of Filing a Short Sale

May 31, 2011

Hello this is Shawn Polston of Tucson short sale and Keller Williams Southern Arizona and I’m hear to talk to you today about one of the most common questions I receive. One of the first questions I get is, ‘will there be tax consequences if I do a short sale?" When a short sale is done you receive a 1099-C tax form, which represents a cancelation of debt. If a homeowner just walks away or forecloses on their property they will receive a 1099-A, which represents an abandonment of a secure property. In most cases a 1099-A will end up costing you ten to forty percent more than by filing a short sale and receiving a 1099-C. Therefore the amount of loss shown on a 1099-A will be much higher. Most homeowners also are not aware of the Mortgage Debt Forgiveness Act of 2007 which runs until the end of 2012. This act is in place to give tax relief to a homeowner after finishing a short sale. In order to qualify the property must be your primary residence and the debt forgiveness needs to be less than $2 million dollars. Most property owners fall under these two basic guidelines which is why a short sale can be much more beneficial for your tax record. When considering your tax questions when moving a distressed property it is also a good idea to speak with a tax professional who will have a better understanding of your specific situation. I look forward to answering any other questions you have about the short sale process and helping you move on from your distressed property. Thank you and have a great day.

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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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