What is a real estate short sale in Tucson?
A quick sale in real estate, also commonly called a short sale, happens
when a lender is willing to accept a lower payoff on a loan than what is
currently owed due to the borrowers inability to continue making
What does it take to qualify for a Tucson Short sale?
While lenders seem to be easier to work with lately regarding
qualifications, there are usually three borrower qualifications that
most lenders require for a Tucson Short sale.
- Negative Equity - The proceeds from the sale of
the property, after all closing costs are paid, are less than the amount
currently owed on the property,
- Financial Insolvency - Financial insolvency means
that the borrower has no other assets that could cover the deficiency
(the difference between what is owed on the property and the proceeds
from the sale)
- Financial hardship - Financial hardships that are
acceptable do vary some from lender to lender, but the most common ones
are; divorce or legal separation, loss of employment or reduction in
income, job transfer or relocation, incarceration, medical emergencies
or major medical expenses, death of a family member, vacant rental
properties, damaged property, just to name a few. Most lenders believe
that a short sale is not for home owners who simply want to sell, but
for those who have to sell.
Is it possible for me to get money back for completing a short sale?
Until recent times, it was almost unheard of for a home owner to get
money back in a short sale. Things have changed for the better. The HAFA
program, backed by the US Government, allows homeowners $3,000 to use
towards relocation expenses. In addition, some lenders will offer
generous incentives of their own in addition to money offered through
the HAFA program. We have seen home owners get as much as $35,000 back
to complete a short sale.
Who will pay the Tucson Short sale Realtors© commission?
In a short sale it is customary for a lender to cover all fees
associated with the sale of the property, including your Tucson Short
sale specialist as well. In almost all cases, a home owner in hardship
will pay no out of pocket expense to complete a short sale transaction.
How Can a Tucson Short sale specialist help me?
As a Tucson, Arizonashort sale specialist, I have helped many home owners who are in a difficult
financial season get a fresh start with a short sale. Short sales are
not part of our "basic training" as real estate agents, and are
something that should only be left to those of us who are especially
qualified and experienced. Experience is everything when it comes. I'll
not only market your home in the traditional manor, but will guide you
through this transition while simultaneously processing the short sale
with your lender. Visit my website for more information on the short sale process.
<Equity Arizona Real Estate
Equity Arizona Real Estate - Tucson Branch
~ Your Tucson Arizona Short Sale Realtors