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What are the Pros and Cons of Completing a Short Sale on my Home?

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Hi there, I’m Shawn Polston with Keller Williams and TucsonShortSaleNegotiator.com, your Tucson short sale specialist. I wanted to talk to you today about the pros and cons vs. short sales and foreclosures vs. deed in lieu of foreclosure. I just want to give you a general overview and if you have more questions, I can certainly talk to you more about it if you want to contact me. Usually with a short sale, the homeowner is underwater and they need to get rid of the house. It might be because they are moving, a death in the family, divorce or job loss. Your basic options are to rent the property out, and sometimes that can lead to a lot of issues. Another option is to do a short sale where we go to your lender and negotiate a settlement of the account and allow the property to be sold and settle the property for less than what is owed. There is also a deed in lieu of foreclosure where you basically deed the property back to the lender. Sometimes homeowners will look at their credit report a few years later and see a foreclosure listed when they went through a deed in lieu. You need to get something in writing about how they are going to report this to your credit report.

In most cases, the worst option is foreclosure. I don’t feel any sympathy for the lender who made you the loan. In a lot of cases I’ll have people call me up and ask to do a short sale because they walked away from the property a year ago and the lender has not foreclosed and they don’t seem to want to foreclose. Without insurance, they have a liability and they want to get rid of it.

When you contact us, we will work with your lender for you and make the process as painless as possible for you. If they won’t give you an agreement, or we can’t negotiate an agreement that is acceptable for you, you don’t have to do it. You can proceed down the other route of just walking away from the property if that’s what you choose to do. Again, I’m Shawn Polston with Keller Williams, your Tucson short sale specialist and I’m here to help answer any questions you may have. Thanks and we look forward to speaking with you soon.

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