If you are underwater on your home, behind on your payments or just need to sell you may be wondering what alternatives are available to you if a traditional sale isn’t an option. Tucson real estate agent Shawn Polston would like to tell you about short sales, the process and how it can potentially help you out of your difficult financial situation.
First and foremost, a short sale is when you get approval from your lender to sell your home for less than what you owe. There are lots of myths floating around about short sales that simply aren’t true, so be sure you get all of your short sale information from an experienced Tucson real estate agent. It is also important to know that you have to work with a Tucson real estate agent to short sale your home; you cannot complete a for sale by owner if you wish to short sale.
Once you have met with a Tucson real estate agent to determine if it’s the best option for you, you’ll need to compile some documents to create your short sale package. This package is submitted to your lender and outlines your financial situation as well as outlines under what conditions you need to complete a short sale. Once this is completed your Tucson real estate agent will submit it to your lender, list and market your home and find a buyer. Once the buyer puts an offer in on the house, the Tucson real estate agent actually negotiates the terms of the sale with the lender instead of the buyer’s agent. This can, at times, take a little longer than with a traditional real estate transaction, however many lenders are streamlining their processes making the time to close a short sale much shorter.
If you are facing a difficult financial situation or need to sell your home for whatever reason, please contact Tucson real estate agent Shawn Polston to discuss the possibility of a short sale. Short sales have helped homeowners throughout the area get a fresh financial start and you can do the same.