Tucson Short Sale Process

Here we will review the specific timelines and what you can expect in the short sale process with our team. The first thing you want to do is get a consultation with an expert short sale real estate agent. Make sure that the agent reviewing your situation is extremely experienced with at least 200 to 300 completed short sales in their portfolio. These types of agents will often be able to tell you what a scenario outcome is going to be for an you based on your specific situation. Its not uncommon for most sellers considering a short sale to speak with an agent that says they have taken a particular class or knows how to work with a bank but that does not necessarily mean they know how your particular situation is going to play out. So, it is very important to work with a Realtor that has experience and not book knowledge. This is essentially the most important decision you can make other than the one to move forward with a short sale. Again experience is more important that desire to work hard and a great speech when your financial future is in the balance. It is also important to consider an agent that has a group of people to service you and your file properly. If you are working with a single agent that is out showing property they probably do not have time during the day to hold on the phone for an hour with the banks like our team does. Our team works all day every day on your file to make sure it gets completed! Real estate teams normally have 2 or more individuals dedicated to update your file on a daily basis. Top real estate teams in Tucson also have Real Estate attorneys that can advise you, credit repair specialists, and Tax advisors that can help you make the right decisions. We can make recommendations for all of these professionals who specialize in Tucson short sales. Again, make sure the team you hire to represent you doesn’t claim to be #1 but actually specializes in short sales and has at least 200 to 300 successful short sales completed to back up their claims. If you are unsure, ask to see their operation.

Once your Agent is chosen your property will go on the market like a traditional sale and will be aggressively marketed. Statistically we sell our short sales within 15 to 30 days on the market. To review our marketing program you can click here.

Once we have a mutually accepted offer we submit this offer with a significant amount of financial information about you the homeowner and documentation required by your specific lender in what we call the package. The average turn around time for approval is 45 to 90 days depending on who your lender is. Some are faster than others with responses. Within this time the bank will order a BPO or (broker price opinion) for your home. This is an appraisal completed by the bank to determine value.

From this point we will begin our negotiations with the bank. This is where we aggressively negotiate the offer vs. the BPO price point, we negotiate how much each bank is going to net, we negotiate the deficiency and determine if the bank will request any additional fund, and we negotiate the remaining terms set forth within the purchase contract. Taxes, HOA fees, and repairs are all reviewed and negotiated by our team. This again is where the experience of a short sale “expert” can truly help you out. If your real estate agent doesn’t have sufficient experience then you’re not going to have much leverage on your end to get you the best deal.

From this point, once the bank has derived at a decision they will issue an approval letter. If there are multiple banks we will require multiple approval letters. If you work with our team we disclose these approval letters and allow you to review them with a real estate attorney. It is at this point you will truly be able to understand all of the various terms and conditions set forth by your lien holder.

The average timeframe when working with the majority of agents can 6 to 10 months. This is commonly due to that agents lack of experience as well as that agents lack of connections they have with that particular bank. This can many times extend the time frame and add more derogitory days to your credit report. Our average turn around time is anywhere from 3 to 4 months from start to finish. Again this is because of the systems/connections we have in place. We work with over 25 major lenders and the experience to work with the ones we do not have those relationships with you are in is invalueable . For a free one hour consultation please contact us at (520) 309-9131 or by clicking here