Tucson Real Estate

terra antigua realty logoHighly Experienced and Highly Educated Professional Short Sale Real Estate Agents serving Tucson, Oro Valley, Marana, Vail, Sahuarita and Green Valley.

 

ARE YOU UPSIDE DOWN?

Find Out Now!

Free - No Obligation - Automated Valuation of You Home Now!
cdpel logo
Pre Foreclosure Specialist Certification
cne logo
cssn

csp logo

equal housing logo

Chris Pendleton

and

Shannan Marty

Associate Broker - RealtorĀ®, ABRĀ®,CDPE, CSP, CNE, CSSN, SFR, a-REO, PSC

Short Payoff or Short Sale

A short sale is contingent upon the seller and seller creditors coming to an agreement. It is a private workout solution.

During the process the seller will have to open themselves up finacially for examination in order for the creditor to determine if they qualify for a short sale. In order to do that, most lenders require the following information:

  • Hardship Letter
  • Financial Worksheet
  • 2 months of bank statements
  • 2 months of pay stubs
  • One or two years of tax returns

 

There is no guarantee that the bank will accept the short sale. The typical time it takes a bank to approve a short sale is roughly 60 days. We have had some transactions take 2 weeks and other that took longer than 60 days. Some of the potential decisions include:

  • Short Sale Potential Outcomes
    • Approval with Full Release
    • Approval contingent on Cash or Promissory Note
    • Approval with Release of deed and seek deficiency
    • Denial

 

Unfortunately the term 'Short Sale' doesn't have anything to do with the time involved in the short sale process.

Process

    • Determine Value of Home
    • Advise Legal and Tax Consultation
    • Listing Agreement with Short Sale Addendum
    • Authorization Letter - RE Agent contact lenders
    • Market the Property - Using our Comprehensive 99 point marketing plan
    • Offer
    • Submit Short Sale Package
      • Hardship Letter
      • Copy of Purchase Contract
      • Written Proof of Buyers ability to purchase property
      • Copy of certified escrow instructions
      • Preliminary Title Report
      • HUD 1
      • IRS From 4506
      • Completed and signed personal financial worksheet
      • Tax returns for past two years
      • Employment paycheck for past two months
      • Bank statements for past two to three months
      • Short Sale Application
      • CMA
      • Short Narrative by Realtor - Market, Market Trends, Ave Days on Market, Number of short sales, Number of Foreclosures, Price Trends
      • Marketing History, showings/feedback
      • Formal request signed by seller that the short sale approved as submitted
    • Frequent Follow Up
    • Agreement Notice

next