Patricia Paul Properties

Patricia Paul Properties

Commentary on Tucson Area Real Estate, Home Ownership, Rental Homes, and Life around the Tucson Community
Tag » Short Sales and REOs
Apr 04, 2015
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Here are two great short sale listings:

 

HOME NEAR HOUGHTON & ESCALANTE

10473 E. Overland Ridge

3 Bedrooms, 2 Baths, Screened Patio

$129,000

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LOCATED IN RITA RANCH

7780 S. Solomon Ave.

3 Bedrooms, 2 Baths, Garage, Large yard

$119,900

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Presented by:   Patricia Paul, Broker, GRI

Patricia Paul Properties

Tucson, AZ 85748

520-548-2078

 


Mar 04, 2013
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Beautiful New Listing!

12570 E. Arbor Vista Blvd.

 MLS# 21305929

$300,000

Beautiful 4 bedroom, 1-3/4 bathroom home

2,368 square feet

Extra large 0.8 acre lot

Sparkling swimming pool with waterfall

Fireplaces in living room and family rooms

** Seller is a licensed real estate agent in Arizona **

Note: This is a short sale, subject to lenders' approvals

For more information, please contact me.

 

Patricia Paul, Broker  ***  pat@Patricia Paul Properties.com  ***  520-548-2078


Jun 26, 2011
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     For the last few years I have been working on short sales with both buyers and sellers.   Short sales occur when the proceeds from the sale of a house are less than what is owed on it.  When this happens, the bank must go through a process and ultimately approve the sale before it can occur.   This can often be a lengthy process.
 
      First, each bank (or loan servicer to be more exact) handles things differently.   After the buyer and seller come to an agreement and sign a purchase contract, it is sent to the bank along with a whole package of paperwork from the seller.  This usually includes:  A letter of hardship explaining why the borrower is unable to keep up with the mortgage, the two most recent paystubs, the last two years tax returns, and two months of bank statements.  Certain banks may require additional paperwork.  

     The bank reviews all the paperwork and determines whether or not the borrower might qualify for certain government programs (HAFA, etc.).   At this point they generally order up a BPO (Broker Price Opinion) to determine the value of the home.   Then the file is usually turned over to a bank negotiator who tries to work out the short sale, and gain the investor's approval.  They determine exactly what fees and charges the bank will accept, and whether or not they will excuse the short payoff of the loan.
 
     Once the investor's approval is given, then the buyer must quickly perform.  They have approximately 30-45 days to perform all inspections, get an appraisal, get through mortgage underwriting, get loan documents, and sign them.  There can be unexpected glitches along the way.
 
   This has been an oversimplification, but you can see there are many steps to the process, and it takes patience and diligence to get the sale accomplished.   I have had several short sale listings, and one of them for a very long time.  And then all of a sudden, I began getting the bank approvals one by one. 
 
   One of the listings I had for 13 months!  That's my longest listing ever!  We had submitted multiple offers to the bank for the short sale of the home.  After having several buyers give up, one finally stuck it out.  We finally closed last week.  The buyer bought a wonderful home at a fabulous price.  The seller avoided foreclosure and got out from under the pressure of being in a home he could no longer afford, and the agent (Me!) put the file to rest with a smile on her face. 
 
[  Word of caution:   Short sales can be tricky.  We advise that both buyers and sellers involved in short sales consult with a real estate and tax attorney.  ] 
 
Patricia Paul, GRI ***  www.PatriciaPaulProperties.com   ***  (520) 548-2078


May 27, 2010
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Feb 10, 2010
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For the past couple of years the real estate market has been dominated by REO's (Real Estate Owned); or in other words, bank-owned properties that were acquired through foreclosures.

Banks were neither equipped nor knowledgeable about suddenly becoming Property Managers.  In many cases, by the time they took back the homes, the properties were in poor condition.  Sometimes appliances, cabinets and fixtures were removed.  Unattended swimming pools were green with mold and yards were covered with weeds.  They had homeowner's association rules they had to abide by.  The carrying costs were huge.  Plus, in order to sell these homes, the banks had to price them well below the market value of privately owned homes.

But the banks have come to the realization that they can cut their losses by about 25% if they agree to accept a short sale, rather than to foreclose on a property.   So in the future expect to see more short sales on the market, and fewer REO's.  This could be good news for both buyers and sellers.  Plus, new government regulations are attempting to standardize the short sale process.  It is a bit easier and quicker to accomplish now than those first few shorts sales when this whole mortgage mess began.

If you find yourself in the position of needing to sell your home to be rid of a  mortgage you can no longer afford, please contact me.  I can explain the short sale process, and help you work with your lender to get your house sold.

If you can afford your mortgage or don't have one, but still want to sell your home either to move up, downsize, or relocate, I can help you, too.  You may even qualify for a federal homebuyer tax credit.  Please call me today for your free no obligation consultation.

Patricia Paul, GRI *** www.PatriciaPaulProperties.com *** (520) 548-2078


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