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Tucson Real Estate Agent Discusses Short Sale Process

Are you one of the many homeowners that is still, unfortunately, underwater despite the increase in home values and prices. Tucson real estate agents want you to know that while the housing market is recovering, the option to complete a short sale on your home is still available. If you’re unfamiliar with the short sale process, Shawn Polston, a Tucson real estate agent with years of short sale experience is here to enlighten you and help you determine whether a short sale is something you’re interested in doing.

In a nutshell, short selling your home entails asking your lender (via your Tucson real estate agent) for permission to sell your home for less than what you owe. While the process is much more in depth than this, if you are approved for a short sale it simply means that your lender says you can sell your home for less than what your current principal balance is.

One of the first things you’ll do in the short sale process, says Tucson real estate agent Shawn Polston, is assemble your short sale package. This package is submitted to your lender and contains financial documents, a hardship letter and other lender specific forms; it shows your lender just how much you can’t afford your home or why you need to complete a short sale. Once this is submitted to your lender they will either approve or deny your short sale. If you work with an experienced Tucson real estate agent like Shawn Polston, the chances of approval are great. After getting approval, the bank will order an appraisal on your home, a listing price will be determined and a buyer secured. Once the buyer places an offer on your home your Tucson real estate agent will negotiate the details of the sale with your lender, not with the buyer’s agent.

Selling your home via short sale is a great alternative to foreclosure or to get out from underneath your mortgage. For additional information and to learn more about the short sale process with your lender, contact a Tucson real estate agent that is experienced in short sales.

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