This is the third installment in my Tucson Short Sales series, I would suggest reading part one (Tucson Short Sales - Part 1 - What are Short Sales?) and part 2 (Tucson Short Sales - Part 2 - I’m Ready to Short Sale My Home.. What Are The Repercussions?) before reading this article.
Since I wrote the first two articles in this series the Senate and House passed a Housing Rescue Plan that President Bush is expecting to enact. In short the bill will allow many homeowners who are in financial distress and who purchased a home between January 2005 and June 2007 to essentially refinance their home to 90% of the market value of their home. Read the article about the Housing Rescue Plan here.
We will continue with the assumption that you (the homeowner) has decided to proceed with the short sale process. Because the process is generally complicated with many timelines and necessary documentation, several Consumer Resource Groups have sprung up to assist homeowner’s. If you are considering a short sale consider calling one of the below agencies to help you.
|
Counseling Resources for Struggling Homeowners
|
|
|
|
|
|
Once you’ve resolved to go ahead with a short sale the process is relatively simple. You market the home as you normally would in a home sale, have showings, entertain offers, etc. Once you have an accepted offer, it is then submitted to the bank along with whatever documentation the lender requires; together this is generally called a “short sale package”.
Once a completed “file” is submitted the bank will then assign the file to a “negotiator” or “intermediary”. These processors generally have many files on their desk at one time and much of the timeline is eaten up here. For the next step in the Short Sale process stayed tuned!
- Tucson Short Sales - Part 1 - What are Short Sales?
- Tucson Short Sales - Part 2 - I’m Ready to Short Sale My Home.. What Are The Repercussions?
- Tucson Short Sales - Part 3 - How to Short Sale My Home
- Tucson Short Sales - Part 4 - The Offer Is In To The Bank
- Tucson Short Sales - Part 5 - End Game Short Sales
If you would like to search the Tucson MLS for Short Sale, Bank-Owned, or Foreclosure homes, search my Tucson MLS or contact me for a comprehensive list.
If you would like assistance in avoiding foreclosure feel free to contact me for a no-cost consultation.
