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short sales: Tucson Real Estate Market - 2009 in Review - 01/27/10 08:22 PM
Short sales, foreclosures, and the First Time Homebuyer Tax Credit. All these factors have led to a very exciting 2009 and have stimulated activity in the real estate market. However, short sales and foreclosures have been a double-edged sword. On the one hand, they have offered some great bargains to buyers, but on the other hand, they have kept prices lower, causing problems for sellers and even limiting the pool of available properties for buyers who do not wish to purchase a distressed property. In a very real way, they are a self-perpetuating problem, but with the unemployment rate where it … (0 comments)
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short sales: Dear Mr Negotiator... - 01/30/09 07:29 PM
Dear Mr. Negotiator,
It was a pleasure working with you recently. I enjoyed our conversations and our exciting games of phone tag. It was so much fun anticipating whether or not you would accept the offer that the Buyer brought to your bank. We had such spirited conversations as I tried to explain the values of the neighboring homes and how much repair work was needed for the home being sold.
If you remember, throughout our relationship I spent hours trying to satisfy your demands. I took photographs and sent them to you and filled out all the paperwork you requested. I … (13 comments)
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short sales: Real Estate License for Sale! - 11/19/08 05:01 PM
"We need an agent who can think outside of the box," the voice on the other end of the phone tells me. This sounds good at first. I love helping my clients get deals done by being creative. However, I soon discover that these are code words for, "We need an agent to help us with an underhanded deal (or two or three)."
Really! When did my real estate license go up for sale?!! Especially to the lowest common denominator. As a professional would it even make sense to risk my entire livelihood for a quick couple thousand dollars? Not in … (43 comments)
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short sales: Tucson AZ Real Estate Market Report - September 2008 - 09/24/08 09:19 PM
Like the rest of the country, the Tucson Real Estate market has taken its share of lumps over the last year or so. However, we have been seeing a reduction in inventory over the past nine months, which is the first step towards a recovery. Will we continue this trend or will national economic woes along with the ongoing foreclosures have an ill effect on our market? Let's look at the numbers.
Note: These numbers are from August 2008 so we do not yet know what effect the current shenanigans on Wall Street will have on our local home buyers and … (1 comments)
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short sales: How Banks are STILL Contributing to the Declining Market - 09/01/08 02:36 PM
Did you know that banks are continuing to contribute daily to the declining market? Even though they have tightened their belts in terms of loaning new money, I see them squander their investors' money on a very regular basis. Here's how:
The Short Sale
At this point, short sales are about 2/3rds of my business so I am working with them quite regularly. Time after time, I counsel my client on how to put in a good offer to the bank while also protecting their equity position in case the market continues to decline. As a basic rule of thumb, it … (4 comments)
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short sales: Buying a Foreclosed Home - 07/24/08 07:19 PM
After two short sales fell apart, I had a client recently tell me that she was not going to try any more short sales, but was going to look at homes that were already foreclosed. She was experiencing the pain mentioned in What's So SHORT about a Short Sale.
Arizona is 3rd in the nation right now in foreclosures so we see our share of bank-owned or foreclosed properties. The situation is pretty extreme in the Phoenix area, although we see our share of foreclosures here in Tucson as well. So how does buying a foreclosure differ from buying any other … (0 comments)
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short sales: What's so SHORT about a Short Sale??? - 07/09/08 11:48 AM
Why the SHORT in short sale? Is it the short turn-around time by the bank? Yeah-right! Is it the short tempers that are produced by the end of the transaction? Getting warmer....
A short sale is named for the fact that the bank in the transaction is agreeing to take an amount that is "short" the full amount owed. This is the only part of a short sale that is short. In fact, I can assure you that by the end of the deal, the time frame has usually been extended far beyond everyone's expectations. And with experience as my teacher, I have … (1 comments)
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short sales: What are the tax consequences if my home is foreclosed? - 01/24/08 11:10 AM
Is your bank threatening to foreclose? Are you left owing more than the house will sell for? In Arizona, the bank can not come after you for the money you still owe after the property is sold. However, there are some tax consequences to having the bank forgive your debt. This applies whether it is a foreclosure or if you sell your home as a short sale.
Basically, you will receive a 1099 from the lender for the amount that they "forgave". That is counted as income for that tax year. This is very frightening to many people, particularly since the reason … (9 comments)
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short sales: Short Sales: To Buy or Not to Buy? - 10/18/07 12:12 PM
The term "short sale" has been tossed around in today's real estate world recently with growing frequency. It takes its place among other frequently-heard terms such as "foreclosure", "mortgage meltdown" and "slowing sales." While these terms may not bode well for the home seller as they represent higher inventory, for the buyer they can be a sign of a fabulous investment opportunity.
The short sale offers a unique opportunity for the right buyer. The question is: Are you that buyer?
Are you patient?
Short sales take time and involve a degree of uncertaintly for an extended amount of time. Because the bank is accepting less money … (3 comments)
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short sales: What to Expect During a Short Sale - 10/12/07 08:59 PM
So you've decided that a short sale is the best option for you? If you're unsure or haven't considered the ramifications, please read Should I Sell my Home as a Short Sale? Once you have made the decision, there are a few steps you should take.
Hire a Real Estate Agent
Short Sales are more complicated than your typical real estate transaction, so it is important not to go it alone on this type of deal. The bank will pay your agent's commission and wrap it into the amount that the sale is "short". When you interview agents, be sure to ask about … (2 comments)
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short sales: Should I Sell my Home as a Short Sale? - 10/11/07 02:32 PM
Short sales are all the buzz in the real estate market today, but as with anything else they aren't for everybody. How do you determine if a short sale is right for you?
Look at your Financial Situation
If you're considering a short sale, then I am going to assume that you are having financial difficulties and are unsure about whether you will be able to continue making your mortgage payments. However, there are other ways to remedy the situation if it is only temporary. Considering the vast amounts of foreclosures and short sales going on now, most banks are willing to work … (6 comments)
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Robin Willis, Tucson's Expert Agent, Realty Executives
Tucson,
AZ
More about me…
Realty Executives Southern Arizona
Address: 1849 N Kolb Rd, Tucson, AZ, 85715
Office Phone: (520) 886-8282
Cell Phone: (520) 481-3695
Email Me
Tucson, AZ is a varied and exciting community to live in. Whether you are buying or selling a home, it's vital to have someone on your side who has the information pertinent to your area.
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