Owe More Than Your House Is Worth?
You're not the first person in Tucson in this spot, and you have options. A short sale is one of them. Here's how it works.
A short sale is when your lender agrees to let you sell the house for less than you owe. The lender takes the sale price and lets the house go. For a lot of people, it's a better exit than a foreclosure.
It takes longer than a normal sale and it takes paperwork. I'll keep it organized and keep you updated so you always know where things stand.
How a short sale works
We talk
I'll look at what you owe, what the house could sell for, and what's going on in your life. No judgment.
You talk to the right professionals
Before you commit, talk with a real estate attorney and a CPA about how a short sale affects your credit and your taxes. I'm happy to share names.
We list the house
It goes on the market like any other home, priced where buyers will actually make offers.
We send the offer to your lender
Along with the offer, the lender wants your financial paperwork and a hardship letter explaining why you need to sell.
The lender reviews it
This is the slow part. It can take weeks or a few months. I stay on it so the file doesn't sit.
We close
Once the lender approves, we close like a normal sale.
What the lender usually asks for
- A hardship letter in your own words
- Recent pay stubs or proof of income
- Bank statements
- Tax returns
- A signed offer from a buyer
I'll help you get the package together. Every lender is a little different, so we'll go by what yours asks for.
Why timing matters
If you're already behind on payments, start the conversation early. The more time there is before a foreclosure date, the more options you have. Call me today, even if you're not sure a short sale is right for you.
I'm a REALTOR®. I handle the sale. Your attorney and CPA handle the legal and tax side.
Let's look at your options
A call costs you nothing and stays between us.