Tucson Short Sales myth or truth?

Many Buyers are currently attracted to the Short Sales that are currently listed in the Tucson MLS. There are a few areas of Tucson that currently appear to have more Short Sales than others.

Some of this may be due to investor bail outs, and also adjusting ARM’s.

However Short Sales are not always what they seem. Unlike a foreclosure, they have a much more extended process. One has to deal first with the Seller that has to Accept the Contract, and then the Contract is sent to the bank.

Many of them are placed in MLS with pricing that will not work, and most have not had any type of bank approval that the price will even remotely work. Many of the banks will only accept paperwork when an offer is in place.

It has been our experience that the process can take at least 4 to 5 months.

So if you are wiling to wait for an extended amount of time, and then find out that the bank may be unwilling to accept or counter your offer, then I would suggest that you negotiate on an existing home that is well priced, or one that the Seller is willing and able to negotiate on their price.

I totally understand that there are Sellers that are involved in Short Sales in Tucson through no fault of their own adn have had depreciating values. I also believe   that Short Sale process should be available to Sellers.

However, the banking process is currently lacking in its efficiency to perform with the large amount of Contracts that they are receiving.

Reform should be made  so that the process is easier not only the Sellers, but also to the Real Estate agent that has to call and leave multiple  messages that do not get returned. Many times the bank tired to negotiate away the commission that the agent definitely deserves. Short Sales require a myriad of phone calls, time and multiple Contracts.

One would also  think that when one assigns a negotiator that the Contract would be close to getting settled?

However, the reality is that  an agent may go through three to four bank negotiators before a Contract gets accepted or countered.

If you are a Seller, realize that your home even when it gets an offer, may take many months to come  to fruition. Also remember that when you have more than one note the process becomes more difficult.

Look for a Tucson home for sale with an experienced Real Estate Agent that can help you understand the area, the location of the home, and can present an offer that will work in our current Tucson market. If you decide that you would like to put an offer on a Short Sale, then realize how the process works, and how long the home may take to come to fruition.