Knowledge I offer the highest level of intensive knowledge and Tucson real estate industry savvy. Before choosing me as your realtor, you'll know what's going on in the Tucson real estate market and specifically, your area of Tucson. You'll get informed recommendations on how to market your house and what needs to be done to make it more marketable. I've made it my business to know everything there is to know about the value and salability of your home. In addition, contracts can be full of complicated terms and clauses. You will receive the full benefit of my expert knowledge and experience. This will help ensure the final contract benefits you.
I Listen To You, Not The Other Way Around! Listening to what your goals are of selling your home is of crucial importance. This helps me to market your home in the most beneficial way for you. It sounds like a given point, but I'm still amazed at how many people I come across that are providing customer service and they seem more concerned about what they're going to say next. They completely miss what the person that they're providing a service to is actually saying. I actively listen to your wants, needs, and desires and this helps me to optimize your Tucson real estate sale, thus making your home sale and transaction an easy one.
You Know What's Going On At All Times I timely keep all of my clients informed throughout the whole process of their transaction. From making beneficial suggestions on the offers for your home to the day of close of escrow. You will know exactly what's going on and feel secure in the knowledge that your interests are being furthered and protected.
My Commitment To Excellence With me working as your Trusted Adviser, you have my commitment to your happiness, well being, and advocacy of you and your family's best interests. I will use my experience and savvy to help guide you through the steps of your real estate transaction and I will give resourceful recommendations throughout. An explanation of these recommendations will also be given to keep you secure and comfortable with the decisions you make. If you're not happy, I'm not happy. I'm an adviser/consultant, not a salesperson. I personally work with my clients every step of the way and I make myself available. You call the shots!!
Resources For Marketing "What are you going to do to get people to see my house?".
Tucson home buyers won't even know your house is for sale unless they see it! Just like you're doing right now, estimates show that well over 80% of home buyers search online for their home before purchasing. That's a conservative number. Utilizing Coldwell Banker Residential Brokerage websites, affilitate websites, and my own website greatly enhances the ability to get your home listing in front of as many home buyers as possible. For example, just one of our websites received well over 1 million page views for the month of January 2010 alone. Your home will also be advertised in our own personally branded publication that is distributed to over 160,000 people per month.
In addition to having your listing on the Tucson Multiple Listing Service, you'll also have your listings on AZmoves.com , ColdwellBanker.com, and Realtor.com to name only a few! Check them out and see where you could have your home listed!!
Thinking about buying or selling Tucson real estate as a "Potential Short Sale"? Only use an expert who has had experience with them! It can be a long, tedious journey and using an agent with knowledge and expertise in this field will help you maximize your chances of having a successful close. Feel free to contact me with any questions you may have regarding "potential short sales".
Short sales currently make up a large portion of homes that are currently on the Tucson real estate market. When considering whether to sell your home as a short sale or buy a home that is for sale as a “potential short sale”, you have to know what you’re doing and what to expect. Is a short sale the right thing for you? It’s a bit more tricky than buying or selling a home that is a “regular” sale. For this reason, it’s best to use a realtor that is familiar with the process and one that has actually been successful at getting them closed as a selling agent. This is true whether you’re selling or buying Tucson real estate. Please see below for some commonly asked questions regarding short sales. I hope this helps. I can be reached at 520-235-6221 or through email at chadrickbrockschmidt@gmail.com for any questions.
THE LONG AND SHORT OF IT
1. What is a short sale?
A short sale is a sales transaction in which the seller’s lender agrees to accept a payoff of less than the balance due on the loan. In addition to absorbing any loss on the loan, the lender in most cases agrees to pay the costs of the sale.
2. How long does the average short sale take?
It can take anywhere from 28 days to six months or longer once the lender receives a signed offer from both the buyer and seller. The process frequently moves slowly. Currently, many lenders are working to revamp their system to speed up the procedure.
3. If a short sale transaction can take up to six months, why do they call it a “short sale”?
Clearly an oxymoron! Or look at it this way: the value is “shorter” than the loan amount.
The truth is a short sale has multiple phases that may affect the transaction time frame. Depending on market trends, price positioning, and other factors, it can take up to 180 days or more for a property to sell. Once the negotiations are complete, the short sale proposal is sent to the lender who will evaluate it from a financial perspective. In addition, the homeowner must establish eligibility for the short sale by providing supporting documentation such as, W-2 forms, bank statements, tax returns, and other financial documents. Understandably, this process takes time!
4. How do I determine if I’m eligible for a short sale?
Homeowners ought to be aware of their options before considering a short sale. Other alternatives include: loan modification / refinance, deed in lieu of foreclosure, foreclosure, and bankruptcy. Non-profit counselors are available to advise homeowners on the advantages and disadvantages of each of the foregoing options. A directory of counselors may be obtained at www.hud.gov
5. Why would a lender agree to a short sale?
There are various reasons why a lender may agree to a short sale. Foreclosure takes time and as we all know, time is money. The expense to the lender is a significant factor. Foreclosure costs may include: internal fees and expenses, eviction, repairs and maintenance of the property, security, as well as Home Owners Association (HOA) dues and utilities. These factors, combined with the federal and state government’s push to halt foreclosures, make it easy to see why a short sale may be in the lender’s best interest.
6. Is a short sale still an option if foreclosure has already taken place on my home?
No. Once the lender has completed the foreclosure process, a short sale is no longer an option. For that reason, it is vital that homeowners understand the importance of early communication with the lender. Don’t wait until it is too late. Speak to your lender, and let him or her know that you are having financial or other difficulties. If you want to retain ownership of your home, you may be able to work with your lender to explore alternatives to foreclosure.
7. I have a second mortgage on my home. Does this make me ineligible for a short sale?
In many cases, a short sale can be achieved on properties with multiple loans. Depending on the amount of the loss to the junior lien holder (second trust deed), a short sale may be possible under certain circumstances. Proposals and requests for short sale consideration should be submitted to all lenders at the onset.
8. Once I have an offer on my home, what happens next?
Your REALTOR® will assist you in negotiating the best price and terms. Once the negotiations are complete, the offer and all supporting documentation should be packaged and submitted to the lender’s loss mitigation department. Follow-ups and ongoing communications are significant components of a successful short sale.
9. Will I have to pay capital gains taxes if I sell a property as a short sale?
A short sale has no bearing on the calculation of capital gains taxes. However, there are other tax liabilities that must be evaluated. Seek the advice of tax and legal advisors before agreeing to a short sale. For additional information, you may visit www.irs.org to learn more about taxation of short sales.
10. Will a short sale affect my credit?
Yes. Your tax advisor will be able to address your specific situation.
11. I would like to buy a short sale. Where do I start?
Choose a REALTOR® who has the ability to recognize a short sale property and who possesses the ability to work through any difficulties that may arise during the buying process. Be prepared for a bumpy road. If your REALTOR® is knowledgeable, he or she will help you manage your expectations.
12. When buying a short sale, do I have to pay all of the escrow fees?
The allocation of costs is a negotiable item in any real estate transaction. Typically, the buyer and seller each pay their own fees.
In short sales, lenders may request that certain fees be paid by the buyer, as a condition of the lender’s approval. Some of these costs may include: funds owed to junior lien holders, closing costs, delinquent property taxes, and Home Owners Association Dues. Expect the unexpected and work with a REALTOR® who is familiar with short sales and is able to walk you through the process prior to preparing an offer to purchase.
13. How is Coldwell Banker Residential Brokerage simplifying and streamlining the short sale process?
Coldwell Banker Residential Brokerage has been working diligently on a multi-faceted program to educate its managers and sales associates regarding the intricacies of the short sale. In response to the unprecedented challenges today’s homeowners face, the company has developed a unique short sale package that allows Coldwell Banker sales associates to deliver comprehensive proposals to lenders, thereby increasing the likelihood of a successful and swift transaction.
Note: When the amount of the loan and other costs of the sale exceed the current market value of the property, struggling homeowners have a number of alternatives to consider, including loan modification / refinance, deed in lieu of foreclosure, foreclosure, bankruptcy and short sale.Any homeowner considering a short sale should consult with legal and tax advisors. A directory of non-profit counselors is available at www.hud.gov
Thinking about selling your Tucson home as a potential short sale, but are worried about it closing??
The short sale. For those of you who’ve experienced it first hand as a buyer or seller, it may bring dark thoughts of frustration. I heard a great saying recently. “If you’re going to make an offer on a short sale, you better have two things. A high level of patience and a high level of intestinal fortitude”. For the most part, this is absolutely correct. Yeah, you’ll read or hear about the offer that got approved in 2 weeks and closed in 1 month, but it’s a rarity. You’ll also hear about the agent who has a “100% success rate at getting short sales approved”. I’m not saying that person doesn’t exist, because I don’t have the resources or enough desire to prove them wrong. I do find it very suspect as I’m sure most agents with any short sale experience do. If you’re in a hurry to close on a home, don’t bother with a short sale. The odds are against a quick close. If you’re not in a hurry, you may just be able to find that dream home you’ve always wanted at an advantageous price. In Pima county for November of 2010, approximately 5% of homes being sold as potential short sales made it to close. Compare that with approximately 25% of homes being sold as REOs during the same time period. Were the REOs better homes? Better prices? What’s the cause of this? Most blame the lienholders. It’s convenient. I hear “they’re unreasonable”, “they’re being ridiculous”, “whoever did the BPO is an idiot” and “the negotiator just doesn’t want to sell this house” more often than not. Ask yourself this though. Was the offer ridiculous? Was the home priced at an impossibly low price thinking the bank would just roll over and say yes?? And the most important question of all. Did the listing agent try hard enough to get it approved???? I can nearly assure you that banks want to move these off of their books or they wouldn’t dedicate masses of employees to short sale departments. It just has to make sense to them and if they don’t see that it does, the listing agent has to prove that it makes sense for them to say yes. I was talking to a fellow agent the other day and this agent was complaining about the lienholder not approving the offer on a short sale listing that this agent had. I looked the deal over briefly and saw that it seemed to make sense. Now I didn’t see the whole thing, but by what I saw and by what this agent told me, it should be a deal. No second lienholder, which is always a plus. The price offered seemed to be what the market was bearing. Then I asked how many counter offers were issued on behalf of the buyer or lienholder and if that agent had stated their case as to why that lienholder should say yes to the offer. This is where I found out why it fell apart. Two times. Two counter offers from the lienholder. That agent simply rejected the second counter without countering back. When trying to get a short sale approved, if an agent is fine with getting two answers of no and then decides to call it quits, that agent isn’t going to get many short sales approved. If any. When you go buy a car, do you simply say yes after the first or second offer? If your answer to that is yes, you probably left money on the table. Should one really expect a lienholder that’s losing 10s of thousands, if not more, to simply say yes on the first offer. Now I’m sure someone who’s reading this may have gotten a yes on a first offer. Kudos to you. It does happen. For the majority of times, this isn’t the outcome. I compare the agent that brings up the one time he/she got a short sale closed in 30 days to a gambler. They only talk about how much money they’ve won. A good short sale listing agent will be prepared for the lienholder’s counter. Lienholders want to maximize their profits so they counter to see if they can get more and to make sure nothing was left on the table. I asked 10 people if they thought they were good negotiatiors. 9 of them said yes. From experience, I don’t see this. Some agents, or non agents for that matter, think that walking away from or rejecting a potential deal is being a good negotiator. They would be wrong. That’s a perfect example of being a horrible negotiator. Now don’t get me wrong. There are times when you have no choice to walk away. Ask yourself this though. How many times did you hear the word “no”?? Alot of agents I talk to, know, or have worked with from opposing sides simply don’t put forth the effort to get the short sale approved. I recall one where I represented the buyer. I always had to hunt this agent down for an update and I could tell by this agent’s answers to my questions that this agent was not “working the deal”. He/she wasn’t building rapport with the lienholder, no phone calls were being made and no emails sent. There was no sense of urgency and only minimal effort. Submit the offer and wait for the approval is what most short sale listing agents do. If the approval isn’t given, put the home back on the market and start over while making feeble attempts along the way. There is no simple answer to getting approvals on short sales. No tell all, end all way of getting them done. There are many ways to maximize your chances and to take advantage of the hand (or bad BPO) that you’re dealt. There are constant bumps on the road when navigating a short sale approval. The listing agent just has to be able to take advantage of what’s given to them and not give up. It’s not for everybody and I know alot of agents that won’t even attempt them. To be able to find that little crack of light to keep the deal going when it seems like it’s falling apart.
Whether you’re a potential buyer or seller of a short sale property, the agent chosen to be the listing agent is the one who has the most control of whether or not the short sale succeeds, due to the direct communication with those lienholder(s). That’s obvious. Does that agent have a short sale and foreclosure resource certification. Any agent handling short sales should have this at a minimum and that doesn’t mean they’re going to be savvy enough to push an approval through. More importantly, if you’re looking for an agent to handle your potential short sale, what will that agent do to maximize the odds of getting the short sale approved? Are they aggressive enough to pursue the negotiation with the lienholder and not take “no” for an answer? What is their success rate? What do they do to follow up the submittal of the offer? What do they do to maximize the odds of keeping the buyer engaged and waiting? How are they best going to serve their valued client and protect their interests? Important questions to ask and ponder.
If I'm selling my home in Tucson, should I hire someone to stage my property??
With the market being as competitive as it is for potential buyers' attention, a seller should do everything possible to give herself/himself that edge over the homes down the street. Home staging is one of those edges that can be utilized to maximize the real estate sale.
Buyers and sellers often have different tastes. Sellers design their home to reflect their own style. Home Staging purposefully emphasizes room assets by regrouping furniture and accessories so buyers clearly see the home's structure and layout.
Houses that show better, sell faster and for a higher price. Home Staging professionally prepares a house for sale by accentuating its best features - and it takes only a minimal investment of time and money.
A staged home creates a positive first impression. A model home appearance helps buyers imagine the property's full potential. It projects the kind of warmth and "WOW!" factor buyers notice and remember.
Less than a Minute - Research shows that buyers initially make up their minds in less than a minute. Strong curb appeal and effective home staging help ensure first impressions are positive.
Imagination Provided - Only 10% of buyers can visualize the potential of a home, especially if it is vacant. Well-staged furnishings provide size and scale reference and help people imagine their own belongings there.
Competitive Advantage - The well-maintained and welcoming look of a professionally staged home often increases the chances for a quicker sale at a higher price.
Chad's great to work with. He's extremely helpful and he made sure to look out after us . 
