Knowledge I offer the highest level of intensive knowledge and Tucson real estate industry savvy. I've made it my business to know everything there is to know about the purchase and value of your potential dream home. Solid information that I make available to my busy clients is crucial. 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 you want and diligently finding your perfect home of superior value are my strengths. 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 ownership, thus making your home search 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 letting you know what's available on the market that matches what you want 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 dream home 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.

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

Deciding what you want in your new home! There's alot of real estate in Tucson, so narrowing the search down will most definitely help you find your perfect home in a more efficient manner.

• Do you want a newer Tucson home or are do you have your heart set on a home in a historic area of Tucson?
• What style are you looking for? Santa Fe, Contemporary, Territorial, Ranch, or another style? 
• How many bedrooms and bathrooms do you want in your Tucson home?  
• Do you want a formal dining room and living room or would you prefer more of a great room feel? 
• One story or two story? 
• How many square feet would you like.  
• How large of a kitchen and how would you like it designed? 
• Are you looking for alot of storage in your Tucson home? 
• How many cars do you need to park in the garage? 
• Would you like a pool?
• Golf course nearby?
• It's very important to pick an area of Tucson as well. This will most definitely aid in finding your perfect home.  How close is it to life's conveniences? How far of a drive to work?? Is there a park nearby to take the family to?