Bountiful Short Sales: How to Know When A Short Sale Negotiator is Lying to You

Bountiful UTAH – Negotiating short sales is tough. In my opinion, some of the banks are not making good financial decisions. “We can’t approve the file without the financials completely filled out,” they say.  Or, they tell you the numbers won’t work when the investor's guidelines actually say to approve the short sale. If the agent doesn’t know who owns the loan (or that company's/investor's short sale guidelines), then the bank negotiators can lie to them. They don’t know any better. Let me give you an example.


We recently closed a short sale that where the owner of the loan was the Fannie Mae (aka Federal National Mortgage Association.) The bank’s appraiser said the home was worth $250,000. Because of prior experience with Fannie Mae short sales, we knew what they would accept as a percentage of the home's value.  The short sale offer being presented would net them $8,000 more than that number.  The negotiator countered. He said the buyers needed to pay even more for the house. We asked the buyers if they would raise their offer.  They told us that their offer was their highest and best offer. They had looked at a bunch of other homes for sale. If their offer was not accepted they already had another home in mind that they would purchase.

Most agents are somewhat clueless about the guidelines for short sales from individual banks or investors.  They would have taken the short sale negotiator at face value. As a result, the short sale would have been rejected.  The buyer would have bought the other house and the seller would be at risk of losing the home to foreclosure.

Fortunately, we knew the short sale guidelines. Because we knew the numbers and the guidelines, we were able to push the negotiator for an approval without a single penny in additional funds. The file was approved and the sale closed a little while later.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at utahhomesaver@gmail.com. I will contact you for a free consultation.  When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call Dave at 801-651-0707.

Thinking about a loan modification? Our Utah Home Saver Loan Modification Kit has the instructions you will need to get a loan modification approved with your bank.  This is a FREE for you, all you have to do is call or email us today.

Thank you for taking a few minutes of your busy day to read this, Dave Forsberg.

Dave is a Realtor with Prudential Utah Real Estate - Bountiful.

Phone: 801.651.0707   Email: utahhomesaver@gmail.com

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