Bountiful UTAH – I often get asked if a short sale is even worth the effort. “Do I need to have my short sale “Approved” by my lender before I put my home on the market?” one seller asked us.
“When I called my lender they wouldn’t talk to me about my short sale. I am concerned that they might do that when I finally sell the property and I’ll never get the short sale approved.”
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here was my answer. Most lenders will not talk to you about a short sale until you have several things in place.
They want a solid offer from a pre-qualified home buyer along with all the necessary financial documents. Why do they do this?
Because they only want to process short sales that will sell and close. Now, I think it’s a stupid way to do things. Instead of refusing to negotiate short sales until there is an offer on the table, they should instead pre-approve short sales.
It would make the process so much easier. A home could be placed on the market at a set price. Buyers would be more interested in the property because they know they can get an answer in 2-3 days versus 2-3 months.
We have brought this up with Matt Vernon, the Vice President of Bank of America’s Short Sale Department. He knows there is stuff to improve.
But, it’s hard to change the course of a huge company with so many different parties involved. Despite all this, experienced short sale agents are getting short sales approved every day.
The Short Sale Process is getting better and easier to navigate. More and more lenders are moving towards “Approved” Short Sales.
You just need to find a good short sale realtor that can navigate their way thru the crazy short sale process. 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 me at (801) 651-0707
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Layton loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, David Forsberg.
David is a Real Estate Agent at Prudential Utah Real Estate - Bountiful. Layton Short Sales Realtor:
Phone: (801) 651-0707. utahhomesaver@gmail.com.
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