Salt Lake City, UTAH – I recently received a question from another agent. Apparently they were being mislead on a short sale by a large national lender. Here is the question we received: “Do you have a number to contact Fannie Mae? The bank (Large National Bank) will not allow the seller to not do a short sale and agree to repay the loss on a promissory note.
She said that she has to talk to the investor which is Fannie Mae. My sellers just wants to sell and move on with their life. Janet.”
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Here is the question we received: “Do you have a number to contact Fannie Mae? The bank (Large National Bank) will not allow the seller to not do a short sale and agree to repay the loss on a promissory note.
She said that she has to talk to the investor which is Fannie Mae. My sellers just wants to sell and move on with their life. Janet.”
Here was our response. I understand the logic of what your seller is trying to do. They think that they can just sell the home for less thant it’s worth, sign a promissory note for the difference, and move on with their lives.
The sad reality is that life’s not that simple, especially when you are dealing with bankers. Before they make any changes on anything, they want to make sure that everything is ok.
In order to make sure everything is ok, they will have to process the sale as a short sale. That is why they demand before they will transfer the upside down debt to a promissory note.
They always like to keep things at the status quo. Any big changes need to be very carefully evaluated. It’s just the way bankers work.
So, if your seller wants to sell and repay the debt on a promissory note, then they will have to go thru the formal short sale process. It’s the only option that I see.
Thinking about a loan modification?Our Layton loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at forsiecity@gmail.com to request a Free Copy.
Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at forsiecity@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 by calling me today. 801.651.0707.
Thanks for reading this, Dave Forsberg.
Dave is a Real Estate Agent at Presidio Real Estate. UTAH Short Sales Realtor:
Phone: (801) 651-0707. FORSIECITY@gmail.com.
Greater Salt Lake Short Sales. Real Help for those that need it most.
NEED TO SELL IMMEDIATELY? WE BUY HOMES IN ANY CONDITION! WE WILL CLOSE IN 7 DAYS OR LESS. CALL ME AT 801.651.0707 and let's discuss your options.
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