UTAH Short Sale Q & A: Can This Seller Short Sale?

SALT LAKE CITY UTAH – I recently received a question from Aaron. Here was his question.

"I recently purchased another home and make a good living. However, I can’t afford to pay both mortgages.

(The house won’t rent for half of the current payment.) An agent told me that the house is worth about $50K less than the mortgage amount.

Is it realistic for me to try the short sale? The only hardship was created when I decided to move to a larger home to accommodate his family. Jan."

Here was our answer to Aaron’s Question. I think you can short sale. In our experience short sale negotiators do not spend hours going thru every single document in a short sale file.

Most negotiators have 100-200 short sale files on their desk at any given time. One manager in a short sale department said that a negotiator spends less than 2-3 hours on a short sale file.

In our opinion, I think they glance at the hardship letter, if they even read it at all. Their job is to simply make sure the home isn’t being sold to cheap.

Here is one other reason we think that you can short sale. We have heard stories of wealthy people short selling their investment properties.

These people have lots of disposable income, but their lenders are still approving their short sales. Your lender may not work with you until you have missed a payment or two.

Try the short sale before you miss a payment. Whether or not you go late is up to you. If you do decide to short sale, contact us and we will put you in touch with an experienced short sale agent in your area.

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 and request a free consultation by calling 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 and close in 7 days or less call me at 801.651.0707 for a free consultation.

UTAH Short Sales: How To Look At A Short Sale From The Lender’s Perspective

SALT LAKE CITY,UTAH – I received a few responses from yesterday’s blog post. Most of the questions went something like this.

"I think a lender would be stupid to approve an investment property short sale for a wealthy person. If I was the lender I would sue them for the loss. Jan.”

The bottom line is that people didn’t think a lender would allow a wealthy person to walk away from the debt on an investment property.

Here are a few reasons that a lenders will allow a wealthy investor to walk away from an upside down investment property.

Lenders know that if they can give a customer what they want, then it will help them. If they don’t give a customer what they want, then everything turns into a fight.

Some homeowners will hire a lawyer to review every clause in the mortgage. They will check to make sure that each clause of the mortgage meets every single conceivable state and federal law.

Other people will declare bankruptcy to avoid paying the debt. This is the biggest impediment keeping lenders from collecting on a debt.

Debt is very hard to collect even in court. In fact, only around 8-10% of all judgments are ever collected. That means a lot of people and lenders spend thousands of dollars in court getting a judgment, only to never collect the money.

This is one of the reasons that a debt collection company recently bought $20 Million Dollars worth of Deficiency Judgments for $150,000. I don’t know which lender sold them, but apparently that is all they thought they were worth.

I hope this helps you see why a lender would find it simpler to approve a short sale rather than pursuing a debtor in the hopes of collecting on the deficiency.

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. Or, click here to request a 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 and request a free consultation by clicking here.

Thanks for reading this, Dave Forsberg.

Dave is a Real Estate Agent at Presidio Utah Real Estate. UTAH Short Sales Realtor:

Phone: (801) 651-0707. utahhomesaver@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 and close in 7 days or less.  Call 801.651.0707 for a free consultation.

Short Sale Case Study: Homeowner Wipes Out $101,00 In Upside Down Debt

SALT LAKE CITY, UTAH – Here is a case study of a homeowner that wiped out $101,279 in upside down debt. They built a brand new home at the peak of the market.


They were forced to sell for job relocation a few years later. They found themselves upside down, despite that fact that they had put over $50,000 down when they built their home.

They had no choice but to short sell the home. They put it on the market and it sold several months later. At first the lender wanted a promissory note.

But, they refused to accept it. The short sale was declined and the home was put back on the market. A few months later the home sold again.

The short sale was submitted to the lender. The seller’s told the lender that they would not accept a deficiency under any circumstance.

This time the lender approved the short sale with no deficiency or promissory note. According to our calculations the lender lost $101,279.60.

If the home owners had instead waited for the bank to foreclose and then sell the home, then they may have found themselves owing around $120,000 to $140,000.

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 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 and request a free consultation by calling me at 801.651.0707

Thinking about a loan modification? Our Utah loan modification kit has the instructions you will need to get a loan modification approved with your bank.

Thanks for reading this, Dave Forsberg.

Dave is a Real Estate Agent at Presidio Real Estate - Bountiful. Bountiful Short Sales Realtor:

Phone: (801) 651-0707.
Email: forsiecity@gmail.com.

Greater Salt Lake Short Sales. Real Help for those that need it most.

Need to sell immediately?  We buy homes and condos in ANY Condition.  Call me at 801.651.0707 for a free consultation.

David Forsberg specializes in loan modification assistance and short sales in Bountiful Utah. Bountiful Loan Modification Help, Bountiful Short Sales. Bountiful Short Sale Realtor Bountiful UT Short Sales. Utah Realtor.

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