My Realtor hasn't talked to me about a Short Sale & I'm not even getting a showing. I think I might be upside down. What do I do?

Bountiful UTAH - I recently received a question from Jennifer. She is having a hard time selling her home.


“I have had my house for sale for a little while, but it hasn’t sold. No buyers have come to look at it. At first I thought the price was fair. But, now that no one has come to see the home, I am beginning to realize that I am upside down.


My realtor hasn’t talked to me about a short sale. What should I do?” Jennifer asked.



Here is what I would recommend to her. First, talk to your current agent about a short sale. The might be uncomfortable with bringing it up.


Short sales are a sensitive issue. Some people get offended when you ask them about a short sale. It doesn’t look like that is the case with you.
Tell your agent that you think you might be upside down. Ask them what they think they can realistically sell the house for in today’s market.


Then, ask them for a “Net Sheet.” This is a sheet that details all of the costs and fees associated with selling a home.


The fees and costs are subtracted from the sales price to give you the net amount you will receive from the sale. Compare that number with your mortgage payoff.
If it is less than what you owe your lender, then you will need to consider a short sale. Ask your agent if they can handle your short sale.


If not, then you may need to hire someone else. Short sales are a lot more complex than a normal real estate transaction.


Make sure the person you interview has closed short sales in the past and knows what they are doing.


Ask them how the short sale process works. Have them explain it to you. This will help you determine if that person can do the job for you.

Thinking about a short sale? I can help you short sale your property and never pay the bank another dime. 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

Dave Forsberg and The Utah Home Saver Team specialize in helping Davis County, Utah Homeowners short sale and never pay the bank another dime. Bountiful Loan Modification Help, Bountiful Short Sales. Bountiful Short Sale Realtor. Bountiful Realtors. Bountiful Realty. Bountiful Realtor. North Salt Lake Short Sales. Woods Cross Short Sale Realtor. Centerville Short Sales. Farmington Short Sale Realtor. Fruit Heights Short Sales. Kaysville Short Sales Realtor. Layton Short Sales. Layton Short Sales Realtors. Syracuse Short Sales. Clearfield Short Sales Realtor. Davis County Utah Realtor. Stop Foreclosure. Stop Utah Foreclosure. Avoid Foreclosure. Avoid Utah Foreclosure. Foreclosure Alternatives. Utah Foreclosure Alternatives. Bountiful Homes for Sale. Bountiful Houses for Sale.utahhomesaver@gmail.com

Bountiful Short Sales: Getting divorced, neither can afford, what to do?

Bountiful UTAH - In this case I would recommend you sell the house. Now, if you are reading this blog, then you must be researching a short sale.


Which means that you are probably upside down on the home. You have three options.


Option #1: Let your lender foreclose on the home. You just stop making the payments and surrender the home to your lender.


Option #2: Short Sale the house and get the debt wiped out. A short sale offers the following benefits over a foreclosure.


Issue: Can I get a Future Fannie Mae Loan?
Foreclosure: The current Fannie Mae Guidelines require you to wait 5-7 years before you can buy another home with a Fannie Mae Loan. Most other banks and lenders have the same or even stricter procedures.


Short Sale: If are back on your feet 2 years after the short sale, then Fannie Mae guidelines allow you to get a loan from them.  


Issue: Can I get a future loan from any mortgage company?
Foreclosure: Any future application will require you to answer the question, “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” you’ll have to answer that question yes.
Short Sale: You can state “No” because you short sold your home. You only have to say yes if the bank completes the foreclosure.


Issue: Credit Score Impact.
Foreclosure: Your score is typically lowered by 250 to 300 points, or even more. This often stays on your credit score for over 3 years.
Short Sale: Only late payments show up. After a short sale, the mortgage is normally reported as “paid in full, settled.” This lowers your score as little as 50 points if all other payments are being made. Oftentimes, this is off your credit report in as little as 12 months.


Issue: Will I owe the bank any money for the shortfall?
Foreclosure: Many lenders take 12-18 months to foreclose upon a property and resell it. This dramatically increases the loss and makes any deficiency judgment potentially bigger.
Short Sale: Few lenders ask for a promissory note on a short sale. As an example, on one short sale, the bank lost over $120,000. They settled with the seller for $25,000 to be repaid over 15 years with zero interest. The seller’s monthly payment was only $138,89. You can often even negotiate and have the promissory note waived.  


Option #3: Rent the property. This is a good way to earn some extra money. However, if you are upside down, then it is more than likely that the rent will not cover the mortgage. That means someone will have to write a check each month covering the loss.

Thinking about a short sale? I can help you short sale your property and never pay the bank another dime. 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

Dave Forsberg and The Utah Home Saver Team specialize in helping Davis County, Utah Homeowners short sale and never pay the bank another dime. Bountiful Loan Modification Help, Bountiful Short Sales. Bountiful Short Sale Realtor. Bountiful Realtors. Bountiful Realty. Bountiful Realtor. North Salt Lake Short Sales. Woods Cross Short Sale Realtor. Centerville Short Sales. Farmington Short Sale Realtor. Fruit Heights Short Sales. Kaysville Short Sales Realtor. Layton Short Sales. Layton Short Sales Realtors. Syracuse Short Sales. Clearfield Short Sales Realtor. Davis County Utah Realtor. Stop Foreclosure. Stop Utah Foreclosure. Avoid Foreclosure. Avoid Utah Foreclosure. Foreclosure Alternatives. Utah Foreclosure Alternatives. Bountiful Homes for Sale. Bountiful Houses for Sale.utahhomesaver@gmail.com

Bountiful Weekly Real Estate Sales Transactions

Bountiful UTAH - Bountiful Weekly Real Estate Sales Transactions 11/22/2010 -11/26/2010

Call Dave @ 801.651.0707 or Email: utahhomesaver@gmail.com

Address                                                        Price         SqFt     BD    BT

Sold Property:

314 Center St #93, Bountiful UT 84010           $115,000      925       2     1

597 N 400 East, Bountiful UT 84010               $139,900      1044     3     1

243 E 2200 South, Bountiful UT 84010           $190,000       2112     4     2

2011 Mapleview, Bountiful UT 84010               $296,500      3200     4     3

175 Country Springs, Bountiful UT 84010        $275,000      2768     3     3

2797 Cove Lane, Bountiful UT 84010               $448,000      4423     7     4

4391 Bountiful Blvd, Bountiful UT 84010           $478,000     5283      4     6 Short Sales

New Listings:

314 Center St #92, Bountiful UT 84010           $105,000      944       2     1  

513 N 400 East, Bountiful, UT 84010              $125,000      1324     2     2  

306 W 400 North, Bountiful, UT 84010            $159,000      2000     4     1 Short Sale

270 E 200 North, Bountiful, UT 84010             $164,000      1456     2     1 Foreclosure

836 W 4100 South, Bountiful, UT 84010          $180,000      2359     2     2 HUD Home

649 E 1600 South, Bountiful, UT 84010           $199,900      2252     4     2 Short Sale

373 W 2600 South, Bountiful, UT 84010          $200,000      2350     3     2

1319 E Ridgewood #84, Bountiful, UT 84010    $210,000      1379     2     2 

1936 S 775 East, Bountiful, UT 84010             $247,000      2480     5     3

2401 S Bountiful Blvd, Bountiful, UT 84010       $450,000      5326     3     2

2797 South Cove Lane, Bountiful, Utah 84010

Need to sell your home?  Do you know how much you home is worth in today's market?  Call Dave at 801.651.0707