Bountiful UTAH – Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
This isn’t true. Here is how one agent beat the odds and succeeded with a short sale.
A member of the Stop Foreclosure Institute told me about a short sale he recently worked on. Here is the story from the member.
“I had a short sale with a large national lender. The loan was owned by Fannie Mae, not the lender. We had an over zealous short sale negotiator.
We had the home on the market for several months and finally received an offer for $180,000. We submitted that to the lender with all the short sale paperwork.
The lender came back and said the price needed to be raised to $257,000 and the seller needed to sign a $50,000 promissory note.
Neither the buyer, nor seller would agree to those terms. At that point, the only alternative was to let the property go to foreclosure. But, I knew that the home would sell for even less than $180,000 and the homeowner would suffer from a foreclosure on their record.
So I did something about it. First, I knew the $180,000 was a good offer that reflected the Fair Market Value of the property. I also knew that Fannie Mae didn’t normally ask for promissory notes.
In fact, Fannie Mae’s policy is to erase the debt when the property is a primary residence. (This home was a primary residence.) Here’s what happened.
I went over the short sale negotiator’s head. I contacted Fannie Mae direct and held a 3 way call with the seller. We found out that the lender had lied. They had never even submitted the offer to Fannie Mae!
They had told us what they thought Fannie Mae should ask for. After I spoke to supervisors in Fannie Mae, I was then called by three different reps for Fannie Mae.
Within 72 hours a supervisor from the lender called up and gave me their net, which was 162k. This was well within the acceptable price of the offer of 187k offer.
The problem was that the buyers were so angry for having to wait 53 days on a 45 day allowance that they walked. However, I met another buyer and we sold the house to them.
The bottom line is the short sale negotiator lied, and got busted lying. I had to send in comparables and beg the BPO agent to get the inside scoop.”
As you can see, some agents are making things happen with short sales. This agent did an awesome job. He thought of calling Fannie Mae direct on his own. As you can see, not taking no for an answer helps you to be successful on a short sale. 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, dave forsberg.
dave is a Real Estate Agent at Prudential Utah Real Estate - Bountiful. Layton Short Sales Realtor:
Phone: (801) 651-0707. utahhomesaver@gmail.com.
Greater Salt Lake Short Sales. Real Help for those that need it most.
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