Bountiful Short Sales: Lender Loses 50k Turning Down Short Sale

This bank's stockholders are probably unhappy after losing $50,000 over incompetence.

Bountiful UTAH – I have a good story today about another bank losing their shirt because their short sale process is so tough to work with.


The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch!


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


Here is the story "I met some buyers at an open house. They told us they were buying a house just down the street from one that we had for sale.


They had a contract to buy the house for $275,000. They knew the house was a short sale. They were getting frustrated because they had been waiting for the short sale to be approved.


They had already been waiting for several months with no answer. They mentioned something about 3 mortgages and the junior mortgages were hard to work with.


5-6 months later we noticed that the house was back on the market. They time the asking price was $229,900. It finally sold several months later for $229,000.


That means this bank lost $46,000 on the lower sales price. In addition, we estimate that the lender lost another $15,000 in lost interest income and property taxes.


That means this lender lost $50,000 to $60,000 because their short sale process was so hard to work with. To be honest, I would be kind of embarrassed if I was the CEO of that bank.


The other thing is that the short sale realtor in question was inexperienced. She had very little experience with short sales, which she openly admitted.


If that lender pushes for a deficiency judgment, that agnet's lack of short sale experience could have cost those home sellers $50,000. Ouch!" 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.


View My homes for sale at BuyUtahNow.com.

Layton Short Sales: This Short Sale Negotiator Isn't Doing His Job

Bountiful UTAH – Here is a question that the Stop Foreclosure Institute recently received. "I am in the middle of a very long negotiation with Chase.


The seller had me to put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.”


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


The short sale negotiator at the lender, Nathan W, has advised me that he will reject the file and close it out if we don’t remove this from the contract. What do you think?


After reading your comments below, I am not sure of what will happen. How should I pursue this?" James.


Here was our answer: I think the negotiator is getting his ego involved. Many investors waive promissory notes. He is out of line (and breaching his lender's fiduciary duty to the owner of the loan) if the following applies:


1. If it is the loan owner's policy to not pursue a deficiency.


2. If accepting this short sale will net the loan owner more money than a foreclosure.


If those two things apply, then this negotiator is in breach of their fiduciary duty to the loan owner. You and I don't have millions of dollars to pursue a lawsuit, but we can contact the loan owner directly to let them know what is happening.


If they are going to lose money not accepting the short, then they need to know about Chase doing a lousy job.


Now, the negotiator has the authority to demand a promissory note depending upon who the owner of the loan is. Find out who the owner of the loan is.


Fannie, Freddie, FHA, VA, etc. Fannie, Freddie, FHA, and VA will let the borrower go free from all future liability. Obviously that doesn't apply if there is Mortgage Insurance. If the investor is one of those entities, then tell the negotiator that you will be contacting them directly.


When a bank should accept your short sale. A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan.


If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible. So, a lender should accept an offer if it will net the most money.


Here is how we can assure the negotiator that the offer will net them the most money. Your only job is to prove that to the negotiator.


Do that by showing them that the property has been on the open market for 60-90 days. We need to be able to show that the house was easy for buyers to see and other agents to show.


Ask them the following, "I'm an experienced agent and I've had this house listed for X days. The seller has lived there the entire time and kept up on the house. It looks good. We have had 43 showings since then.


Out of that, only 3 buyers expressed interest. Out of those 3 buyers, the current buyer is the one willing to pay the most money. I'm doing my job marketing the property.


With the current foreclosure case status, the home won't be foreclosed until June or July. When you foreclose on the house, the owners will move out. The house won't be kept up anymore.


The listing agent will be working on 20 other homes and won't be able to do as good of a job as myself. Do you honestly think the home is going to sell for more money at that time?


They will have to agree that it is a losing proposition. 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 (801) 651-0707 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.


View My homes for sale at BuyUtahNow.com.

Bountiful Short Sales: How to strong arm your lender on a short sale

Bountiful UTAH – Here is a technique you can use to “strong arm” you’re your lender on your short sale. The number one reason people short sale is to salvage their credit.


After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.


How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their feet?


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by the foreclosure.


After all, the only reason the short sale wasn’t successful was because they dragged their feet. Here is the technique you can use to strong arm the lender to accept the short sale.


Use your rights as a homeowner to get more information about the BPO. An inaccurate BPO is the number one reason short sales fail.


Getting your hands on a copy of the BPO will help your agent contest an inaccurate BPO. And it would be a big help in any future lawsuit. Here is the step by step strategy:


1. Request a complete itemized payoff from the foreclosing lawyer. In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.


2. Review the payoff to see where the BPO is itemized. If a BPO has ever been ordered, it will most likely by itemized on there. If not, it may be included in some other payoff cost. Get confirmation of that in writing from the lender.


3. Since the BPO is added onto the amount owed by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act. Fax the lender's legal department a request for a copy of the BPO.


Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender's legal department the same request.


If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, the FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.


Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints with those agencies. 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.


View My homes for sale at BuyUtahNow.com.

Bountiful Short Sales: Why it is cheaper to short sell and rent versus staying

Bountiful UTAH – Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification.


They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible.


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around $1,500 a month.


He stopped paying his payments and moved to a rental. He found a nicer, larger home to rent for $850 a month. He had tried for months to convince his lender to modify his loan.


They wouldn’t drop the payments below $1,200 a month. Even though the home he is renting is nicer than his house, it is selling today for around $105,000.


Someone can buy that house for $105,000 and rent it for $850 a month without losing money. That is what makes it cheaper to rent versus getting a loan modification and staying in your home.


When prices were rising it was actually more expensive to own versus rent. But, everyone wanted to own because their house was supposed to go up in value.


House prices and rental prices have dropped since then. Yes, rents are not at an all time high! The dropped during the economic crisis and have come back up since then.


So, if you are thinking about a loan modification, then first check into the rental market. You will be able to negotiate your loan modification from a position of power.


That will make it more likely that you will get the reduced payment you need so you can keep your home. 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.


View My homes for sale at BuyUtahNow.com.

Bountiful Short Sales: The Homeownership Rate continues to drop

Bountiful UTAH – Barron’s Magazine recently had an article titled "Renter Nation." In it, they detailed the various factors at work that will reduce the homeownership rate in America.


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


The homeownership rate has already dropped from 69.2% to 66.9% today. Here is one of the factors Barron’s said would cause the homeownership rate to drop. Experts project that the average American Household will become younger over the next decade.


Younger households are more likely to rent versus purchase a home. However, the article missed another big factor. So many people have ruined their credit and can't qualify for a mortgage.


How many people in America are doing a loan modification, short sale, or let their home be foreclosed upon? It's hard to buy another home when that happens. Demographics, the lousy economy, and the credit disaster combined mean that demand for homes may stay low for a long time.


The positive news is that all of these factors have propped up the rental market. Rental rates are actually increasing in most areas, despite the slow economy.


I think one of the reasons this is happening is because banks are so reluctant to modify loans.


And, even thought rental rates have increased, they are usually lower than owning a home bought at the peak of the market. 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.


View My homes for sale at BuyUtahNow.com.

Short Sales: What is a HUD-1 and why does it matter on a short sale?

Bountiful UTAH – Here is something that drives inexperienced short sale agents crazy. It is a HUD-1, also called a HUD. HUD is the Federal Agency, the Department of Housing & Urban Development, also called HUD.


A HUD-1 is a document regulated by HUD. It is the financial accounting for a real estate sale. Here is why it is important to a short sale.


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


Before a short sale lender will accept a short sale, they want to know what they will net from the sale. A HUD-1 breaks down all the projected closing costs so the lender can see their net.


Most agents are familiar with a HUD-1. They see them at the closing of every home they sell. But, seeing a HUD-1 at a closing is not the same as the familiarity you learn on short sales.


See, if you mess up on that HUD-1, then it puts the short sale transaction in jeopardy. The short sale lender will look at a projected HUD-1 and agree to accept a certain number.


If unexpected costs get added to the HUD-1, then that net goes down. (There are always unexpected costs on a short sale. I can tell you from personal experience.) Now, the agent has to go back and re-negotiate with the short sale lender. That can drag out the process another 60-90 days.


The buyer will usually get frustrated and cancel the contract. Then, the agent has to re-sell the house and start the process all over again.


This is what causes many agents to hate short sales. They didn’t take the HUD-1 seriously and had problems on a short sale. As a result, they think all short sales are impossible.


To truly be successful at short sales, the agent must understand HUD-1s inside and out. They need to make sure that every single projected expense is added to the HUD-1 at the beginning of the negotiations.


Adding them after you have negotiated isn’t going to work. 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.


View My homes for sale at BuyUtahNow.com.

Bountiful Short Sales: What can go bad on a short sale when you hire an agent that doesn't understand short sales

Bountiful UTAH – It always amazes me when I hear the stories of agents who talk about horrible short sales are. "Don't waste your time on a short sale", they tell homeowners.


"They are a waste of time. The lenders won't approve them and the process is horrible. The last short sale I worked on took 9 months", they say.


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


This gives short sales a bad name. Homeowners mistakenly believe that a short sale is impossible. I am here to tell you that is not true.


The Stop Foreclosure Institute has sold and closed many short sales. There are two keys to being successful. First, you have to understand how the process works. Second, you have to keep an eye on the transaction from start to finish.


Here is the closest comparison I can think of on why some agents hate short sales. Let's say that you are a brand new driver.


You hop into a car, accelerate to 70 miles per hours, turn on cruise control, and then start reading a book. Every 5 minutes or so you look up to check on what is going on with your car.


You aren't successful at driving a car. Your friend is thinking about learning how to drive. "Don't even think about driving a car. Driving just doesn't work and it is impossible to get anywhere", you tell them.


Is what you just said correct? Is driving a car impossible? No, it's not! But, many agents make the same claim about short sales.


They have never studied and learned the process. They have never successfully sold a short sale. But, they are sure ready to tell you that it doesn't work.


Here is what they missed about short sales.


1. You need to be knowledgeable about the process. You need to have a solid understanding of HUD-1s, BPOs, and the short sale guidelines of the entity that owns or insures the loan.


2. You have to stick with the transaction. You need to follow up with the short sale lender regularly. You can't check in on the short sale every week or two. A lender will often ask for something and want it back within 24 hours.


If they don't get what they need, then they will close the file. If you agent isn't checking in regularly, then the short sale file could be closed without their knowledge.


In addition, your agent needs to be able to make sure the HUD-1s and BPOs are accurate. I will explain what those acronyms mean and why they are important in my next post.


Ask the agent you are interviewing why they are important. 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 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.


View My homes for sale at BuyUtahNow.com.

Bountiful Short Sales: Homeowner Takes On Lender And Wins!

Bountiful UTAH – According to the Philadelphia Inquirer [1], Patrick Rodgers of West Philadelphia was able to "file a foreclosure action against Wells Fargo.


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


I bet there are a lot of homeowners facing foreclosure that would love to do the same thing. You work so hard to negotiate a reasonable loan modification in order to keep your home.


But, no one at the lender seems to care. It seems the big lenders are able to live in a protective bubble. They can foreclose on paid off homes and face no consequences.


If they average American did that, they would probably face jail time. So, it's nice to finally see someone turn the tables on a lender.


Here is the story according to the Philadelphia Inquirer.


It's not clear how this story will turn out, but right now Patrick Rodgers is living a pay-back fantasy probably shared by millions of struggling U.S. homeowners.


Frustrated by a dispute with Wells Fargo Home Mortgage and by his inability to get answers to questions, the West Philadelphia homeowner took the mortgage company to court last fall.


When Wells Fargo still didn't respond, Rodgers got a $1,000 default judgment against it for failing to answer his formal questions, as required by a federal law called the Real Estate Settlement Procedures Act.


And when the mortgage company didn't pay - does something sound familiar? - Rodgers turned to Philadelphia's sheriff.


The result: At least for the moment, the contents of Wells Fargo Home Mortgage, 1341 N. Delaware Ave., are scheduled for sheriff's sale on March 4 to satisfy the judgment and pay about $200 for court and sheriff's costs.


Rodgers has even written his own headline: "Philadelphia homeowner 'forecloses' on Wells Fargo."


Has he really? Not quite. But Rodgers, who lives in the city's Wynnefield Heights section, won at least a momentary upper hand in a fight with Wells Fargo that began nearly two years ago.


Before you leap to conclusions, let's get a few things straight.


Rodgers isn't unemployed, or a deadbeat. He's a music promoter who owns Dancing Ferret Concerts - if industrial, electronic, or goth is your sound, maybe you've been to one of his gigs. He says he's paid all he owes under the terms of his seven-year-old mortgage.


And there's no reason to think that Rodgers' house is "underwater" - worth less than he owes, in banker jargon that has sadly entered Americans' everyday lexicon.


Actually, it was the value of Rodgers' home that apparently sparked the dispute - not what he paid, or what it would fetch if he wanted to move, but what it would cost to fully restore the house if, say, it was struck by a meteorite and burned to the ground.


Rodgers owns a three-story, six-bedroom Tudor on a beautiful street not far from City Avenue. He paid about $180,000 for it in 2002, and for years handled his mortgage without dispute.


But in mid-2009, his insurer delivered troubling news: His homeowners premium would more than double, because Wells Fargo was insisting that he insure the home's full replacement value - about $1 million worth of coverage, the insurer told him.


Rodgers loves his home, neighborhood, and adopted city - he moved here about 17 years ago, after growing up as a child of American parents in the Bahamas.


But he knew that he paid a fraction of what his home would command elsewhere, such as across City Avenue in Bala Cynwyd. That's one advantage of living, as he says, "a short clip away from the wrong side of the tracks."


In such situations, most lenders require a homeowner to insure for a total approximating a home's market value - a good thing for large swaths of Philadelphia, where a home's market value may have little relation to what it would cost to rebuild stone by stone or feature by feature.


All in all, I think it's a great story. I'm sure a lot of homeowners fantasize about doing the same thing. 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.


View My homes for sale at BuyUtahNow.com.


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. Bountiful Realtor. Utah Short Sales. Utah Loan Modifications Help.


References


1. http://articles.philly.com/2011-02-15/business/28536236_1_mortgage-fees-full-replacement-value-default-judgment

Bountiful Short Sales: If You Bought At The Market’s Peak, Does It Make Sense To Short Sale Your Home?

Bountiful UTAH – Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are not selling for $250,000 (or even less.)


Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.) Renters have moved into the neighborhood and are paying less than $2,000 to rent a comparable home.


It just seems like these homeowners are getting an unfair deal all around. Should these homeowners dump their homes in favor of a lower priced home?


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


Some people say No! “That is breaking your word. If everyone did it, just think of what would happen?” they say. There is a little problem with that logic.


Many of those homeowners see everyone else taking advantage of the system. It has gotten so bad that in some neighborhoods most of the homes have been abandoned.


Why shouldn’t a homeowner do what is best for themselves? After all, they can save hundreds of thousands of dollars.


Let’s say they short sale their home with a $500,000 mortgage, rent for 2-3 years, and then buy later. But, what if home prices appreciate over the next few years?


If they are already upside down by 50%, then it still makes financial sense to short sale now. If the housing market has improved by 5% a year, their $250,000 house will have increased to $289,400 in three years.


That is still much less than $500,000. In addition, they will save even more on interest payments. I am not recommending they do anything.


I just want to lay out the benefits and leave the decision up to them. 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.


View My homes for sale at BuyUtahNow.com.

Bountiful Short Sales: One Upside To The Horrible Housing Market

Bountiful UTAH - If you are a homeowner, then the housing crisis has decimated the equity in your home. Many families have watched years of hard work spent building their equity go down the drain.


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


But, there is one group benefitting from the crisis: Home Buyers. They are able to buy a home at a substantially reduced price.


In some areas homes are selling for 30-50% lower than they were at the peak. Buyers are now able to buy a nice home at previously unheard off, affordable prices.


Homes that were selling for $400,000 are now selling for $225,000. No longer is homeownership in those areas only reserved for the higher income people.


Today the "average Joe" can afford to own a nice home. So at least someone is benefitting from the housing crisis.


But, where does that leave homeowners stuck with an upside down home? We will detail their options in tomorrow's blog post. 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.


View My homes for sale at BuyUtahNow.com.

What You Should Look For In A Buyer Of Your Bountiful Short Sale Property

Bountiful UTAH – Short Sales can be tough. Many buyers don't understand the process and think that since it is a buyer's market, then they set the rules. That's not the case.


You, the seller set the rules. After all, you still own the property. But, more importantly, you must set the rules for offers. If you don't then you dramatically reduce your odds of successfully short selling your property.


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


Here is what you should think about before you take your home off of the market.


1. You should only accept and work with one offer at a time. If you accept more than one offer at a time, then buyers get mad.


The primary offer might get angry because you accepted a backup offer. In addition, multiple offers confuse everyone involved including the short sale lender.


2. You should make sure the buyer can get financed for a loan. That means the buyer should give you genuine proof of that, whether a pre-approval or pre-qualification.


3. We recommend that the buyer inspect the home before the sales contract is signed. If any unexpected problems come up (and they do), then you can adjust the offer price that is submitted to the short sale lender.


This saves from having to negotiate the price again if a problem is found after the short sale is approved. Besides, the lender is more likely to accept a lower price if you send them a copy of the inspection.


4. The buyer agrees to wait the necessary 60-90 days for an answer on the short sale. That time will depend on the lender. Some lenders are fast and some are slow.


5. The buyer should put a reasonable deposit in escrow to keep them on board for the necessary time required for the short sale to be approved.


These are what we have determined to be necessary for a successful short sale. If you don't have a serious buyer then you are wasting your time and your agent's time as well.


Many buyers and their agents think that since a property is a short sale, then offers can be treated very casually. This only hurts the home sellers trying to avoid foreclosure when the buyers can't get a loan or back out after the inspection.


Helping someone avoid foreclosure is serious business. That's why we treat it as such. 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.


View My homes for sale at BuyUtahNow.com.

Bountiful Short Sales:Is this a reasonable offer from a buyer of a short sale property?

Bountiful UTAH – Some buyers think that since it is a buyer's market, then they can make any crazy demand of a seller. And they can't understand when the seller isn't excited by their lowball offer.

Here is an example of a recent story where this happened. A buyer makes an offer on a short sale.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

1. The buyer puts no money in deposit for the home. In other words, they have about zero risk. (Meanwhile, the seller is still risking foreclosure.)

2. They are putting $150,000 down on the property, but won't bother putting any more than $1,000 in escrow and only after the short sale is approved.

3. They are only allowing 30 days for short sale approval. (News flash: Most short sales take an absolute minimum of 60 days to be approved.)

4. They are demanding the seller take the property off the market and not accept backup offers.

Is this a little one sided or what? If you are a short sale seller, then they agent representing you should ask for a better offer. You need the buyer to have a little skin in the game.

If not, then you dramatically reduce the odds of successfully short selling your property. 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.

View My homes for sale at BuyUtahNow.com.

Bountiful Short Sales: What is a BPO?

Bountiful UTAH – If you have been reading about short sales, then you have probably heard the term "BPO" and wondered what it meant.


BPO stands for Broker's Price Opinion. A Broker's Price Opinion is when a licensed real estate agent gives their opinion of the value of a property.  Besides


That value is what the lenders use to process the short sale. Most short sale approvals or denials are based off of that opinion of value.


The agent goes thru all the recent sales of properties similar to the property they are valuating. They want to find the 3 closest comparable sales.


Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.


The more recent a sale is then the closer of a comparable it is considered to be. The same goes for properties that are close geographically (in the same neighborhood is preferred) and close in size and number of bedrooms or baths.


Most agents are not appraisers. Because an appraiser's license is required to appraiser properties they give their opinion of the value. Now, I'm sure you are wondering, " Why do the lenders use these rather than an appraisal?"


Here is why. Many people think they are more accurate of a valuation than an appraisal. Agents are more in tune with exactly what a property can sell for.


After all, whatever opinion of value they put for a property is usually supposed to be backed up later by a sale for that price. That causes agents to be more accurate with their valuations.


That accuracy is why the lenders use their valuations rather than an appraisal. 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.


View My homes for sale at GoBuyUtah.