Do you need to sell your home for less than the amount owed on the mortgage? Have you heard of the “horror” stories regarding short sales? Having the “right” Utah real estate agent represent you through the short sale process is critical to protecting your best interests. Let me do the work for you and make this process as smooth as possible and in addition to helping you avoid foreclosure.
You may be eligible for up to $3,000 from the bank to assist with moving costs. This is if you qualify for the government implemented HAFA (Home Affordable Foreclosure Alternative) program.
You pay no out of pocket expenses!
The good news is you do not pay the real estate commission or seller side closing costs, the bank does. The goal here is for the loss of your home to be your entire expense. Utah homes are sold “as is” and do not require the seller to make repairs. The only thing you may have to pay is liens or HOA arrears if they can’t be negotiated.
What is a short sale?
In a short sale, the seller arranges with their mortgage lender to accept a price that’s less than the amount they owe on the property. As part of this arrangement, the lender typically agrees to forgive the rest of the loan. As a result, the seller doesn’t have to go through a foreclosure, the buyer picks up a property at a discount, and the lender avoids taking on the burden of unloading the property.
Sounds good right? Well, sellers need to know that a short sale will damage their credit, though not as much as a foreclosure. Also, lenders generally will only agree to a short sale if the seller is behind in payments, there is no equity in the home, and there is a hardship.
My short sale team has experience in working with sellers who need to sell their home for less than the mortgage owed to the bank. The short sale process is specialized and it is very important to have a Realtor who is experienced in working with this type of sale. Not every short sale will be approved. Not every short sale will stop a foreclosure.
Having the right phone numbers and fax numbers for the banks, knowing what paperwork to submit and how to market your home for a quick sale is important. I know who to call at the bank, what paperwork to submit, proper timelines and how to negotiate with the bank.
If you have questions and want to know your options, please give me a call to schedule your free consultation. There may be other legal options available to you other than a short sale. Other options include loan modification, forbearance or other acceptable workout solutions.
Do you have questions such as:
- What happens if I don’t sell our home through a short sale?
- How will a short sale affect my credit?
- Does the short sale process take one year or more?
- Can the bank come after my assets or income after a short sale?
If you need to speak to an expert that will give you straight answers on the tough questions, we are the brokerage you should call. We would be happy to discuss your options in short selling your home. Call me direct at (801) 999-8084. There is no charge to you to get started. It is as simple as contacting me and I will get to work.