Tuesday, 11 September 2012 14:08

Can Non-Owner Occupied Homes be Short Sold?

Yes they can.  In the past banks would almost always ask for investors to contribute cash towards the sale, but that has become less frequent these days, and even when they do  we can often get around it by structuring the deal correctly.

If you have a home that was purchased as an investment that is now causing you problems lets talk about your options and see what your bank thinks.

Published in Short Sale Questions
Tuesday, 11 September 2012 14:06

How long does it take to do a short sale?

Short sale approval can take 60 days or longer.  The exact timeframe will depend on many factors such as the banks and lien holders we will be working with, if the bank has started the foreclosure process, how fast you are able to provide the required documents, etc... We have always been able to get the bank to postpone a foreclosure sale if we can provide documents and an offer to them quickly.

The good news is that, other than gathering and completing a few documents, you will have little to do in the process.  I will handle virtually everything for you.  Call or email me today to discuss this further!  801-805-4900, This email address is being protected from spambots. You need JavaScript enabled to view it. , or use our Rapid Response form.

Published in Short Sale Questions
Tuesday, 11 September 2012 14:05

Why not just let my lender foreclose?

NO! NO! NO!

The first thing banks do when they foreclose on a property is hand it over to a real estate agent to get rid of it quick! The foreclosure process is a legal process. It involves attorneys and it costs MONEY. Once they get the property back via foreclosure they must often sell it for MUCH LESS than market value, pay Realtor commissions, all customary closing costs, and property maintenance costs.  In Utah  lenders have an option of doing a Judicial foreclosure, and getting a judgment against the borrower for the deficiency.  Frequently they will sell these judgments to collection agencies who will haunt you until you have paid the full balance!  A foreclosure on your credit has a more negative effect than a BK!  If all of that is not enough foreclosures damage our states economy.  Take a look at our Foreclosure vs Short Sale guide for even more reasons.

Doesn’t it make more sense to obtain the consent of the bank, prior to the foreclosure, to sell it for less than what is owed, and have the bank waive their right to any future judgments or collections?  And avoid all of the other mess that can come from a foreclosure?

Some borrowers are so tired and worn down they simply do not want to deal with it any more.  My team is so experienced in what we do that you will have VERY little time input.  We handle virtually everything!  Get rid of the stress, without damaging yourself through foreclosure.  Call us today at 801-805-4900, or fill out our Rapid Response form!

Published in Short Sale Questions

Yes! My team has successfully negotiated hundreds of short sales for each of these loan types, with no deficiency to the borrowers!

Published in Short Sale Questions
Tuesday, 11 September 2012 12:12

This sounds too good to be true!?

It really isn't too good to be true. 

Things that are ‘too good to be true’ usually don’t make good economic sense. Short selling a home when you face a hardship makes good common, and financial, sense for the banks who allow them, and homeowners who use them. The fact of the matter is, Mortgage companies and banks are NOT in the real estate business. They are in the LENDING business. The last thing they want is that property back.  And homeowners with a hardship have no other good options.

Published in Short Sale Questions
Tuesday, 11 September 2012 12:12

Who benefits from the Short Sale?

Short sales are a win-win situation. Lenders, Homeowners, Buyers, Realtors, and the Economy all benefit from the successful short sale. Mortgagors get the majority (if not all) of their money back, Homeowners get the relief they need and are able to sell their property and avoid foreclosure, Buyers get a great deal on a home, Realtors can facilitate the transaction and receive compensation (commission) from the sale of the property, and the economy is not hurt by another foreclosure. 

With all of the disagreement revolving around our economic conditions, and how to strengthen the economy, everyone agrees on one thing... Foreclosures are harmful, and need to be avoided at all costs!

Published in Short Sale Questions
Tuesday, 11 September 2012 12:11

Do lenders approve all short sales?

In a word, no. That is why it is critical to work with someone that has extensive experience at getting Short Sales approved.

From the presentation of the Short Sale package to the lender to working with the lenders Loss Mitigations Department, we know how to keep the file moving towards approval.

The first step is to get pre-qualified for a Short Sale. There is no charge for this, and it’s easy.  Just Call 801-805-4900, or use our Rapid Response form.

Published in Short Sale Questions

There are actually several reasons why a mortgage company would approve a Short Sale payoff, including the following;

  • Legal Concerns – Mortgage lenders have come under legal pressure to work with borrowers to equitably resolve situations where borrowers are unable to meet their mortgage obligation, particularly when the borrower makes an effort to arrive at a compromise solution.
  • Wall Street is Watching – Mortgage lenders rely heavily on their ability to package and sell bundles of loans on the secondary mortgage market. They need to sell these bundles of loans in order to put the funds back to work by loaning the money again and collect loan fees along the way. If mortgages perform poorly after they are sold it could impact the lender's ability to sell their loans on the secondary market. A successful Short Sale gets the loan payoff resolved quickly.
  • Asset Management Expenses- If a lender acquires a property through foreclosure, the property will be managed until it is repaired and resold. It is expensive to manage real property assets - homes – spread throughout the region, the state and possibly even the nation. Keeping properties maintained, keeping utilities on, making repairs and the administrative costs attached to these activities are all costs the lender would prefer to avoid. A successful Short Sale eliminates most of these costs.
  • Reserve Requirement- Delinquent and non-performing loans place another burden on mortgage lenders. For all delinquent and non-performing loans lenders must set aside funds in reserve to deal with potential losses. These funds cannot be put to work generating new loan fees until the bad loans are resolved. A successful Short Sale lets the lender put more money to work.
Published in Short Sale Questions

Deeding your property to someone without paying off the loan is nearly always a bad idea. In the first place, the lender still considers you primarily responsible for payment on the loan. If loan payments do not get paid, or if the lender ultimately forecloses, this will show on your credit. 

Secondly, when you deed your property to someone else, you give up control of the property. Along with the deed goes the ability to control the property.

Do not deed your property to someone without paying off the loan unless you have consulted with an attorney.

Published in Short Sale Questions
Tuesday, 11 September 2012 12:08

How Do I Start a Short Sale

It’s easy. If you would like to get pre-qualified for a Short Sale give us a call.  After a brief discussion to determine if a short sale is right for you we will provide you with some paperwork to start marketing your home, and a list of paperwork that your bank will need.  

It does not take long to get things working in your favor.  In the past we have been able to stop foreclosures that are one day away! 

Call now 801-805-4900, email This email address is being protected from spambots. You need JavaScript enabled to view it. "> This email address is being protected from spambots. You need JavaScript enabled to view it. , or use our Rapid Response form.

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