Salt Lake City Short Sales
Short Sale Specialists – (877)737-4903
How will a Short Sale work on my Salt Lake City home?
First and foremost, you will need to understand that a short sale isn’t for just anyone. A short sale is for the financially needy homeowner who has (or is) going through a financial hardship which has caused them to be forced into selling their home due to the lack of income. Your lender will have to agree to accept a lower “pay off” to avoid foreclosure.
What is a financial Hardship?
A financial hardship occurs sometimes abruptly, or sometimes it becomes an event that occurs gradually over time. Either way, it usually doesn’t end well. In the case of being a homeowner and facing a financial hardship one of the worst fears is losing their home. Here are a list of financial hardships that are typically accepted by the lender:
- Loss of Income
- Active Military
- Death of a family member who was a contributor in the paying of bills
- Divorce or legal separation
- Loss of employment
These are only a few hardships your lender may accept.
What is needed to start my Short Sale?
In order to prove your hardship, our local agent will ask you to provide a packet of financial documentation which is called a Short Sale Package. In this package you will have information your lender is looking for. This package will contain your honesty and your hardship. Examples of what is within the Short Sale Package are as follows:
Letter of Authorization – You will need to write a letter granting permission to your agent, lawyer or any other involved party, to converse with the lender on your behalf regarding the short sale. You should include the following information; the date, property address, loan reference number, your name and the agent’s name and contact information.
Preliminary Net Sheet – The preliminary net sheet shows the approximate takings from the short sale and all the overheads, unpaid loan dues, penalties and late fees and even commissions, if any. The bottom line should show that the seller does not get any amount from the sale.
Financial Disclosure Form – Remember, honesty goes a long way, so make sure you are honest when providing asset information. Be sure to include savings accounts, money market accounts, stocks, bonds, other real estate properties, if there are any.
Hardship Letter – This letter will explain how your hardship came about. In your letter, be specific, try to remember dates and times. Regardless of the hardship, make sure you can provide all of the documentation needed in order for the bank to consider approving you. You will need the following:
- Latest Two Months’ Payslip
- Most Recent Two Months’ Bank Statements (for each borrower on the loan, if there is more than one)
- Two Years W2 or personal tax return
- Repair Estimates for the Property
- Broker Price Opinion
- Sales Contract
What If I am in foreclosure, can I do a short sale instead?
Of course. If you are able to justify your hardship and provide all the right documents, then the bank will be more than happy to assist you in your short sale. After all, banks are into lending money, not “owning homes”.
How much work is in it for me during the Short Sale?
Not much! All you will be required to do is come up with all of your financial documents as listed above and make sure you contact us so that we can take it from there. We will handle all negotiations.
How can you help me with my Short Sale?
Our group of highly experienced Salt Lake City Short Sale Specialist Realtors have extensive training in completing short sales and making sure you, the homeowner, come out with a clear head and bright future. Our services are 100% FREE for you, your lender will pay all closing costs. This is even a bigger incentive for you to contact us right away! The sooner we can start helping you, the sooner you can move on with your life and get back on track!