In this edition of the Utah Real Estate Podcast, we talked about:
- Leveraging a short sale strategy
- Short sale 101
- The short sale process
- The listing agreement as part of the process
- Find out how much your house will sell for
Press the ‘PLAY’ button to listen to Utah Real Estate #50:
YOUR CALL TO ACTION
If you’re looking to buy or sell a house in Utah, please call or text me (Patrick Wiscombe) at (801) 874-7717.
COOL VOICE GUY: Information you need, the Podcasts you love. This is the PatrickWiscombe.com Podcast Network. Its Real Estate news you can use. This is the Utah Real Estate Podcast, giving you free expert advice and tips, if you’re looking to buy or sell a house. And now, here are your hosts, Ned Chidester and Patrick Wiscombe.
SPONSOR: The Utah Real Estate Podcast is brought to you by Weichert Realtors at the Rockies. If you are looking to buy or sell a house in the state of Utah, please call or text Patrick Wiscombe at 801-874-7717.
PATRICK WISCOMBE: It’s the Utah Real Estate Podcast. My name is Patrick Wiscombe. Coming up today on today’s edition of the Utah Real Estate Podcast, we are going to talk about using a short sale on your house as a strategy to get out of your house. It’s kind of an interesting topic. I don’t know, I think most people think of short sales as this horrible thing, but you can actually use it as a tool to get out of your house. Joining me for the Podcast, as he does when we decide to record, when his schedule avails himself; Ned Chidester, one of the owners of Weichert Realtors at the Rockies, a Real Estate agent here at Weichert Realtors at the Rockies. How are you?
NED CHIDESTER: I’m doing great!
PATRICK: If someone comes to you and says, “I need to get out of my house because I just simply cannot pay for it anymore,” whether it’s loss of a job, or reduced income, whatever the situation is, you actually talk about short sale as being a strategy. Why is that?
NED: It really can be a strategy if you’re in a situation where you owe more on your home than you can sell it for. If you’re in a bind, you have a reason to sell it. Whether you can’t afford to make the payments anymore, maybe you’ve been transferred with your job, maybe you’ve gone through a divorce, and maybe there are health issues. Whatever the case may be, there are answers, and there’s a reason that you would use an opportunity to do a short sale, as opposed just allowing the home go to foreclosure, and ruining your credit.
PATRICK: Ok, let’s talk, let’s go short sale 101. What is a short sale?
NED: A short sale is when you owe more on your house than you can sell it for in today’s market.
PATRICK: So, someone who is “under water”.
NED: Somebody who is “under water”, and we negotiate “short” with the bank.
PATRICK: Ok, now would that include a first mortgage, and a second mortgage? Or, is it just the primary mortgage?
NED: Any mortgages that are attached to the title.
PATRICK: Ok, alright. What’s the next step in this process?
NED: The next step would be to contact us, and let us take a look at it. Let’s see what your home is worth, what is comparable, take a look at your history with your mortgage company, make contact with them, tell them that you have an interest in selling, and that it’s going to be short. The very first step would be to contact us, and let us take a look at it and get the ball rolling for you. Not only do you not want to do it on your own, but there’s no reason to do it on your own. It doesn’t cost you any money to have us help you. We’re paid as part of the process in negotiating with the bank on your behalf. They’re going to entrust in us to be to know the process, and be able to help you through it. In fact, one of the requirements that most banks have in doing a short sale, is that the property does need to be on the MLS. You would have a need for a realtor to help you with that anyway, but there is really no good reason why you’d want to do it on your own.
PATRICK: Alright, so if someone says, “Ok Ned, let’s go ahead and do this,” take us through the process. I’m assuming they have to sign some sort of listing agreement etc…
NED: Absolutely, yes, we can sit you down, and take you through the whole process, explain everything to you, and give you all the answers; and work with you, and see if it’s something that would make sense in your particular situation.
PATRICK: What is a listing agreement? Let’s go Listing Agreement 101here as part of the short sale conversation.
NED: A listing agreement is merely a document that you sign, we sign, and you’re giving us the authority and permission to sell your home. If we’re able to bring you a ready, willing and able buyer that has agreed to pay the amount of money that is suitable to you; that you will pay us a commission.
PATRICK: Well, and you can work that in as part of the deal.
PATRICK: OK, we’ll go ahead wrap up today’s edition of the Utah Real Estate Podcast. We’ve been talking about short sales, or using a short sale as a strategy to get your house sold. So, if you’ve even thought, or considered selling your house, find out how much it’s worth. That was a podcast we did a couple days ago. It’s free, there’s no obligation, and if you don’t like our service, we’re not going to ding your for it, it’s not going to cost you anything! You can get ahold of Weichert Realtors at the Rockies; the office number is 801-756-9559. I’m specifically referring to the state of Utah, if you’re looking to buy or sell. So for Ned Chidester, I’m Patrcik Wiscombe, thanks for listening we’ll talk to you tomorrow, see ya’.
COOL VOICE GUY: Helping you buy or sell a house, this has been the Utah Real Estate Podcast with your host Ned Chidester and Patrick Wiscombe, sponsored by Weichert Realtors at the Rockies.