What is a Shortsale?

Written by 
Rate this item
(0 votes)

Shortsale information for Snowbasin Real Estate, Powder Mountain Real Estate and Wolf Creek Real Estate in Ogden, Eden, Huntsville, Liberty and the Ogden Valley, Utah.

A Short Sale is a Dignified and Smart Solution.

  • Do you Owe more than your Property is Worth?
  • Having trouble with your Mortgage Payments?
  • Loan Modification Denied?
  • Facing Foreclosure?

Darin Michl and his team have the Solutions, Experience and Organization that can eliminate your home mortgage debt problems, help protect your loan worthiness, and allow you to get on with your life in a dignified and hassle free manner - A Short Sale can Provide you with Real Mortgage Forgiveness Debt Relief.

What is a Short Sale?

In simple terms, a short sale is transaction in which the bank(s) accepts a discount on their mortgage to allow a sale, and thus avoid foreclosure or bankruptcy. For example: A homeowner, who is facing foreclosure, has an existing first mortgage of $500,000. The market value of the home is $350,000. The Mortgage Bank agrees to wipe out $150,000 in mortgage debt, and accepts the offer for $350,000 and the home is sold. In actual practice, a Short Sale is the most complex of all Residential transactions, so make sure you work with a seasoned professional.

What are the Advantages of a Short Sale?

  1. Less Damaging to your Credit Rating: A Foreclosure will severely damage your credit rating for 7 years, but a Short Sale is less damaging and its effect does not last as long.

  2. Probable Relief from HELOC 2nd Mortgage: When the 1st Mortgage Bank forecloses, the 2nd TD HELOC loan is not deleted from your debt. The 2nd TD HELOC Mortgage Bank may take legal means to collect their debt after the Foreclosure. With a Short Sale, we negotiate with both lenders to highly reduce or totally eliminate the HELOC loan debt.

  3.  Dignified Solution: With a Short Sale, we sell your home just like your neighbors have done. It's a dignified resolution to a tough situation. On the other hand, after a Foreclosure, a Sheriff performs a lock out and a Bank Sales Rep places 'Bank Foreclosure For Sale' signs in front of the property for your neighbors to see.

  4.  Major Banks are Encouraging Short Sales over Foreclosure: Fannie Mae (FNMA) recently changed their underwriting policy so that a past home owner now has to wait 5 years after a Foreclosure before FNMA will underwrite a new loan. If the homeowner conducted a Short Sale the wait time is just 2 Years! Freddie Mac also offers participating Banks a $2,200 incentive to conduct a Short Sale versus Foreclosure.

  5. Much Shorter Delay to Renewed Loan Worthiness

  6. "Cash for Cooperation": Some banks are now offering home owners a Cash incentive in order to Cooperate with a short sale, versus allowing the property to be Foreclosed on by the Bank. Which Banks and amount of Cash offered, is on a case by case basis.

Time is of the Essence.

If foreclosure proceedings have started on your home, then you may only have less than a few months before your home is sold at the public Foreclosure Auction on the courthouse steps. As a short sale expert I can almost always get the foreclosure postponed, but only if you call me, 801-888-1800. Please don't hesitate. I'm here to help you prevent Foreclosure using a dignified short sale solution.

Experience Matters!

Don't trust your home Short Sale with just any Real Estate Agent! You may only have one shot at this, and there is a lot riding on the successful negotiations with your Bank and subsequent sale of your Home.

I've been working in the real estate industry with Short Sales, Foreclosures and Bank Owned properties for over 23 years. My team and I have negotiated with many Banks and Savings & Loans officers ... In addition, we have established an affiliation with an experienced Utah Attorney who provides our clients consultation regarding short sale, loan modification and other workout strategies.

Negotiating short sales is a full-time job. Our full-time Negotiators have developed a far-reaching network of contacts consisting of mortgage companies, banks, Attorneys, Accountants and realtors. The strength of our experience, knowledge and relationships is invaluable.


Please give me a call TODAY, so we can begin to help you. Call us at: 801-888-1800 we are easy to talk to, or drop us an email at: This email address is being protected from spambots. You need JavaScript enabled to view it. .

 We'll keep our conversation and your situation confidential.

Read 3936 times

"Welcome to Ogden Valley!
Thinking of relocating
to the Ogden Valley area?
You've come to
the right place!"

"Your Realtor for life"
Darin Michl
Call me anytime!