A short sale in Utah occurs when a homeowner sells a property for less than what is owed. If a Utah homeowner can no longer afford to make payments and is underwater on the property, the lender may agree to allow a short sale. There are several reasons short sales are preferable to foreclosure including:
Benefits of a Short Sale Over Foreclosure :
- Bank incentives and financial credits to assist with relocation.
- Avoid foreclosure reported on credit report.
- Avoid deficiency balances owed to lender.
- Provides additional time to live the home while the process completes.
All real estate commissions and title fees are paid by the lender.
The attorneys at Murff Law Offices eliminate most of the hassle and complications of a short sale, and have assisted hundreds of Utah homeowners through the short sale process. Many of these same homeowners have recovered and have gone on to purchase new homes. Rather than allowing a home you can no longer afford go into foreclosure, participating in a short sale is preferable. Once approved, a real estate agent will work to ensure the home is sold and will assist the homeowner throughout the process.
You may qualify for financial incentives from your lender ranging from $3,000-$10,000 to assist you with relocation. There is usually never any out of pocket costs to a homeowner to complete a short sale, so choosing to sell your home over foreclosure is almost always a preferable option. If you are underwater on your home or can no longer afford to make payments, call 801-872-4882 today to discuss your situation with the attorneys at Murff Law Offices and find if a short sale is right for you.