You’ve probably heard many sellers complain that short sales in Utah take a long time. While short sales normally do take longer than conventional sales, in many cases, the length of time is shorter than you might think.
To help you gain a better understanding as to why Utah short sales take longer than conventional sales, it’s important to have an understanding of the process. When you decide to short sale your home, you’ll start with hiring a listing agent – a realtor who will handle your short sale. This is an extremely important component of a successful short sale. There are many competent realtors in Utah who could list your home, but short sales are a complicated process and require specialization. You need to find a Utah short sale agent with a wealth of experience in Utah foreclosure prevention and short sales. You need someone who will work with your lender and guide you through every step of the process.
After meeting with you and your lender, your agent will list your home on the market, similar to the way they would for a conventional home sale. Potential buyers will submit offers, and if a viable offer is submitted, your agent will submit the offer to your lender. Along with the offer, your agent will also submit the listing agreement, the buyer’s financing preapproval letter, earnest money deposit, and your short sale package of documents. After these things are submitted, the short sale approval process begins. This is where many tend to complain about the “waiting game”. However, this timeframe can be much less frustrating and reduced if you have a Utah short sale specialist on your side.
During the time that the bank processes your short sale documents and the offer you received (which can take several weeks and potentially a few months) your agent will negotiate with your lender, and attempt to move the short sale process along. If your lender is comfortable with the contents of your short sale package of documents, the offer, and the terms negotiated by your agent, you will be approved to move forward with the short sale. When the bank grants short sale approval, the transaction will close like a conventional sale.
While a measure of patience will be required, hiring a qualified short sale expert with a proven track record of successfully completed short sales in Utah will significantly increase your odds of having your Utah short sale completed in a timely manner.