Doing a Commercial Short Sale in the Salt Lake Utah Area

Recently I have gotten a lot of questions about sending a commercial property through the short sale process in the Salt Lake City Utah area. A short sale with a commercial property is similar to a residential property. The commercial arena is just starting to feel the mortgage meltdown. Usually it takes a couple of months for commercial property to catch up to the status of residential property. When all the residential property was facing foreclosure, that is when short sales began to show up big. Now the commercial property is getting into a situation where they need to stop foreclosure and so a short sale is becoming the best option for them.

Like I said in a previous article, and short sale is a great way to stop foreclosure, but it can be a headache to do sometimes. The first step is to collect the paperwork that the mortgage company is going to need to process the short sale. In the residential case the short sale packet contains 2 months of bank statements and mortgage statements, the last 2 pay stubs, 2 years taxes, a financial statement, and the last 2 years of taxes. Doing a short sale on a commercial property is similar except the documentation needed is a little more complex. It would probably be best to call up your lender on the property and ask them to send you a short sale packet. In the short sale packet it will have all of the information that you need to get together. It is very important to pay attention to the order that the packet tells you to send in the information.

Once you get your short sale packet in to your mortgage company they are going to request that you have the short sale listed with a realtor. I would suggest that you list it with a realtor has investors on his team. When you call the realtor up ask him if he can guarantee an offer on your property the day that they list the short sale on the MLS (the realtor listing source). If the realtor can not promise you that they will get an offer the same day that they list the short sale then they are not working with investors and the chances of you using a short sale to stop foreclosure drop dramatically. If you need help finding a realtor who works with investors on short sales, you can contact me through my web page at www.homeoptions.web.officelive.com

I hope that this helps you do a short sale on your commercial property in the Salt Lake City, Utah area. If you need some information on doing a short sale on a residential property you can check out my article titled doing a short sale in the Salt Lake City Utah area. Or you can contact me through my website and I will be happy to help out where I can with your short sale.