7 New Herriman Homes For "SHORT SALE"
Brand New Homes in Herriman are for sale by the bank. At least the bank has given the builder the go ahead to "short sale" the balance of the inventory. It was bound to happen.
A "short sale" is simply an agreement by the lender, or lenders (with the owner) that they will probably take less money for a home than they are currently owed.. Usually this agreement is between a mortgage company and a homeowner that can not make their payment. It saves both parties the pain and expense of a foreclosure.
In this case, it's between a Home Builder and a lender. As of this morning at 5:00 a.m. seven homes by a particular local builder were being "short sale" listed. I am assuming that this lender has made a number of construction loans on spec houses to this builder, the loans are due, the builder has been unable to sell them and the bank wants to cut it's losses. They say "lets sell them for what we can get NOW".
The reasons you should be interested are many. Here's a few. If you are looking for a new home in the $300 thousand range, and think you might like to live in Herriman, this could be a money saving opportunity for you and your family. Heres why. Unlike a traditional "short sale" where a buyer is often working with more than one lender (1st, 2nd often 3rds) these home sales probably involve only one lender. Since that loan is a construction loan, the lender is probably local. More than likely, unless the builder found a way to take it up front, no builders profit will be allowed.
What it boils down to, is OPPORTUNITY !!!
If your interested in taking a closer look, give me a call @ 801-567-0946. If you just want to look at the listing sheets, go to my website, Salt Lake Homes and click the HUD, BANK OWNED HOMES button. Look for Herriman Homes.
Thanks for being here. Good Luck