Salt Lake Short Sale in Taylorsville UT, Just Got "Shorter" !
Earlier this year I listed a "Short Sale" in Taylorsville, UT, a suburb of Salt Lake.
During the 6 months we had the home for sale we had over 1000 visits to that listing on our Web-site, Salt Lake Short Sales. We averaged over 10 showings a week, and submitted 17 offers to the bank...... None accepted!!
It was a beautiful 4 bedroom 3 bath two story in a cul de sac in a very nice area of Taylorsville.
The problem?
The foundation was sinking, (9 inches @ last count) and estimates ran around $85,000 just to shore up the foundation. Damage from the sinking was not assessed, but it was easy to estimate a repair cost of over $100,000.
The best offer we had was for $159,000 dollars cash, close in one week.
Believe me, that was a GREAT offer, and we begged the Bank to take it before going into foreclosure. No deal.
That was 4 months ago..... The lender of this "short sale" has foreclosed. Now it's an REO. Now it's listed with an agent for $155,000 dollars.
So... The bottom line is, our client has a foreclosure on her record.
We are out all of the time and money spent trying to keep the home from being foreclosed on.
If the Bank sells the house for what it's listed for, they will net $4000 dollars less than an offer they already had .
I guess that this explains why Realtors in general and this one in particular consider "Short Sales" a necessary evil and why we advise our clients to wait for the foreclosure and buy a bank owned home.
And why this Salt Lake Short Sale in Taylorsville, UT just got "shorter".