Salt Lake Foreclosure in Draper Sold-Almost !!
Our offer on the Salt Lake Foreclosure in Draper has been accepted. Well almost accepted. I guess that means it's almost sold.
In this new world of Foreclosures, Pre - Foreclosures and Short Sales, nothing is the way it should be. I feel like Alice in Salt Lake Wonderland.
After over 30 years in this business, I must tell my buyer that I'm not sure we have a deal, but that they should order an inspection, an appraisal, a title report and prepare to move just because the bank told us "your offer has been accepted".
Actually I am sure.
We may have a deal. But we don't have a contract on that Salt Lake Foreclosed Home for sale.
The bank that owns the property has told us that we have an accepted offer and they have written an addendum that sets to paper the terms under which they will close the transaction. They are terms agreeable to us, but the bank will not sign their own addendum.
It's not the first time. Banks, selling homes interpret contract law the way they add disability insurance to my credit card bill. According to whim.
Every bank is different as well. Some banks after receiving their addendum back, signed by the home buyer, may initial and return it. Others wait until the day before closing. Some never sign them, and expect title companies to read their minds.
Having said all that, on the brighter side, is the real fact that this is a Bank Owned Foreclosed Home and not a short sale. Homes being sold short are even more frustrating, for both the home buyer, and the Realtor.
I sometimes think that selling foreclosures and short sales is like buying into a crooked crap game. "everyone knows it's crooked, but it's the only game in town".
Buying short sales, and foreclosed homes is not the only game in town, but in spite of the frustration of working with banks to help them reduce their inventory of SLC homes for sale it's the best way to save your clients some dough.
For a list of all the foreclosures for sale in Salt Lake, stop by our web-site @ Salt Lake Homes. You will see hundreds of Bank Owned, HUD, and Home-step houses for sale throughout the area. we give you pictures, home prices, maps, photos of homes and information just like your Realtor uses to search for your home or Condo.
For a complete list with pictures and prices of short sales in Salt Lake click on SLC Short Sale Homes.
I'm going to keep every one updated on this transaction and after it closes do a blog about what we went through during the 90+ days it took to buy this home. Watch for "the anatomy of a foreclosure sale".
To talk to someone about anything concerning Real Estate in Utah, call us @ 801-567-0946. We love to hear from you and update you on the Salt Lake Foreclosure In Draper that's sold - Almost.