Salt Lake City Short Sales - What Are They ? Where Are They?
The two most asked questions about Salt Lake City Short Sales are, what are they, and where are they?
In other words, "tell me what they are so that I can know if they will be something I would like, and if I do like them where would I go to find some".
Those are easy questions.
Lately there has been a lot written about short sales in Utah as well as around the country. Since just about every one is a better writer than I am, I'm going to hook you up with some of the articles I found to be the best.
What are Short Sales?
The first article you should read is by Chris Sloan our Tooele Broker (who happens to be the President of the Utah Association of Realtors). This article "Examining Short Sale Myths" was offered as this weeks presidents message to the thousands of Realtors around the State of Utah.
Chris starts out by saying
Let’s start with some definitions. A short sale occurs when a property owner needs to sell their house but owes more than the property is worth. This situation most often happens when the home’s value has fallen and the owner has no equity in the property. Instead of going through a lengthy and costly foreclosure process, banks will allow the homeowner to sell the home for less than the mortgage amount. Not only can the lender save money, but the homeowner receives a less severe mark on his or her credit report. Read more short sale myths.
Another good article is called the definitive short sale article. This is more of an educational primer that I would encourage any one looking to save money by searching pre-foreclosed homes to read.
Naturally I want to stick one of my own rantings in the mix.
Last week I was disturbed by some of the newspaper coverage regarding short sales in Salt Lake City so I jotted my thoughts down on our blog, The truth about short sales was my effort to get the newspaper to retract some statements they made so I could like them again.
They didn't so I don't.
Now that I read my own article, I don't think it's so hot either, but it does give some good numbers about where Short Sales in Salt Lake are located.
I listed the percentage of Salt Lake Homes for Sale that were listed as pre foreclosures in Sandy UT, West Jordan, South Jordan, Herriman, Bluffdale Ut, Draper, and Murray I think.
That article will help answer the second part of the question "where are they"?
The best way to find out where Salt Lake Short Sales are though is to go to our website Salt Lake Real Estate, and then hit the Short Sale Pre-foreclosure Button. (It's red).
That will give you hundreds of short sale listings in SLC and surrounding towns. We update the list daily and offer it to our client at no charge. It's FREE !!
For those of you that don't have an agent, but have some questions, we'd love to have you call us @ 801-567-0943. We love to talk Real Estate and know more than just about Salt Lake City Short Sales, what they are and where they are.