Short Sales In Salt Lake Prices Homes-Like It Or Not!
Short Sales In Salt Lake City UT still play an important role in the pricing and purchase of Real Estate along the Wasatch Front.
UAR president Chris Sloan informed us in the presidents message last week that one in 6 Salt Lake City homes for sale was characterized as a short sale.
In other words, about 16% of the Salt Lake homes for sale are being offered for sale "short" of what the current mortgage payoff is.
I want you to read Chris's article, because if you're considering buying a home in SLC you'll want to see why the price is 20% or more less this year than last on that three bedroom rambler in Sandy UT. And maybe that's not enough less.
If you're selling your WJ Town Home, you need to know that down the block, there may be a nearly new West Jordan condominium for sale for $10,000 less than your current mortgage. Same floor plan, same new home builder,same square footage. Your agent is NOT trying to get you to "give your house away". Your Realtor is simply trying to price your home to be competitive with the market place, and to save you 4 or 5 or 6 months additional house payments.
Some of what Chris had to say was:
"For buyers, Short Sales present an opportunity to purchase Real Estate at very competitive prices. While short sales might not be bargain basement deals because banks are trying to minimize their losses, the properties are generally priced to sell. In fact some properties are generating so much buzz that multiple buyers are competing to purchase them". To read entire short sale article.
You'll understand after reading the article that buying a short sale is not easy, nor for the faint of heart.
That's why we recommend you get a Realtor before you set out on your search for a distressed home, or as some folks like to call them a "pre-foreclosure.
If you don't have a Realtor, call us. We have every short sale listed in Salt Lake that appears on the MLS home search. Plus, we have a special search key that only searches pre-foreclosed homes.
Stop by our web site and see how serious we treat your search for distressed properties in Salt Lake City UT.
Or call us @ 801-567-0946. We'd love to talk Short Sales in Salt Lake.