Looking to purchase a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. If you have any questions regarding real estate in Utah, contact us here or e-mail us.

Purchasing a short sale in South Jordan, Utah on your own is risky. Contact MOVE Utah Real Estate for expert advice.

Are short sales bargains?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and automatically think of a seller that is insolvent and must sell their home fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these instances the "bargain" price may in fact be closer to true market values, not below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a qualified real estate professional from MOVE Utah Real Estate to help you research a property can help you make educated decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you decide how much to offer.
  • Use a real estate agent with short sale knowledge. MOVE Utah Real Estate can help expedite the transaction and make sure you're protected. Don't let inexperience hold up the closing process. Let our experience and knowledge work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will go before a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At MOVE Utah Real Estate, when we write an offer, we will be looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.
If you're ready to buy, whether it's a short sale or a typical home sale, MOVE Utah Real Estate can help you. Use our experience and knowledge of real estate to make sure you're getting a fair deal and will be protected during the whole transaction.

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