UtahCribs Weblog

Real Estate, Homes, News, Statistics and more

Short Sales

Posted by UtahCribs, Real Estate, Homes on March 31, 2008

Before you buy one you must understand what you are doing. A short sale is when the bank is being SHORTED the amount that they are owed. A short sale is NOT A BANK FORECLOSURE. A short sale happens before foreclosure. Usually the owner of the property has been backed a few plus months on payments and decides to sale the property. They soon find out that they OWE on their MORTGAGE(S) more than they can sale their house for. Accordingly they start the short sale process. IN the process they must negotiate with the bank(s) involved to take LESS money than owed. Sometimes their real estate agent doe this, sometimes a lawyer, sometimes themselves. This can take 2 days or two years! All banks area different. IF YOU HAVE CASH to buy one you are in a lot stronger negotiating position to get the bank to go low. However, just because you offer the asking price or MORE does NOT mean you will get the property.

I could go on forever, here are some of the best SHORT SALE deal on the market in Salt Lake City right now!

Photo of Property MLS # List Price Stat Style Tot SqFt Sold Price Ref #
Address City Acres NS/EW Tour/Open
Bd/Bth/Fm Gar/Port Bsmt/%Fin List DT Sold DT Year Blt Type Photo Cnt
756910 $289,000 ACT Bungalo/Cottage 2,448 $0 1
414 UNIVERSITY ST Salt Lake City 0.08 414S/1340E Tour /
4/2.00/1 0/0 FULL/90% 12/12/2007   1924 SNGL 2

754578 $293,000 ACT-SS 2-Story Conventional 3,700 $0 2
11654 S HARVEST RAIN AVE South Jordan 0.17 11654S/4420W Tour /
3/3.00/1 2/0 FULL/0% 12/03/2007   2004 SNGL 12

758980 $300,000 ACT-SS 2-Story Conventional 4,705 $0 3
13796 S ROSIE LN Herriman 0.30 13796S/6670W NA /
5/4.00/1 2/0 FULL/40% 12/21/2007   2003 SNGL 1

748172 $380,000 ACT-SS 2-Story Conventional 5,209 $0 4
1867 RYAN PARK AVE Sandy 0.38 11000S/1867E Tour /
6/4.00/2 2/0 FULL/100% 11/03/2007   1983 SNGL 12

745293 $580,000 ACT-SS 2-Story Modern 5,172 $0 5
3148 OLD MILL CIR Cottonwood Heights 0.24 6650S/3148E Tour /
4/3.00/2 3/0 DYLT/0% 10/29/2007   1996 SNGL 12

760553 $799,000 ACT 2-Story Conventional 7,499 $0 6
2632 E ROBIDOUX RD Sandy 0.34 8240S/2632E Tour /
5/5.00/3 3/0 NO/CR/0% 01/03/2008   1976 SNGL 11
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