UtahCribs Weblog

Real Estate, Homes, News, Statistics and more

Short Sale & Bank Properties.

Posted by UtahCribs, Real Estate, Homes on March 13, 2009

Everyone is looking for that incredible deal right now. Are they out there? Are people really getting these unbeleiveable prices on them? Why do they take so long? Where can I gain acces to these REO properties, and approved short sales?

The deals are here… Depending upon what you are looking for, and what your current financial situation is. The odds are in your favor to take advantage of this horrible economic situation we find ourselves in, and pick up a home, condo, commercial building, or some land for a great price. In the last 90 days we have seen some great prices that are approved from the bank start closing. Cash is king! Now having said that, the bank really does not differentiate between a cash offer and a financed offer. They really are just more concerned about how much money they will “net” with each offer. Banks are getting smart with sold comps, they are staying consistent with the area of the subject property on a price per sq. ft.  Obviously taking into consideration the condition of the property.

Bank Repo’s and short Sales are taking a long time now, because banks are trying to limit the loss on their bottom line. They have gotten smarter of the last 12 months, they are getting at least 3 BPO (Broker Price Opinion’s) This will be compared to the sold comps to come up with an accurate current market value of the property. They will usually take an offer as long as it come’s within 5% of that price.

We currently have access to all REO and short sale lists. If you have any questions, or if you would like more info about the process please let us know..


3 Responses to “Short Sale & Bank Properties.”

  1. I have been getting a lot of questions on how these types of Residential properties work.. This is good info for those of you who are interested in getting a deal…


  2. interested said

    This is good information to know! I appreciate it and would love for you to post more about these types of sales as you continue to learn more.

  3. Katie said

    I am really glad that well-written posts such as this tout caution – yes, there are deals, but you have to do your homework. “If it’s too good to be true…”

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