Buyers are Buying Short Sales in Utah County

Short Sales Homes for Sale in Santaquin Utah

One would thing that short sales in Santaquin, Utah would be a high level. However, after carefully analyzing the short sale data on the MLS, I have come to realize that the Santaquin, Utah market is healthier than many on other cities in Utah County. Santaquin has 110 homes for sale and 13 of them are short sales. This means 12 % of the homes for sale in Santaquin are short sales.

Short Sales Homes for Sale in Eagle Mountain Utah

It has reach a ridiculous state of affairs. How can this data be true? It is true. As of 12/26/2011 Eagle Mountain Utah has 39% of the listings for sale marked on the MLS as short sales. This is a staggering number when you consider about another 30% of the homes are bank foreclosures in Eagle Mountain. This means approximately 65% of the homes for sale in Eagle Mountain are distressed properties. Eagle Mountain, Utah has 210 homes for sale. 82 of the homes for sale in Eagle Mountain are short sales.

Short Sales Homes for Sale in Saratoga Springs Utah

As of 12/26/2011 the Saratoga Springs, Utah real estate market has 61 short sales for sale out of 235 homes.  This means that about 26% of the homes for sale in Saratoga Springs, Utah are currently short sales.  We have two types of short sales for sale in Saratoga Springs.  The first is called an approved short sale and the other is an unapproved short sale. Many Realtors call an unapproved short sale a pre-foreclosure.

Short Sales Homes for Sale in Payson Utah

As of 12/26/2011 the Payson, Utah real estate market had 30 short sales for sale out of 118 homes.  This means that about 25% of the homes for sale in Payson, Utah are currently short sales. Short Sales in Payson Utah have climbed and continue to climb. They have reached 25% of the real estate market. One in four homes for sale in Payson are short sales or bank foreclosures.

Short Sales Homes for Sale in Pleasant Grove Utah

How can Pleasant Grove Utah have so many short sales? It is true. As of 12/26/2011 Pleasant Grove Utah has 46% of the listings for sale marked on the MLS as short sales. This is a staggering number when you consider about another 30% of the homes are bank foreclosures in Pleasant Grove. This means approximately 80% of the homes for sale in Pleasant Grove are distressed properties.

I have been selling homes in Pleasant Grove since 1995 and have never seen anything like this. The media outlets continue to claim the real estate market is stable. If this is stable get me outa here! If you are a seller I guess we hit the ice berg a while ago. If you are a buyer you have just landed in paradise. What an opportunity. We may have not hit the absolute bottom but we are sure close.

Utah County Real Estate Blogs

Team Teasdale Realty wants to keep relevant in the internet and has published five new blogs this week.  Paul Teasdale purchased a few of the domains about 12 years ago and they have been relatively dormant.  Paul felt he could possibly want these domains in the future because they were in his target market area.  Paying a $12 fee per year seems relatively cheap.  Similar domains are now selling for around $3,500 each.  It is now time to publish these domains into the Utah County Real Estate Market.

Mapleton Utah Homes for Sale

The first blog that we published is called Mapleton Utah Homes and the URL is: www.MapletonUtahHomes.com.  This blog will promote homes for sale in Mapleton Utah.  Articles about Mapleton and market conditions.  Paul and the majority of his team reside in Mapleton so this is very relevant to Team Teasdale's Marketing strategy. We will publish information and facts about Mapleton Utah on this site too.

Springville Homes for Sale

The second blog that we published is called Springville Homes and the URL is: www.SpringvilleHomes.com.  Paul lived in Springville Utah for about three years.  He is very familiar with the Springville Schools and neighborhoods.  Springville is slightly north of Mapleton and is a wonder city.  Search Homes for Sale in Springville.

Spanish Fork Homes for Sale

The third blog that we launched is called Spanish Fork Homes and the URL is: www.SpanishForkHomes.com.  Team Teasdale Realty's Associate Broker Dave Teasdale lives in Spanish Fork.  Dave has sold many homes in the Spanish Fork area over the past several years.

Buy Orem Utah Homes

The forth blog that we launched is called Buy Orem Homes and the URL is: www.buyoremhomes.com.  Paul lived in Orem for about two years after graduating from BYU and moving from Provo.  Paul has been selling homes in Orem Utah for 16 years and is very familiar with the neighborhoods in Orem Utah.  We are experiencing a high volume of bank foreclosures and short sales in the Orem area.

Buy Provo Utah Homes

The fifth blog that we launched this week is called Buy Provo Homes and the URL is: www.buyprovohomes.com.  Paul lived in Provo for several year while he was getting is Business Management degree from BYU.  He started Real Estate in Provo by showing and selling condos part time while working on his degree.

We look forward to keeping you updated with the market conditions in these five cities on our blogs.  If you need help buying or selling a home in Utah County contact Team Teasdale Realty.

Let me share a few appraisal experiences in the Spanish Fork, Utah area.

Two weeks ago I had an appraiser call and ask for my seller's phone number.  I asked, "How can I help you?"  He said, "I noticed a fan in the empty basement and have been searching for any water damage and can't find any."  I told him, "the home has no water damage."  He said, "If I don't speak to the homeowner myself I will write in the report that I suspect the home has some water damage."  I told him, "that would be unfair because that is not true."

Are you kidding!  Are appraisers now CSI detectives?  He told me he spent a bunch of time searching the basement, pulling up carpet and looking everywhere for water and can't find any.  He told me it is his responsibility to find anything he can about the home that may help the bank choose whether to give the loan or not.  I talked to my seller who was furious.  He told me there is no water damage.

If the appraiser wrongfully red flags the home he messes the deal up for the buyer, seller, both agents and brokerages, lender, underwriter and title companies.  Why?  Because he wants to be a super star and discover something that does not exist to help the bank cancel a loan.  It doesn't make sense. 

Let's be considerate and remember you have a family usually moving out and a family moving into a home.  If an appraiser puts something in a report whether that is true or not the bank may decline loaning on the home.  This can be emotionally devastating to the people involved moving their families.  The appraiser finally backed down and did the appraisal after several conversation and the home closed. 

I have seen a few appraisals that have sharply skewed the price downward.  I am all about a fair appraisal.  However, we don't want appraisers to add comps of undervalued foreclosed homes that sold in one day that don't even resemble the subject.

Did the appraisers help the bubble in the 2004-7 era by push prices up?  Now they are doing the opposite and it feels like they are trying to push the prices down. I guess the banks have the appraisers scared of overvaluing the home.  This makes them caution on the side of a low appraisal.

I have a home this week that got an appraisal.  All the homes in the neighborhood are built by the same builder.  It was Fieldstone homes down in Spanish Fork.  Our house has a 3 car garage and the other homes have 2 car garages.  The appraiser doesn't seem to want to give us hardly anything for a extra garage.

In my opinion an extra garage should be worth about $10k to rebuild.  If you include the flatwork, framing, window, garage door, roof and walls.  The appraiser said that $10k is way too much and he will give it a small allowance.  If the appraiser thinks a 3 car garage is only worth like $4k I would like him to come and build an extra garage onto my home. 

I just want fair and honest appraisals.  I remember back in the 2004-7 era where most appraisals seemed to come in a couple thousand above asking.  Now it is the other way around.  Too many appraisals are coming in under asking price that shouldn't. On a positive note.  I do appreciate the many good and fair appraisers out there that are doing a good job.

Welcome to my Utah County Real Estate blog!  Team Teasdale Realty is located  in Mapleton, Utah.  Our team combines proven traditional real estate practices and represents the leading edge in the future of real estate marketing by merging internet technologies, service, communication, information and analysis with those traditional practices to provide our clients with an exceptional real estate experience and superior marketing.

Paul Teasdale, Principal Broker
ABR, CRS, e-PRO, QSC, Finance  BYU
16 Years Experience, 850+ Homes Sold
Team Teasdale Realty, Utah County Real Estate
Phone: 801-491-7653

Technorati is an internet search engine for searching blogs. By June 2008, Technorati was indexing 112.8 million blogs and over 250 million pieces of tagged social media. The name Technorati is a blend of the words technology and literati, which invokes the notion of technological intelligence or intellectualism.

Team Teasdale Realty plans to publish their entire blog to Technoarti.com in the future.  This will help create larger exposure for the companies marketing of listed homes in Utah County. 

P2TYGY2MKNMZ