Short Sales in Utah County are on the Rise!
Short sales are usually misunderstood by the public and even many Utah Realtors. I would like to express my opinion and identify some problems with short sales in Utah. I would also like to help you in buying a short sale property.
First of all, I would like to clarify what a short sale is by definition:
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly bank foreclosure, and the owner is able to pay off the loan for less than what he owes.
Second, I would like to express my frustration with short sales here in Utah County. The thing that really ticks me off the most is when my wonderful fellow Realtors want a listing so bad that they take a short sale and have no flippin' (sorry for the bad Utah County slang) idea how to do a short sale. Hmm, this is like taking your car to Jiffy Lube and asking them to rebuild your transmission. Sure, they're in the car maintenance business and most likely have heard of a transmission. They may have even seen uncle Bob in American Fark fix one in their backyard. However, the process of properly listing a short sale is very timeconsuming and requires expert skill, experience, and knowledge. This is why we are seeing many bogus short sale homes for sale in Utah County.
Our team is guilty of buying short sales ourselves.
Below is a picture of our most recent short sale purchase in Spanish Fork, Utah.
Basically there are two types of short sales:
1) Unapproved Short Sale - Bank has not approved.
2) Approved Short Sale - Bank has approved.
My team (Team Teasdale) will ONLY show approved short sale properties. In my opinion, this is only about 33% of the short sale listings on the MLS. The other 66% are unapproved short sales. If you call me to see a short sale, I will first call the listing agent and ask many question to uncover the true nature and progress of the short sale.
My frustration is that many Realtors say, "I have tried calling the bank, but they aren't doing anything. So just send me an offer, and I will try to get it to work." HA!, I won't even consider sending an offer, because if it's not an approved short sale it could take months for the bank to finally say "NO, but we will sell if for this higher price." I hear many Realtors refer to this game as a "bait and switch." I don't like it at RCWilley, and I sure don't like it when buying a home.
This means Realtors are listing homes at unapproved bank sale prices. That is correct! The listing agent HOPES the bank will consider the ridiculous low offer so that they can make a commission. The first offer in an unapproved short sale is just simply cannon fodder. Don't waste your time, no matter how much you like the home.
If you shop with an experienced short sale Realtor in Utah County, you will have success. In contrast, if you have an inexperienced Realtor helping you find a short sale in a sea of unapproved short sales, be ready for the ride of your life. I think you call this the blind leading the blind. Most short sale buyers end with bitter disappointment, frustration, anger, and wish they never looked at short sales. Unfortunately, some are even upset with Realtors when things don't work out.
Good News: You can get a short sale in Utah County for a sweet price, if you do it right. If you are shopping for a short sale, our Team will help you--under the following conditions:
1) We will only show approved short sales.
Using your time wisely in Real Estate is an important principle of success. Our team will guide you to the true short sales and bargains in the Utah County market.
2) You will commit to working exclusively with Team Teasdale.
We give our clients excellent service and enjoy getting paid once the job is complete. It is upsetting when we do the work and then buyers use a friend or family member to write the final offer. This is like cheating on a biology test in Jr. High.
3) You are patient!
Even approved short sales can take weeks to get a legal answer and contact from the bank.
4) You are realistic about making offers.
According to our Team's research, the average short sale home sold in Utah County sold for 8% less than the asking price. If you are looking for a short sale to reduce prices like 10% or more and won't ever compromise, you will probably never get a house and be very frustated at the same time. If you want a short sale for 20% reduction every time, I will very politely refer you to another brokerage.
Our team has spent many hours successfully completing short sales for our clients. Are you ready for this? Short sales are typically the most difficult sector of the buyers market. Landing a good deal on a short sale often takes skill. We would love to help you. Give us a call, or fill out our bank foreclosure request.
Paul Teasdale abr, crs, epro, qsc
Associate Broker, Remax Results Realty
Utah County Real Estate, 801-491-7653
Over $120,000,000.00 Utah County Real Estate Sold Transactions
Vist my website you will actually love it!
I hope I didn't have too much attitude in my blog. If you have had any experience with short sales in Utah County, I would love to hear your opinions. Please comment below.
First of all, I would like to clarify what a short sale is by definition:
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly bank foreclosure, and the owner is able to pay off the loan for less than what he owes.
Second, I would like to express my frustration with short sales here in Utah County. The thing that really ticks me off the most is when my wonderful fellow Realtors want a listing so bad that they take a short sale and have no flippin' (sorry for the bad Utah County slang) idea how to do a short sale. Hmm, this is like taking your car to Jiffy Lube and asking them to rebuild your transmission. Sure, they're in the car maintenance business and most likely have heard of a transmission. They may have even seen uncle Bob in American Fark fix one in their backyard. However, the process of properly listing a short sale is very timeconsuming and requires expert skill, experience, and knowledge. This is why we are seeing many bogus short sale homes for sale in Utah County.
Our team is guilty of buying short sales ourselves.
Below is a picture of our most recent short sale purchase in Spanish Fork, Utah.
Basically there are two types of short sales:
1) Unapproved Short Sale - Bank has not approved.
2) Approved Short Sale - Bank has approved.
My team (Team Teasdale) will ONLY show approved short sale properties. In my opinion, this is only about 33% of the short sale listings on the MLS. The other 66% are unapproved short sales. If you call me to see a short sale, I will first call the listing agent and ask many question to uncover the true nature and progress of the short sale.
My frustration is that many Realtors say, "I have tried calling the bank, but they aren't doing anything. So just send me an offer, and I will try to get it to work." HA!, I won't even consider sending an offer, because if it's not an approved short sale it could take months for the bank to finally say "NO, but we will sell if for this higher price." I hear many Realtors refer to this game as a "bait and switch." I don't like it at RCWilley, and I sure don't like it when buying a home.
This means Realtors are listing homes at unapproved bank sale prices. That is correct! The listing agent HOPES the bank will consider the ridiculous low offer so that they can make a commission. The first offer in an unapproved short sale is just simply cannon fodder. Don't waste your time, no matter how much you like the home.
If you shop with an experienced short sale Realtor in Utah County, you will have success. In contrast, if you have an inexperienced Realtor helping you find a short sale in a sea of unapproved short sales, be ready for the ride of your life. I think you call this the blind leading the blind. Most short sale buyers end with bitter disappointment, frustration, anger, and wish they never looked at short sales. Unfortunately, some are even upset with Realtors when things don't work out.
Good News: You can get a short sale in Utah County for a sweet price, if you do it right. If you are shopping for a short sale, our Team will help you--under the following conditions:
1) We will only show approved short sales.
Using your time wisely in Real Estate is an important principle of success. Our team will guide you to the true short sales and bargains in the Utah County market.
2) You will commit to working exclusively with Team Teasdale.
We give our clients excellent service and enjoy getting paid once the job is complete. It is upsetting when we do the work and then buyers use a friend or family member to write the final offer. This is like cheating on a biology test in Jr. High.
3) You are patient!
Even approved short sales can take weeks to get a legal answer and contact from the bank.
4) You are realistic about making offers.
According to our Team's research, the average short sale home sold in Utah County sold for 8% less than the asking price. If you are looking for a short sale to reduce prices like 10% or more and won't ever compromise, you will probably never get a house and be very frustated at the same time. If you want a short sale for 20% reduction every time, I will very politely refer you to another brokerage.
Our team has spent many hours successfully completing short sales for our clients. Are you ready for this? Short sales are typically the most difficult sector of the buyers market. Landing a good deal on a short sale often takes skill. We would love to help you. Give us a call, or fill out our bank foreclosure request.
Paul Teasdale abr, crs, epro, qsc
Associate Broker, Remax Results Realty
Utah County Real Estate, 801-491-7653
Over $120,000,000.00 Utah County Real Estate Sold Transactions
Vist my website you will actually love it!
I hope I didn't have too much attitude in my blog. If you have had any experience with short sales in Utah County, I would love to hear your opinions. Please comment below.
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