Many buyers want to buy Orem Utah short sales. Unlike in a foreclosure, the bank does not own the property in a short sale. However, because the bank must approve the sale (because it is the lender, not the seller, who will be taking a loss on the property) it will seem like the buyer is purchasing the property from the bank. Short sale transactions, however, can be much more time-consuming and patience-testing than bank foreclosures. If you are patient you will be able to find and purchase a Orem Utah Short Sale. Paul Teasdale of Team Teasdale Realty has sold hundreds of short sales in Utah County. Paul knows how to find and purchase a Orem short sale for you. In some ways, buying a short-sale property is just like a traditional purchase. However, there are a couple of ways in which the purchase agreement are different. The contract will specify that the terms are subject to the mortgage lender's approval. In a normal transaction, the only party who would need to approve the sale is the seller. In Utah we use a short sale agreement as part of the real estate purchase contract. This will help the buyer understand the terms of a short sale. The contract should also state that the property is being purchased "as-is". While it is acceptable to include language in the contract that allows you to back out of the deal if an inspection reveals considerable problems, in general, you should not expect the bank to lower the price to account for repairs if any problems are revealed. The bank is also unlikely to make any repairs, and the seller, being strapped for cash, is probably even less likely to help out. It is best to negotiate a purchase on a short sale in Orem with the home as-is. Don't expect the bank or the seller to make any repairs they neither party likely will.
Orem, Utah currently has 82 short sales for sale and 10 bank foreclosures. The number of bank foreclosures in Orem has actually been in decline. Bank foreclosures typically sell faster than the short sales. The short sales take longer to get bank approval. A short sale in Orem will typically take 6 months from start to finish. Some short sales in Orem Utah can go much faster and others much longer. Our team recently listed and sold a short sale in Orem and it took exactly 62 days.
178 home owners are currently selling their homes in Orem. This number represents roughly two thirds of the homes for sale in Orem. The number of bank foreclosures is very low at the moment. It has been significantly higher over the past few years. The cities experiencing the most short sales are Eagle Mountain, Saratoga Springs, Lehi and Pleasant Grove. Santaquin has the least amount short sales in Utah County.
Buying Orem Utah Short Sales can be challenging. There are many short sales in Orem Utah. Buying a short sale is like almost like buying any other piece of real estate. Getting a short sale approved is the challenge with a short sale. Here are some things to note if you are considering buying a short sale home in Orem, Utah.
Don’t expect the seller to make any repairs to the home. Seller’s don’t have the money, interest or time to do a repair on their short sale. In a traditional short sale, repairs are negotiated between the buyer and seller. In a short sale, the owner will not make any money on the sale. Hence, they are going to be completely reluctant to spend money on repairs. Plus, the owners are typically in financial distress and simply have no money for repairs. On some rare occasions I have been able to get a seller to do repairs but it is very rare. Search a list of all the Orem Utah Short Sales that are currently available. Bookmark this page and watch the new short sales as they are listed. If you would like to see any of the Orem Short Sales contact Paul Teasdale of Team Teasdale Realty.
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If you make an offer on a Orem Utah short sale property, be prepared to wait. Paul has seen short sales in Utah County take between 1-25 months to be approved. The average time for a short sale to be approved in Utah County is probably 4-6 months. Many agents may claim a quick 2-3 months but this is a best case scenario. Banks are notorious for taking as long as several months to respond to short sale offers. Remember, there is no guarantee that the short sale will go through so be patient. Paul will take the time to explain the short sale process every step of the way.
Short Sales occur when property values drop making the home worth less than the amount of its mortgage. This means when a seller enters into a purchase contract to sell for an amount that is less than the home’s present mortgage balance. if the seller isn’t bringing in money to close, the lender must approve the short sale. That’s because the lender is taking a loss. The market has been filled with Orem Short Sales.
The number of short sales in Orem between 2008-2011 had increased to around 25% of the real estate market. In 2012 the number of short sales drastically decreased. The real estate market really picked up in 2012. The number of short sales and bank foreclosures has been decreasing as we head into 2013.
Banks have been speeding up the process of approving the short sale process in the past two years. The approval process was once terribly slow. In fact, I had one short sale home for sale in Mapleton Utah with Wells Fargo Bank and it took them 25 months to approve the sale. However, our team had a short sale in Orem that we listed and it took 40 days before we were closed. This was from start to finish. Short Sales are going much faster.
Generally, short sales are not bargains for a buyer. It doesn’t mean the buyer is purchasing the property under market, and it can take a long time to close, if it closes at all, among a host of other reasons. Not all lenders will approve a short sale, and many short sale prices that are advertised are not real prices. They are guesses at what it takes to sell the home. Be sure that your agent is helping guide you to the approved short sales. Approved short sales are homes where the listed price has been previously approved.
The banks don’t care about your personal situation. Selling a home is a very emotional experience – for real people. Banks are not real people. They have zero emotional investment in a home. It is all about their spreadsheet. All they care about is their bottom line. It means nothing to them that you have a moving trailer waiting in the driveway and want the keys. They don’t care. Keep in mind the reps working on the short sale are minions for the bank and make on average $14 an hour to process the short sale. You may make an offer, wait weeks for a response, only to find out someone submitted an offer after you for a thousand dollars more and your offer is dumped at the last minute. It happens. Banks play by their own rules and change them too. It reminds me of playing monopoly with my brothers and sisters when I was a kid. I swear they would change the rules half way thru the game when I was winning. Hmm, thinking back perhaps I changed the rules. Team Teasdale Realty would love to help you get a great deal on a short sale in Saratoga Springs Utah. Contact us today and let’s get started.
