Prepared by Paul Teasdale 491-7653
Total Sq Ft: 2249 Total Beds: 6Total Baths: 2.00 Family Rooms: 2Fireplace: 0 Garage | Car Port: 2 | 0
Year Built: 1978 Taxes: $1,231Acres: 0.21 HOA Fee: $0Construction Status: Blt./Standing Finished Basement: 100%
Exterior: Aluminum/Vinyl; Brick
Lot Facts: Fenced: Full
Inclusions: Microwave; Range; Range Hood; Refrigerator; Satellite Dish; Swing Set; Window Coverings; Trampoline
Features & Info: Dishwasher, Built-In; Disposal; Kitchen: Updated; Range/Oven: Free Stdng.
Remarks: Great Property Backs up to UVU on private dead end street. Newly remodeled kitchen and bathrooms, Granite, Tile, New bathtubs. Must See**
You’ve heard about it and you are looking for a Orem UT Short Sale. Everybody’s talking about the newest way to prevent foreclosure, but not everybody understands exactly what it is. A real estate short sale is when a third party or homeowner negotiates a discount on the payoff amount due to a mortgage company. It is possible to buy a Orem UT Short Sale. It just takes time and patience and a excellent Realtor.
A short sale happens when a homeowner owes more money to banks and/or lien holders than what the property can currently sell. In order to sell a property that is “upside down” in equity, the bank must agree to accept less than what is currently owed on the property. This is becoming more common in Orem. In fact, about 50% of the homes for sale in Orem were short sales between 2007-2011. Orem UT Short Sales are still around but just more difficult to purchase.
A short sale typically is done for a homeowner who is behind on mortgage payments and facing foreclosure. It is best when a homeowner is 90 days late on their mortgage and has no alternative to settle up and not enough equity to sell fast. Some sellers call Realtors when they are current on their home loans and just want to dump their homes. These same sellers are just looking to repurchase in the market. These sellers are abusing the system. On the other hand I work with Sellers needing to sell thier homes and are in desperate need of doing a short sale in Orem.
An Orem UT Short Sale can also be done as an exit strategy for a homeowner who is not delinquent but just staying afloat and anticipating a delinquency. It can be more difficult when a homeowner is not behind on payments, but as of recently banks are taking the potential for a default into consideration. The home in this blog is being sold as a short sale. You can put an offer on this home thru Team Teasdale Realty and wait to see if the bank will accept your offer. Do you want to buy a Orem UT Short Sale?
Many people are under the false impression that they will owe the bank the money forgiven when doing a short sale. There are two ways a bank can attempt to recoup some loss, one is by a deficiency judgement, and another by a promissory note. Both of these can be avoided most of the time if you know what you are doing. Not all Realtors know how to buy a Orem UT Short Sale.
Many real estate agents who don’t know the real short sale definition aren’t pros at negotiating short sales don’t even ask (because they don’t know) and get their clients stuck with owing the bank the forgiven debt. Utah is a deficiency state and the banks can go after someone in Orem for not paying off a loan. Some states like Florida are not a deficiency state and once you go to closing that is the end of it. If you have questions about buying a Orem UT short sale contact our team.
It is more often than not that a bank will let a homeowner walk having to deal with the tax consequences and no promise to pay or judgment. Many homes sellers are choosing to do Short Sales in Orem. It is very uncommon to hear that the bank is going after someone for a deficiency but it is possible on a Orem UT short sale.
Visit Paul Teasdale Online: Orem UT Short Sale
