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2014-06-07 10:01:23
Salt Lake Short Sale Information
Why Buying Salt Lake Short Sales Can Take A Real Long Time !

I posted this a couple of years ago, and while the short sale market has slowed down, the time to get the banks to the closing table is about the same. I thought i would re post just in case you are thinking of making an offer on a house that will need third party approval before you have a deal.

Buying Salt Lake Short Sales can take a real long time to close.

IF ever.

Home Buyers and Sellers in Salt Lake City that are trying to take advantage of a distressed  housing market need to be patient.

And these buyers need to be informed.

I was all set to pass on a helpful article in Active Rain published by David Gubler, a Realtor @ IML Real Estate, about 5 possible reasons Banks reject offers on Short Sales . Read article as reblogged by Tiffany Saunders.

The objective was to perhaps explain why Short Sales  in Salt lake could take so long to get done, and what we as Realtors and home buyers could do about it.

  1. Short Sale, Or Foreclosure Offer Price Too Low:
  2. Short Sale Package Is Incomplete:
  3. Seller Does Not Qualify:
  4. Home Buyer or Offer Does Not Qualify For Short Sale Or Foreclosed Home:
  5. Bank Has Either Sold or Transferred The Loan: 

These all made sense and I wanted to add my thoughts to Davids, with perhaps some suggestions.

 But.................. I found an article much more compelling, and perhaps more enlightening  to those of us that fight the Short Sale, battle every day of the week trying explain to the lender or the lenders agent, why our offer to buy their distressed property is not only fair, but more likely than not the only offer they are going to get.

Robert Herzog in his article 'having trouble getting that loan modification or Short Sale'? Says

Go back and read my original blog to understand my reasoning, but I will give you a quick answer.  Why would a bank agree to a loan modification when a short sale or a foreclosure is more profitable to them than a loan modification?  And, why would a bank agree to a short sale, when they get the same treatment from the FDIC when they simply foreclose?Please read entire article.

 

As a side note, if you were one of many Realtors that over the years have told any one that would listen that' Banks would rather do anything than go through the expense of a Foreclosure',,,,,,,,,,,,,,,,,,,,,,,,may want to re-think your dialog.. 

I hope you took the time to follow all of the links. Robert put in a Lot of research time and has helped explain a lot about the Real Estate business in general today and the minefields one can uncover while searching for a home for sale in Utah.

We can't give up now though.

With Interest rates lower than they have been in years, home prices less than they were before the boom, and inventory of Salt Lake Homes For Sale on the MLS at an all time high, get a Realtor that understands the Market, and knows where the values are.

If you don't have an Agent, we'd like to apply. Call me, Gordon Sloan 801-567-0946.

Check out our website @ www.saltlakebankownedhomes.com and see how serious we are about this business and if we look like someone you'd like to work with.

To begin your search for a New Home in Salt Lake City or one of the many suburbs, click on Salt Lake Homes for Sale. You will see photos of homes and condos in SLC, Prices of your favorite houses, Maps and Directions to homes listed on the MLS and tips and advise about buying a home in Salt Lake City Utah.

Or you can give us a call @ 801-567-0946. We would love to talk to you about Utah Real estate or why buying a Salt Lake Short Sale can take a real long time.

 

Posted: Wednesday, February 17, 2010 2:53 PM by Gordon Sloan
 
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