St George Utah Short Sales
ALL listings for St George Utah short sales can be found below! If you’re interested in purchasing a short sale property or you think you may need to sell your property as a short sale, there are a few things you should know first.
1. Short Sale Defined
First, a short sale is NOT a foreclosure or bank-owned property. A short sale occurs when a bank allows a homeowner to sell their property for less than (or SHORT of) what is owed to the bank. A bank will typically agree to a short sale when a homeowner demonstrates that they cannot afford to continue to make the monthly mortgage payments. St George Utah short sales are quite common, but unfortunately, too many uninformed homeowners are choosing to “walk-away” and allowing their banks to foreclose on them.
Lower-priced St. George Utah Short Sales
2. St George Utah Short Sales help everyone.
It’s in everyone’s best interest to avoid foreclosure, as the foreclosure process can be quite stressful for homeowners, expensive for banks, and a strain on our local economy. In fact, one reason you don’t see thousands of vacant and dilapidated bank-owned homes in St. George Utah is because of responsible homeowners who have agreed to sell their property as a short sale rather than just walking away.
While a short sale can negatively impact a seller’s credit, it is usually much easier and less time-consuming to recover from than a foreclosure or bankruptcy. While each individual’s situation is different, it is not uncommon for people to reestablish their credit and purchase another property within just a couple years of short selling their home.
Higher-end Southern Utah Short Sales
3. Getting Great Deals on St George Utah Short Sales
Of course, a short sale especially helps the buyer who is searching for that great deal. Keep in mind, however, that you’re not going to steal a property for half its market value. While banks are willing to discount a property in order to sell it quickly, they are much wiser than they used to be. Before signing any contracts, banks will obtain an appraisal or BPO (real estate broker’s price opinion) in order to understand their property’s market value and minimize their losses.
4. The Short Sale Process
In order to avoid foreclosure, the homeowner will hire a real estate agent who is experienced in the short sale process. As the homeowner can’t afford their mortgage payment, they’re also likely to not have extra money lying around to spend on marketing and selling their property. Don’t worry! Real estate agents involved normally get paid by the bank from the proceeds of the sale and not from their seller client.
Whether you’re a buyer or seller of a short sale, please note that it’s not always guaranteed that the short sale will be successful and, while the process usually takes a few months from the time a buyer submits an offer on a property, the process can sometimes be shorter or much longer.
5. Hire the Best
Joel Robertson and his team are experienced in St George Utah short sales and foreclosures. If you are a seller wanting to avoid the foreclosure process or a buyer wanting to snatch up a good deal on St George Utah short sales, give them a call right now at (435) 773-1220 or e-mail them at TeamJoel@HomeInStGeorge.com.