03 May 2014

Short Sale Information For Tooele UT

Now that home values are up around the nation and around Utah, you will not see as much short sale information for Tooele UT as we have over the past few years. In fact I saw an article in the Deseret News this morning that listing prices of homes have reached prices last seen before the downturn.

What that means is that more houses can sell for at least as much as the mortgage. Banks will be reluctant to discount the paper just to change the name on the note.

Add to that the uncertainty of the debt forgiveness (debt relief act)posture of the current administration and only 1 of the players in the transaction (the home buyer) has any real motivation.

However there will still be some, and buyers and sellers that need some information about the Tooele short sales that are currently listed.

So.... Let me first remind you of "what is a Short Sale"  as defined by wickopedia, and then share with you some articles that should give you more insight  about this fast dying real estate phenomenon.

The Short Sale


A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the liens' full amounts and where the lien holders agree to release their lien on the real estate and accept less than is owed on the property. ...

 

Short Sales: Why They Can Take So Long | AOL Real Estate

 When buyers hear the term "short sale," they typically think about distressed sellers and good deals, but they can take very long to complete.

Read more ...

Home Owners Think Twice About Short Sales | Realtor Magazine

 Since the expiration of the Mortgage Forgiveness Debt Relief Act, home owners have been thinking twice about proceeding with a short sale, says CoreLogic deputy chief economist Sam Khater. A sharp drop in short sales ...

Read more ...

Questions to Ask Your Short Sale Listing Agent ...

 Buyers and Sellers both need to be aware of the many scenarios that can be involved with a short sale. For sellers especially, it can be all too tempting to just jump blindly into a short sale; who wouldn't want to get in on good ...

Read more ...


 

So there you have it. You know what a short sale is, the effects of the mortgage relief act, why the process takes so long. (after reading this you can probably see that things will take more time not less in the future).

One thing you should understand after reading this is that if you still have an opportunity to buy a short sale, you need the help of an experienced agent. I am that agent. I have a lot of experience with short sales and pre foreclosures. I can help. Call me Berna 435-840-5029.

You can also stay current with what's happening with Tooele Real Estate on my blog. Please stop by!

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