What is a Short Sale?
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.
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For the Buyer
Short Sales can be beneficial to a real estate investor or home buyer as you often can find better deals and or acquire homes with built-in equity. Short Sales can often require a great deal of patience and may require large down payments or a full cash purchase. If you are a buyer interested in finding out more about short sales, or you would like to be connected with a Short Sale expert, please call us at (435) 615-4812.
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For the Seller
If you are a homeowner or investor in danger of losing a home to the foreclosure process and would like to be connected with a Short Sale expert, please call us at (435) 615-4812.
Bank Owned Properties & Foreclosures
Real estate owned or REO is a class of property owned by a lender, typically a bank, after the lender has taken possession of the property when the borrower stopped paying the mortgage loan on their property. The bank will typically list the property at a foreclosure auction for at least the outstanding loan amount, but if there are no bidders that interested, the the bank will legally repossess the property. As soon as the bank repossess the property, it is listed on their books as REO – Real Estate Owned – and is categorized as an asset (non-performing).
View Foreclosure, Short Sale Listings & Bank Owned Listngs in Park City, Utah
If you would like more information on Short Sales or would like to be connected with a Short Sale expert, please call us at (435) 615-4812.
