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Santaquin Utah Short Sales

How to Buy a Santaquin Utah Short Sales

Many buyers want to buy Santaquin Utah short sales. Unlike in a foreclosure, the bank does not own the property in a short sale. However, because the bank must approve the sale (because it is the lender, not the seller, who will be taking a loss on the property) it will seem like the buyer is purchasing the property from the bank. Short sale transactions, however, can be much more time-consuming and patience-testing than bank foreclosures. If you are patient you will be able to find and purchase a Santaquin Utah Short Sale. Paul Teasdale of Team Teasdale Realty has sold hundreds of short sales in Utah County. Paul knows how to find and purchase a Santaquin short sale for you.

In some ways, buying a short-sale property is just like a traditional purchase. However, there are a couple of ways in which the purchase agreement are different. The contract will specify that the terms are subject to the mortgage lender's approval. In a normal transaction, the only party who would need to approve the sale is the seller. In Utah we use a short sale agreement as part of the real estate purchase contract. This will help the buyer understand the terms of a short sale.

The contract should also state that the property is being purchased "as-is". While it is acceptable to include language in the contract that allows you to back out of the deal if an inspection reveals considerable problems, in general, you should not expect the bank to lower the price to account for repairs if any problems are revealed. The bank is also unlikely to make any repairs, and the seller, being strapped for cash, is probably even less likely to help out. It is best to negotiate a purchase on a short sale in Santaquin with the home as-is. Don't expect the bank or the seller to make any repairs they neither party likely will.

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Santaquin utah short sale

You Must be Patient When Buying a Short Sale

If you make an offer on a Santaquin Utah short sale property, be prepared to wait. Paul has seen short sales in Utah County take between 1-25 months to be approved. The average time for a short sale to be approved in Utah County is probably 4-6 months. Many agents may claim a quick 2-3 months but this is a best case scenario. Banks are notorious for taking as long as several months to respond to short sale offers. Remember, there is no guarantee that the short sale will go through so be patient. Paul will take the time to explain the short sale process every step of the way.

Santaquin Utah Short Sales

If you are buying a home in Santaquin, Utah you would have heard the term ‘short sale’ mentioned many times. A short sale is when you reach an agreement with your mortgage company to sell the home for less than the current amount you owe. Why would your mortgage company or bank do this?

Some banks are overwhelmed with bank foreclosed homes in Santaquin and would like to clear out some inventory. Between 2007-2011 around 25% of the homes for sale in Santaquin were Short Sales. Many banks would rather sell a homes as a short sale than have a bank foreclosure. A foreclosure costs the bank more money which results in a greater loss.

Santaquin Short Sale Sellers Need a Hardship Letter

If you proceed with a Santaquin Short Sale you will need to provide your lender with a short sale hardship letter. This letter will explain to your lender why you should be granted a short sale approval on a home.

I have seen sellers get approval on a short sale for some of the following reasons: Death of a Spouse, Divorce, Sickness/Health Issues, Job Loss, Relocation, leaving the country and other financial hardships. Those are just some of the items that will normally work in your favor but any other serious life changing events can be discussed in a hardship letter.

If you are a buyer looking for Santaquin Short Sale contact Team Teasdale Realty.

Why Do a Short Sale in Santaquin Instead of Bank Repo

If you are facing bank foreclosure you should look into a short sale. You can avoid the bank foreclosure process and in most cases the lender will forgive a portion of your current loan. Some lenders will require a small ballon payment to completely forgive the debt.

This all sounds like a great idea and an easy out but of course there is a catch. It has a very high probability of damaging your credit and the lender may not agree to a short sale in Santaquin, Utah. At one time most lenders would only entertain the idea of a short sale if you were several payments behind or if you have gotten a default notice. This has changed in recent years. On occasion banks will approve a Santaquin Short Sale without a owner being late on a payment.

Banks will also consider the short sale option if you have suffered a life changing experience. Santaquin Utah short sales were in great abundance from 2007-2011. The number of short sales has been declining in recent years. Finding a good deal on a short sale is slightly more challenging. 



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