Logan Utah short sale properties, are properties that a home owner has shown a bank or financial institution they are in distress. The bank will then agree to forgive part of the mortgage in order to get the property sold. And because the banks want to get rid of these properties fast, they can end up being a great deal for a potential home buyer.
If you are looking for Logan Utah short sale listings you can find them here. But we forewarned, the short sale process can be time consuming to say the least. Becasue the bank owns these properties, in order to get an offer approved on a short sale, you must go through the bank. The owner of the home has no say in the process, how much the offer accepted should be, or how long the process is going to take.
This makes buying a Logan Utah short sale difficult and time consuming. The average time frame to close escrow on a short sale is around 4 months. It all depends on how far along in the process the home is. For example, if the home has been on the market for a descent amount of time, and the bank has already received an offer, the process may go a lot faster. The bank should already have the wheels in motion with the first offer.
Short sales usually have multiple offers on them before all is said and done. The reason is the potential to get a great deal. The bank will usually start out low on the asking price to induce a market frenzy for the property. With the low price, brings more activity, and generates more offers. This way the bank can pick and choose which offers it will consider. They usually prefer cash buyers, but buyers with money down and good credit are also preferred.
You may offer higher then another bidder, but if they look like a more solid buyer or if they have cash, the bank may over look your offer and go with another the cash buyer. This can be very frustrating, especially if you have waited months to get an answer. Which is why when considering a short sale in Logan Utah, it’s very important to have patience, and know that you may lose out in the bidding process.
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{ 11 comments… read them below or add one }
I have heard that some banks are not allowing individuals to short sale their home. It is almost like they would rather foreclose on the home rather than short sell it. The real estate market has changed and it is true you have to be patient while going through the process. Nice blog, new?
Lisa,
Short sales are a tricky breed indded. Good info here. They should be for the experienced and patient buyer that are willing to wait it out. Also, I weigh in on who has the listing and who is managing the short sale which can be a big difference in terms of the percentage chance that we make it to settlement. So far, every short sale listing we have taken on has received short sale approval and has settled which I let buyers agents and buyers know about if they have interest on our current short sale listings. Also, in Philly, our MLS was just updated where consumers can search for short sale listings as well.
Hi Paul,
It has been said banks make more money off foreclosures then short sales, so it is pretty difficult to get them approved. Yep, new blog!
Hi Chris,
We just recently had ours updated to for short sales, it’s great for my buyers that are looking for that great deal.
@Lisa – I think the only reason why short sales garner less net to the banks is that they have made the process a complete nightmare for buyers. If they would assign a negotiator to a property from the point the property is listed they could garner a much better price on the homes and would have less risk that the home would get vandalized. Add to that they would never have to take ownership of the property there by allowing them to keep more funds for loans.
James Wheelock@Houston Home Values´s last blog ..Houston Contemporary Style Homes For Sale
Hi James,
Very good insight, if only you were working for the banks, this whole thing could be a lot more enjoyable for all parties involved.
Short selling a house is not a decision that can be taken lightly. Most like its long process and can be difficult at times. There is really a possibility one can avoid foreclosure by using short sale.
Short sale is indeed not a rush thing. It can take awhile but there are a lot of people out there who really need it and this is the best thing for their situation.
Short sales are not something that should be taken lightly and they can be very time consuming. It usually takes 3 to 5 months to close on a short sale and many buyers and investors are not willing to wait that long. The patient buyers can sometimes get a great value, but everything takes time.
It’s very important to have patience in a short sale. It can go on for a long time and it’s hard sitting around not knowing if the offer will be excepted.
Selling a property is not easy. More often than not the process is more complicated. That is why in considering the process of short-sale it is wise idea to consult people who are knowledgeable with this matter.
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