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2019-04-20 07:13:45
Buying Short Sales in Tooele County UT

The Basics You Need to Know About Short Sales in Tooele UT

If you have been thinking of buying a short sale in Tooele County UT, be prepared for a lot of work. Probably not for a lot of reward.

What used to be an ordeal trying to find a house that was NOT listed as a short sale has now become a trial in trying to find one that is. It's the sign of a healthy real estate market.

If you do find a house that is about to be foreclosed on, the bank will be reluctant in such a strong market to offer much of a discount.

Having said that however I am still asked almost daily about buying distressed property.

So, I dug up an old post and am passing it on to those that are bound and determined to make a deal on their next home purchase. Here we go!

Notice how few listings I was able to pass on. The links are active however so keep this handy and any change (additions) will show up immediately.

Short sales in Tooele County  are used by homeowners to prevent losing their homes to foreclosure.  When you see an advertisement for a short sale in Grantsville UT, Stansbury Park or Tooele City the home is in pre-foreclosure.

What is a short sale? It is an agreement between the sellers of a home in the beginning stages of foreclosure and their lender which allows the home to be sold for less than the existing loan balance. If an agreement is reached by all parties, a short sale could save the sellers’ credit by avoiding a foreclosure.

A short sale is not a short process, however.  It is a lengthy process with many legal and financial aspects.

The basic short sale process flows as follows:

  • The seller contacts the lender to discuss the possibility of a short sale.
  • The seller issues a letter authorizing release of the loan and property information to the buyer or escrow agency.
  • A settlement statement is reviewed by the lender. The statement includes the proposed selling price, the amount left to be repaid and itemized expenses.
  • The seller completes a hardship letter for short sale in Tooele, including a description of all the financial difficulties the seller is going through.  The lender validates and confirms all financial difficulties.
  • The seller provides the financial documents including paycheck stubs, bank statements, a personal financial statement, monthly budget assessment and anything else required by the lender.
  • Once approved, the buyer can proceed with the purchase.

What are the benefits of a short sale?  The seller is relieved of the debt they cannot afford, a foreclosure proceeding by the lender is avoided and the buyer purchases the home at a discounted price.

Whether you’re a seller who is interested in selling your home as a short sale or a buyer who wants to purchase a short sale in Tooele County I can help.

Please call me today, Berna Sloan at 435-840-5029 or visit our website @ Tooele Real Estate.

You can see Tooele County homes listed as short sales @ pre foreclosed homes in Tooele.

 
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