Many buyers want to buy Pleasant Grove 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. Search PG Utah Short Sales If you are patient you will be able to find and purchase a PG 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 Pleasant Grove 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 Pleasant Grove with the home as-is. Don't expect the bank or the seller to make any repairs they neither party likely will.
About 25% of the available listings in PG Utah were short sales between 2007-2011. However, since that time the number of short sales has been declining. About half of the homes for sale in Pleasant Grove Utah were either short sales or bank foreclosures. Here are some tips that will help you buy a short sale in Pleasant Grove Utah.
Tip #1. Make sure that the agent who represents you the buyer, is experienced in negotiating and buying short sales. If they are, they will be far better equipped to guide you through the sometimes lengthy and complicated process. Utah County has around 1,500 Realtors. Many Realtors in Utah County sell homes part time and don’t understand short sales and how to buy them. Paul Teasdale with Team Teasdale Realty has been selling homes in Pleasant Grove since 1995.
Paul has personally negotiated several hundred short sale transactions in his career. In fact, the first short sale he did was in 2000. Make sure you have an experienced PG Utah Short Sale Realtor. This is the most important aspect of buying a short sale in Pleasant Grove or any other city in Utah County.
Tip #2. Don’t make the mistake of thinking that you can automatically underbid a short sale price. Do your homework, get the comparable closed home pricing and listen to the advice of your Pleasant Grove Utah Short Sale Realtor. Moving into a first position on a short sale can sometimes even mean bringing a price higher than the asking price. Remember, the asking price is often not the price the bank has agreed to.
Tip #3. Be patient. If you want to buy a PG Utah Short Sale you must be willing to be very patient. The banks are slow at approving short sales. Although many banks have streamlined the short sale process, we are still seeing an average of 90 to 180 days to closing. Be prepared to be patient for the house of your dreams. Once in a while we see homes being approved at faster pace.
Pleasant Grove Short Sales occur when property values drop or inflated appraisals were obtained, making the property worth less than the amount of its mortgage. This means when a seller enters into a purchase contract to sell for an amount that is less than the home’s present mortgage balance, if the seller isn’t bringing in money to close, the lender must approve the short sale. That’s because the lender is taking a loss.
Generally, short sales are not bargains for a buyer. It doesn’t mean the buyer is purchasing the property under market, and it can take a long time to close, if it closes at all, among a host of other reasons. Not all lenders will approve a short sale, and many short sale prices that are advertised are not real prices. They are guesses at what it takes to sell the home.
Here is a list of current Short Sales for Sale in Lehi and Orem, UT: Search Short Sales in Lehi Utah Search Short Sales in Orem Utah
Buying Pleasant Grove Utah Short Sales can be challenging. There are many short sales in Pleasant Grove Utah. Buying a short sale is like almost like buying any other piece of real estate. Getting a short sale approved is the challenge with a short sale. Here are some things to note if you are considering buying a short sale home in Pleasant Grove, Utah.
Don’t expect the seller to make any repairs to the home. Seller’s don’t have the money, interest or time to do a repair on their short sale. In a traditional short sale, repairs are negotiated between the buyer and seller. In a short sale, the owner will not make any money on the sale. Hence, they are going to be completely reluctant to spend money on repairs. Plus, the owners are typically in financial distress and simply have no money for repairs. On some rare occasions I have been able to get a seller to do repairs but it is very rare. Search a list of all the Pleasant Grove Utah Short Sales that are currently available. Bookmark this page and watch the new short sales as they are listed. If you would like to see any of the Pleasant Grove Short Sales contact Paul Teasdale of Team Teasdale Realty.
Search Pleasant Grove Utah Short Sales
If you make an offer on a Pleasant Grove 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.
Short Sales occur when property values drop making the home worth less than the amount of its mortgage. This means when a seller enters into a purchase contract to sell for an amount that is less than the home’s present mortgage balance. if the seller isn’t bringing in money to close, the lender must approve the short sale. That’s because the lender is taking a loss. The market has been filled with Pleasant Grove Short Sales.
The number of short sales in Pleasant Grove between 2008-2011 had increased to around 25% of the real estate market. In 2012 the number of short sales drastically decreased. The real estate market really picked up in 2012. The number of short sales and bank foreclosures has been decreasing as we head into 2013.
Banks have been speeding up the process of approving the short sale process in the past two years. The approval process was once terribly slow. In fact, I had one short sale home for sale in Mapleton Utah with Wells Fargo Bank and it took them 25 months to approve the sale. However, our team had a short sale in Pleasant Grove that we listed and it took 40 days before we were closed. This was from start to finish. Short Sales are going much faster.
Generally, short sales are not bargains for a buyer. It doesn’t mean the buyer is purchasing the property under market, and it can take a long time to close, if it closes at all, among a host of other reasons. Not all lenders will approve a short sale, and many short sale prices that are advertised are not real prices. They are guesses at what it takes to sell the home. Be sure that your agent is helping guide you to the approved short sales. Approved short sales are homes where the listed price has been previously approved.
List of Bank Foreclosures for Sale in Pleasant Grove, Utah
How can Pleasant Grove Utah have so many short sales? It is true. As of 12/26/2011 Pleasant Grove Utah has 46% of the listings for sale marked on the MLS as short sales. This is a staggering number when you consider about another 30% of the homes are bank foreclosures in Pleasant Grove. This means approximately 80% of the homes for sale in Pleasant Grove are distressed properties. Short Sales in Utah County continue to climb.
I have been selling homes in Pleasant Grove since 1995 and have never seen anything like this. The media outlets continue to claim the real estate market is stable. If this is stable get me outa here! If you are a seller I guess we hit the ice berg a while ago. If you are a buyer you have just landed in paradise. What an opportunity. We may have not hit the absolute bottom but we are sure close.
I have put my money where my mouth is this year and purchased two rentals in Utah County. I think it is an excellent time to buy a home in Pleasant Grove or anywhere else in Utah County. Many buyers in Pleasant Grove purchased condos, townhomes and twinhomes between the years of 2004-2007. The buyers that purchased these types of homes are the ones that are helping the short sale statistics for Pleasant Grove.
Above is the current graph of homes for sale in Pleasant Grove, Utah. Pleasant Grove has 112 homes for sale with 51 of those homes as short sales. This mean 46% of the homes for sale in Pleasant Grove are short sales. Compare this number to cities like Santaquin, Utah that have 12% of the listings as short sales
List of Short Sales Currently for Sale in Pleasant Grove Utah Follow the link above to see the current number of short sales for sale in Pleasant Grove. You can search all the short sales for sale from this link above. This number changes on a daily basis. If you see any homes in Pleasant Grove that you would like to see call me. I will help explain the difference between approved and unapproved short sales and help you get an excellent deal on a short sale home in Pleasant Grove. As of the Fall of 2014 the short sale inventory has gone drastically down. If you want a short sale now you usually have to grab it the day it first comes for sale.
