Looking to purchase a short sale?


	When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.

Purchasing a short sale in Sandy, Utah on your own is risky. Contact Principal Realty Group Utah for expert advice.

Can I get a bargain on a short sale?

Sometimes. Many people hear the phrase "short sale" and routinely think of a seller that is in trouble and must sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In cases such as these the reduced price may in fact be consistent with current market values instead of below.

How do I buy a short sale?

Prior to making any purchase offers, do your homework. Using an experienced REALTOR^® from Principal Realty Group Utah to assist you with researching a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you decide how much to offer.
Hire a real estate professional with short sale expertise. The real estate agents at Principal Realty Group Utah can help expedite the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be seen by a committee for approval which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when buying a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Principal Realty Group Utah, when we write an offer, we are looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.

When you are ready to buy, whether it is a short sale or a typical home sale, Principal Realty Group Utah is here to help. Utilize our experience and knowledge of real estate to make sure that you are getting a fair deal and remain protected during the full purchase transaction.