St. George, Utah short sale opportunities are everywhere. We have listings for those trying to get out from under their payments and we have buyers looking to get a good deal. It occurs quite often that a short sale will have multiple offers at a time after the home is priced below market for quick sale. This is a great opportunity for buyers to get instant equity. There is only one requirement for this…patience. We have buyers who have been waiting for 3 months on a short sale in St. George – just to get an answer from the bank! Sometimes the bank is working with a group of an investors and that can complicate things even more and delay further.
Having a good agent when working on a short sale is a must! There is a process to working a short sale – including dealing with the bank’s loss mitigator and other key people who make decisions about the mortgage. We can assist sellers in pricing their property at a reasonable level so the bank will find offers attractive. If you don’t price the property well to begin with and the bank refuses to even entertain the offers – it’s a waste of everyone’s time.
There are multiple benefits to doing a short sale instead of foreclosure. The first is that it’s not as bad on your credit. The second is that there is no tax penalty for selling for the loss (it used to be that if you sold a paid a loan off for less than the amount owed – you had to claim the difference as income). The third is that the bank may not try to recoup the funds depending on the bank and the situation.
If you’re looking for southern Utah real estate – now is a great time to buy – the prices are low and there are great deals. The best real estate deals can be found over 400k-500k and up.
If you’re looking to buy a short sale property or sell using the short sale methods – call me ASAP. I’d be happy to help!
Good luck,
Anita Kay – 435-632-5491
