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2017-11-25 22:26:56
It’s Safe to Buy Logan Utah Short Sales

In 2008, there were tons of new short sales hitting the MLS.  These properties were a tough to get through.  Agents and sellers had to have easy access to the lender or lenders.  Banks got hit with so many and so quickly that they started to seem hopeless. 

Before long, agents started warning buyers that this was a long and complicated process. I was very clear with my buyers – If they wanted to place an offer on a short sale they were likely to miss many other great opportunities.  It became evident that very quickly most of the short sales eventually became REOs (real estate owned) or bank owned properties. 

These quickly became the flavor of choice and buyers became more educated about the process and agreed that avoiding short sales was a good idea. All this has changed recently.  Short sales are very much worth targeting.  In fact, they often present excellent value.  What changed?  There are three major variables that have helped the process move along over the last three years.

Short Sale Negotiators – This has probably the biggest factor.  There are people that do this for a living.  They call lenders and are educated on how to best present offers.  I use a short sale negotiator on every one of my short sale listings.  I also try to be sure that when I place offers for buyers that the listing agent have a negotiator in place.

New Staff – The banks can now deal with this problem.  When the short sale phenomenon first struck, most banks were just too overwhelmed to process the number of requests.  Things have changed.  The corporations that own these loans have hired and trained staff to wade through the loans.

Cannot Avoid the Inevitable – This is a problem that will not go away for the lenders.  They either need to be open to loan modifications, deed in lieu of foreclosure or short selling.  The worst option for all parties is a foreclosure.  This is especially true for the baking institutions.  There are tremendous costs involved with foreclosing; court costs, attorney fees, and damage done to the property.  Man times, the best option is to agree to a short sale.

So, do not be afraid to place an offer on a home you like if it is a short sale.  The best properties to target are those that have already been ‘approved’.  With approved short sales you know that the lender is willing to allow a short sale and at what price.  To learn more about Logan real estate contact me.

 
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