What is a Short Sale? A short sale is when a home owner is in financial distress and at risk for losing their home to foreclosure. The owner still owns the home and likely still occupies the home, this is different from an actual foreclosure where the owner has moved out and the legal owner is now the bank. The owner places their home up for sale; typically here in St George the listing agent will price the home at a very attractive (often unrealistic) price, in an effort to obtain an offer (or several offers). View all St George Foreclosures here.
After an offer is received, typically the best offer is sent over to the bank to begin the approval process. This process can take several MONTHS. The bank will determine first, if the home owner actually qualifies for a short sale (this may take a few weeks or months to discover) and next the bank will determine how much they are willing to accept for the property. Keep in mind, the price they are willing to accept will have NOTHING to do with the price that the property is listed for sale and/or the offer you may have submitted. The bank has their own formula for what they are willing to accept and no two short sales are alike.
This can often lead to buyer frustration as they find a very attractive home well within their price range and they submit an offer at or above list price, the bank may counter back for a few thousand dollars or as much as $20,000 (or more). Here in St George, most every property will sell fairly close to market VALUE. So if you are finding a home priced substantially under value, it's probably a short sale...and you're probably not going to get it for that price or there could be issues or defects to the property which has offset the price.
Below, you'll find a list of a few MLS listed St George Utah short sale homes for sale. Have a question? Just ask!! If you'd like to be set up with automatic alerts on all Short Sales, contact Paula Smith.
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