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distressed: 22% of Single Family Homes Listed in Utah are Short Sales - 02/26/11 06:08 PM
I had the pleasure of representing some awesome, patient buyers who recently closed on a short sale transaction in Utah "only" five months after their original offer was written. I have represented only buyers in short sale transactions, and after many attempts, I can finally say that short sale trasnactions CAN actually close. Having closed only one of 10 short sales transactions, my personal recommendation to buyers looking to purchase a short sale property is to avoid them unless they enjoy waiting for inept, non-responsive mortgage companies to respond (if at all).
Now to the shocking figure in the subject line … (2 comments)
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distressed: Non MLS Sales - The Shadow Market in Non-Disclosure States - 12/02/08 08:37 PM
I would like to know what real estate agents, mortgage loan underwriters and appraisers feel the impact of builder/developer-owned closeouts, marketed and sold as pocket listings (non-MLS) have, by artificially inflating values in deteriorating markets, especially in non-disclosure states like Utah. In my opinion, these non-MLS closeouts DO represent part of the true market (just as short sales and REO properties), and should be incorporated into sales comps that are included as comps by appraisers, but... are may not be. If buyer's agents are not made aware of these "firesale" programs, the last line of defense is the appraiser, who may not have access to this non-MLS information.
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distressed: The Market is Never Wrong - Distressed Property Sales as Comparables - 04/09/08 12:11 PM
I work in a beautiful resort area where many people purchased homes, condos and land (many with cash) over the last few years.
Many buyers got in before or while prices shot up in 2005 and 2006. Since 2006, inventory levels have increased and sales prices have slowly fallen. List prices on properties where sellers don't need to sell have been slow to come down. Sellers have every right to list a property at whatever price they feel most comfortable with, as long as there is an agent willing to list it for them. I don't have an issue with that. Personally, I would rather lose a significantly over-priced listing than continue to market it, but another discussion.
I take issue … (1 comments)
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John Allaire
Eden,
UT
More about me…
Prudential Utah Real Estate, Eden Utah
Address: PO Box 623, Eden, UT, 84310
Office Phone: (801) 745-2619
Cell Phone: (208) 841-6774
Email Me
Market update on trends, statistics, comparisons and listings for the Northern Utah Real Estate Market. Market area includes Eden,Liberty,Huntsville,Powder Mountain,Snowbasin,Ogden, Pleasant View,Morgan and Mountain Green. Covering Weber, Morgan, Davis and Cache County Utah.
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