Of the 121 Condominiums and Homes for sale in Herriman Utah, 44.6% (54) are short sales or are facing foreclosure.
Thats a bad statistic no matter what part of the country or what part of Utah your from.
The Wasatch Front MLS gathers these numbers from home listings Realtors have entered into the system. They Identify a property as being either a Foreclosure, Bank Owned, a HUD Home, Short Sale, or a home that requires approval of a third party before it can be sold or purchased.
New homes/condominiums, (new construction) offered by builders that are sold from model homes, or subdivision sites, with their own Real Estate Agent representing them are not included in this report. Neither are homes for sale by owners (FSBOs) as they are generally not listed.
Short sales can have value for all parties in the Real Estate transaction. The owners get out of a mess without totally destroying their credit. On a short sale new IRS regs allow the debt relief to be a non taxable event, and in Utah the deficiency consequence of selling your house for less than you owe goes away.
Banks or mortgage holders are agreeable, as foreclosures are time consuming, costly, and leave homes vulnerable to vandalism, further value deterioration, theft, insurance liability and a host of other problems.
Best of all, Home buyers, whether they are families moving up, or Real Estate Investors can purchase new and previously owned homes for considerable savings.
The following examines some areas of interest you might have when looking for short sales or Bank Owned Homes for sale in Herriman.
Total Inventory of Herriman Utah, Homes for sale:
As of 4/26/08, there was 121single family homes & no condominiums for sale in Herriman.
Herriman has no condos listed on the MLS.
Herriman Short Sales, or Bank owned Homes:
Over 44% % of the single family homes, (54 )can be considered as distressed property.
Thirty day trend:
In the last 30 days 6 homes or condominiums have been added to Herriman homes for sale.
Contracts have been signed by 12 home buyers. Ratified by lenders.
Four distressed houses have closed in Herriman in the last 30 days.
Commentary:
Short sales sold in Herriman over the last 30 days range from a $239,000 dollar 3bdm,3bth split in Rosecrest, to a 5591 sqft Parade of Homes Model with a view of the Salt Lake Valley for $685,000 dollars (short). Real Estate, for builders and sellers (and Banks) is a nightmare right now in Herriman. The problem will not be solved soon. Many new homes are still under construction, and as they come to market pre owned homes will see a decrease in value. Adding to the problem is the fact that new inventory is heavily weighed towards the more expensive even Luxury home market that is already @ more than 12 month buying cycle. Having said that however, Herriman Ut. is a great place for a family to get a home they never thought they could afford, if they are patient and prepared.
Buying a short sale home, or a foreclosed property isn't difficult, but it takes preparation, and an experienced Realtor.
If you have a Realtor, put them to work TODAY!!!
If you don't have a Realtor, we'd like you to check us out. Go to our web site Salt Lake Real Estate and see how serious we are about this business.
If you want to start looking for your next Herriman among the121 houses available, just click on the website pages that provide all the listings, Salt Lake homes. It's FREE, updated daily and lets you see pictures , addresses, prices, and necessary information. Or just give us a call @ 801-567-0946.
Remember, there are 121 Herriman Homes for sale, 54 are short sales waiting for you to take advantage of the market.
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