Special offer

Salt Lake City Foreclosures or Short Sales In Draper UT- What To Offer !

By
Real Estate Agent with Group1 Real Estate, selling houses in Salt Lake City Utah

 

I get a lot of questions about  Salt Lake City Foreclosures or Short Sales in Draper Ut, and what to offer.  it's a very important question, as sometimes as much as 25% of the homes for sale fall in those categories. Every Bank has their own philosophy of unloading their Bank Owned Homes.

All this hype aimed at seminar investors, bottom feeders, fortune hunters, and the just plain gullible promising to show you how to buy Real Estate for pennies on the dollar, are just that, HYPE !!

There are great buys out there. With all of the Bank Owned Homes, HUD Homes, REOs, Foreclosures & Pre-Foreclosures for sale, It is a buyers market for sure. In fact it the best time I have seen to buy a home in Salt Lake City in my 30 years in this business in this place.

But your offer must make sense !!!

Yesterday we talked about being prepared to offer to buy a distressed home in this market. 

Today lets talk about that offer, and some of the tools we use to help us understand and convince the lender that our offer, while it may not be what they would like, makes sense in todays marketplace.

The only way to know what makes sense in this age of dealing with banks is to find out what other Banks are doing with their REOs. 

Your favorite Realtor should be able to help you with that.

But until he/she does I'm going to show you how I would do it for our clients using Draper, Utah as the model.

Draper UT, Foreclosures & Short Sales Sold over the last 30 days :

In Draper UT. over the last 30 days 22 homes have been sold. Five of these homes were either sold by a bank, or were a short sale. Two were Bank Owned, and three were sold short of the mortgage.
The homes sold were priced between $ 216,000 and $ 489,900 dollars.
The average age of the homes was 11 years old.

14447 S Henry Day Rd, was a Bank Owned Home that closed 01/30/2008. The listing price was $216,300 and the home sold for $213,450 which included concessions. On 10/2007 the home was listed for $262,900.
The home sold in 7 days, and closed in 30.

11455 Loganberry Ct, was a short sale  that was on the market for 176 days. The home was listed at $ 262,500, and sold w/ bank approval at that price.
The home was listed on Dec. of 06 for $345,000 and sold in mid 07 @ $304,000.

843 w Stephens way, A short sale listed @ $299,000 and sold after being on the market for 40 days for
$264,646 dollars. We could find no previous listing history for this home.

1468 Desert Sun Circle, sold as a short sale for $399,000 on 01/09/2009 after 125 days on the market. This was the listing price. Records show that the home had sold on 06/14/07 just 18 months ago for $659,900 dollars.

2403 E Bear Hills Circle,  After 478 days on the market, this Bank Owned Home (REO) sold for the listed price of $489,900 dollars. Two years ago this Draper home sold for over $ 1 million dollars.

A couple of things are pretty obvious. Number one, there is no pattern here, and to paint each Bank w/ the same brush is impossible.

 Number two, Certain examples will get the attention of any Bank or Bank board. When your Draper offer is presented, make sure the history of sale #3, #4, & #5 are presented as examples.

Over the next week or so, I'll be listing short sales and foreclosed homes in the various areas around Salt Lake. If you are looking at distressed homes for sale in those areas it should provide you with examples you can use when buying your new home.

In the meantime if you want to get a head start, visit our web-site @ Salt Lake Homes and pull up your own recent sales information.

Or you can call us at 801-567-0946 and talk about  Salt Lake City Foreclosures & Short Sales in Draper UT.

Comments (0)