Salt Lake City, Utah: Draper, a city just outside of Salt Lake is giving some great Christmas gifts by way of real estate. I have a client on the lending side of my business looking at purchasing a home from a Lender on a Short Sale. The home is in a location that is famous right now for mortgage fraud, and the lender is looking to just get rid of the property. The home was purchased 12 months ago using 100% financing (Yep one of those!) The two liens totled $680,000 the 1st was $544,000 and the 2nd was $136,000. Now the short sale price is: $300,000. That's right! All the bells and whistles are on this home. It is fully loaded and ready to show off. My client is even asking for seller paid closing costs. We'll see if he gets it. Anyway, the home should have no trouble appraising for $475,000 which is what I comped it at.
There are some good deals out there for those who hold the cash or the credit to buy. Get with your local real estate professionals and have a Merry Christmas this year!!!