Tags: Salt Lake City foreclosures, Salt Lake City UT foreclosures, Salt Lake Foreclosure market, Short sale homes in South Jordan UT, Short sales in Salt Lake City UT, Short sales in Salt Lake UT, Short sales in South Jordan UT, South Jordan foreclosure properties, South Jordan foreclosures, South Jordan UT foreclosures
Have you been wondering how many homes are for sale in South Jordan that are actually short sales or pre foreclosure properties? As of today there are 113 active listings that are short sales. That is an amazing number considering there are only 434 single family homes on the market in South Jordan.
If you are thinking of taking advantage of the typical below market price on one of these homes, plan on being patient. It is not uncommon to wait as long as six month only to have another offer come in higher than the one you made and then you don’t get the home.
However, sometimes an offer goes in and the bank takes forever to agree to the purchase price. By then the buyer has moved on and bought a different home. Then the property is sitting there with an approved price and no buyer. In this situation, you could get a quick response on your offer and not be in competition with other buyers allowing you to get the home at a great price.
If you want to see some of the homes that are in this situation, let me know. You could walk into a great home with instant equity. That said, keep in mind that many times homes that are short sale listings are in a pretty ugly condition as the seller was in financial trouble and likely did not maintain the property very well. Sometimes the home is missing appliances or other items.
It becomes critical to have a home inspection by a trained home inspector to ensure you know exact condition of the home. If you find, after the inspection, that you are not prepared to put all the money into the property that it will need to make it livable, you can withdraw your offer. However, if you love the location and the home is structurally sound, there are loan options that allow you to include repairs in the mortgage. You can contact Daniel Kitches at Wells Fargo (see info on the side of my blog) for more details about this type of loan. It is a great way to buy a home at below market value and get the necessary improvement paid as part of your loan.