Unless your head has been buried in the sand, you’ve heard of Short Sales. Park City has not been immune to the practive of short selling a home or condo, even some land. Some homes have even become REO (Real Estate Owned) or Foreclosures.
Short sales in Park City and elsewhere consist of sellers owing more for the property than the current market value. The seller of the short sale writes a hardship letter to the bank after missing a few payments and starts the discussion of the banking sharing the pain of financial loss.
In Park City and Deer Valley, there is a bit of wealth, the banks won’t just let you off the hook on multi-million dollar luxury home. Those that have started the process in hopes of Short Selling their Park City home can be found at www.ParkCityShortSale.com. You’ll find the latest short information, as well as links to Park City Real Estate.