Buyer Information on Short Sales

When looking into purchasing a house listed for sale in the Utah real estate market as a short sale, the buyer needs to keep in mind that the process requires patience as it may last several months.  While in an ordinary transaction, the seller agrees to sell the house and the buyer arranges financing, in a short sale proceeding, the seller's lender has to agree to the purchase contract terms before the transaction is complete.  This impedes the transaction.  The short sale buyers are also running a risk of losing the house to foreclosure.  Should the lender decide to foreclose the property and decline the short sale, the buyer will have to look for a different house.  However, if the buyer is purchasing with cash, she can bid for the house during the Trustee Sale and obtain the house.  The prize for the patient and perseverant buyers, along with the house, is the low price which they paid for the house when the lender approves the short sale.  Thus, if one is not in a hurry, purchasing a house listed as a short sale is a great idea!

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