A few more tips for the Utah Buyer. If you find you still have more questions about how to approach a short sale or foreclosure, please just give me a call, I'd love to help!
•· As we discussed in the last short sale blog, negotiating a short sale property in the Utah real estate market can be time consuming. So use the help of an experienced Utah real estate agent and give the seller's lender a deadline. If the lender doesn't get back to you within the given time frame, take a look around the market and see what else is out there that may be a suitable house for you and your family. You may end up finding another property for sale that you like; there is a great deal of inventory available in this Utah real estate market. If not, you can go back to the bank and see if any progress has been made on the offer or re-submit another offer to purchase the short sale.
•· Reserve the right to inspect the property. Even though most lenders will not re-negotiate after an offer has been accepted on the Utah property, you can still put a condition in your real estate offer to purchase that allows you to walk away from the real estate transaction if you find some material defects that you are not willing to live with considering the initial negotiated price. Also, during this inspection process, be sure to hire a qualified home inspector and Utah realtor to help sort out the potential problems with the property.
•· Work closely with your lender on this purchase. Make sure they are aware that the property you are purchasing is a short sale and ensure they do not have any special paperwork or documentation requirements in order to close the loan.
•· Enjoy your new Utah home and make it your own!
If you are anything like me, you are probably reading over your emails this snowy morning and wondering when the “real” spring is going to visit us here in Utah. I say “real” because Spring has obviously come as far as the calendar is concerned, but when stepping outside, we can all clearly all see that winter is hanging around for at least a little bit longer.
As promised last week, please find the first quarter 2008 real estate update for our area counties below. I always find it interesting to see the differences from one county to the next. How about you? Any of the statistics surprise you? I’d love to hear your feedback.
| County | Number of New Listings | Average List Price | Number of Single Family Homes Sold | Average Single Family Sold Price | Number of Condos Sold | Average Condo Sold Price | Average Days On Market |
| Salt Lake | 8206 | $356,848 | 1777 | $287,654 | 453 | $193,350 | 58 |
| Utah | 3934 | $342,222 | 705 | $264,164 | 185 | $170,657 | 72 |
| Wasatch | 258 | $665,052 | 43 | $487.068 | 3 | $483,713 | 102 |
| Davis | 2274 | $316,325 | 688 | $254,314 | 49 | $184,292 | 62 |
| Park City | 694 | $1,625,351 | 69 | $1,531,233 | 130 | $883,736 | 162 |
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