The ins and outs of buying or selling a short sale in Utah are challenging, even for most real estate agents. Here are the answers to buyer's and seller's most common questions about short sales.
What Is A Short Sale?
A Utah short sale happens when a homeowner experiencing difficult financial times requests their mortgage lender to accept a purchase offer for less than what the borrower (homeowner) owes on the property. The bank agrees to accept the offer, forgiving the difference between the sale price and the remaining mortgage balance.
The difference between what is owed and the price the bank agrees to is the amount the seller is short.
For example, if the seller purchased a Salt Lake City home at the height of the real…
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