Park City Short Sales
Short Sales do exist in Park City, UT.
Short Sales (aka distressed sales) can represent a great value in a real estate purchase, but they do not come without some pitfalls. The process of a short sale can be very long, tiresome and un-nerving. A few thigs to understand while placing an offer on a short sale are:
1. The bank is not going to sell a short sale to you at 50 cents on the dollar of market value.
2. The bank may or may not agree to pay your closing costs.
3. The bank might demand a cash or promissory note contribution from someone.
4. The bank reserves the right to change its mind.
5. The bank (its investors) writes all of the rules and you write none of the rules.
In general, short sales in Park City as well as elsewhere in the country are different from a "normal" sale. The process involves the seller, and the bank, or investors who represent a third party that gets to set the rules and you as the buyer. The leverage position of the buyer in a short sale process is very weak.
For more information on the short sale process see our guide to understanding short sales or call us at (888)968-4672.
The YouInParkCity.com Group of Keller Williams Park City Real Estate has a specialist trained in the process of short sales and is certified as a Short Sale and Foreclosure Resource (SFR) by the National Association of Realtors (NAR).
To be notified of real estate short sale opportunities in Park City, UT contact the YouInParkCity.com group at (888) 968-4672 and we can set you on an automated notification list of short sale opportunities.