Mapleton Utah Short Sales

Mapleton Utah Short Sales

How to buy a Mapleton Utah Short Sale. It is possible to find a short sale in Mapleton but it can often be challenging. Short sales in Mapleton occur when property values drop or inflated appraisals were obtained, making the property worth less than the amount of its mortgage. This means when a seller enters into a purchase contract to sell for an amount that is less than the home’s present mortgage balance, if the seller isn’t bringing in money to close, the lender must approve the short sale. That’s because the lender is taking a loss.

Below is a List of Available Short Sales Across Utah

Short sale periodically come for sale in Mapleton Utah. However, they come and go fast. If you don’t see any on this list you need to contact Paul Teasdale and he will do his best to find one for you when one becomes available.

Two Types of Short Sales in Mapleton Utah

There are two types of Mapleton Short Sales. One is called an unapporved short sale and the other is an approved short sale. Unapproved short sales are not price approved by the lender. Approved short sales are price approved by the lender. Approximately 80% of the short sales for sale in Mapleton UT are unapproved short sales and 20% of the inventory are approved short sales. If you are looking to buy a short sale you may want to consider the approved short sales more than the unapproved short sales.

What is an Approved Short Sale?

An approved short sale in Mapleton typically has been for sale for a while. This type of short sale has probably been under contract and the buyer has found another home or got tired of waiting for approval. The Realtor then puts the home back for sale on the Wasatch Front Regional Multiple Listing Service as a approved short sale. These are the best type of short sales to purchase in Mapleton.

A short sale occurs when property values drop or inflated appraisals were obtained, making the property worth less than the amount of its mortgage. When a seller enters into a purchase contract to sell for an amount that is less than the home’s present mortgage balance, if the seller isn’t bringing in money to close, the lender must approve the short sale. A lender is taking a loss in a short sale.

Generally, short sales are not bargains for a buyer. It doesn’t mean the buyer is purchasing the property under market, and it can take a long time to close, if it closes at all, among a host of other reasons. Not all lenders will approve a short sale, and many short sale prices that are advertised are not real prices. They are guesses at what it takes to sell the home.

Be Patient When Buying a Short Sale

If you make an offer on a short sale property, be prepared to wait. I have seen short sales in Utah County take between 1-25 months to be approved. The average time for a short sale to be approved in Utah County is probably 4-6 months. Many agents may claim a quick 2-3 months but this is a best case scenario. Banks are notorious for taking as long as several months to respond to short sale offers. Remember, there is no guarantee that the short sale will go through so be patient. I will take the time to explain the short sale process every step of the way.

Banks have been speeding up the process of approving the short sale process. The approval process was once terribly slow. In fact, I had one short sale home for sale in Mapleton Utah with Wells Fargo Bank and it took them 25 months to approve the sale. However, our team had a short sale in Mapleton that was listed and it took 40 days before we were closed. This was from start to finish. Short Sales are going much faster. I will help explain the difference between approved and unapproved short sales and help you get an excellent deal on a short sale home in Mapleton. 

I Sold My First Mapleton Short Sale in 2000 . . . A Long Time Ago

I sold my first Mapleton Short Sale in 2000. The seller actually told me about the concept of a short sale. I negotiated with a bank in Florida that was not very excited about doing it. However, after a few months they agreed to the price and we closed on the sale. This was the beginning of my short sale experience.

Mapleton Short Sales become increasingly more popular year after year. From 2000-2006 they were in the market but not very common. It wasn’t until around 2007 that they began to emerge into the Mapleton real estate market in force. From 2008-2011 approximately 25% of the homes for sale in Mapleton UT were short sales. In 2012 this number dropped as the real estate market began to improve. Between 2012-2019 short sales became very rare to find but they were still out there.

A Trusted Mapleton Utah Realtor

Paul Teasdale has been selling homes in Mapleton Utah full time since 1995. Paul lives and works in Mapleton Utah and he is very familiar with the schools, community, neighborhoods and especially the homes for sale. Paul and his team have sold several hundred bank foreclosures and short sales over the years and know this process inside and out. Let us know if you are looking for a bank foreclosure in Mapleton Utah. Work with a real estate broker that will give you honest advice. Hire a trusted Mapleton Utah Realtor.