Foreclosure or Short Sale? Buyer vs. Old Tenant.. Beware!

Just wrapped up a two day Red Rock Education Retreat located at the spectacular Desert Hills High School out in the Hidden Valley area. We spent 6 hours with the UAR attorney as well as a title company attorney going over all the key issues in our short sale and foreclosure market. This topic alone is really an ongoing ever changing learning process. I loved what James E Seaman, attorney for Inwest Title said about buying properties on the courtroom steps “better be wearing your big boy pants.” Funny and true. Beware if you are buying a home with a tenant…..even foreclosure homes are tenant occupied these days…..crazy stuff!

Curtis Bullock UAR Legal Counsel spent hours going over a fraction of the most common concerns in today’s St. George real estate market. Most Realtor’s have accepted the fact that short sales are here and their owners are in desperate need of our professional services and experience.

The short sale transaction is a complicated and time consuming process with many variables. It has become critical for us as Realtor’s to handle these in as courteous and professional manor as possible. I look at a short sale as a complicated large puzzle where all the pieces need to fit exactly. My primary goal as a short sale listing agent has always been to get my seller’s a waiver of any deficiency judgement by all lien holders in writing. Without that you can be exposed to up to 6 years where the lien holder/holders can come back to get the deficiency. That changes the entire complexion of negotiating a short sale, you might say that is where the rubber meets the road.

The St. George real estate market is awesome with great deals, especially foreclosure properties, they will also require some big boy pants….multiple offers, final and best addendum’s, if the home is not sold as a primary residence you may be forced to wait 2 or more weeks before your offer is considered, giving a buyer that intends to make the home their primary residence an advantage. HUD homes where you never talk to a human. That brings me to another key point about available inventory and stats, numbers and trends.

At the end of the day due to pricing, condition and or location only a handful of active listings have value. As a buyer you will need to come with your game face on. As a seller you will need a game face to keep up with the foreclosure/REO market. I have 3 great buys on foreclosure lots, from one side of Hurricane Valley to the prestigious Anasazi Plateau subdivision located outside the town of Springdale and Zion National Park! The Lots 2 adjoining lots Crimson Ridge are the lowest priced building lots in the St. George and Hurricane Utah area.

We are just about half way through 2011 and enjoying our weather. We have become a mecca for sporting events, this weekend the Utah Summer games are down in Southern Utah. St. George and Hurricane Valley are host to so many sporting events, from world class softball to world class marathons, golfing and swimming, shooting, boating. Click on the YouTube downloads and view these great Southern Utah real estate foreclosure/REO lots.

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