A short sale is a real estate transaction where the seller and the bank agree to pay off the mortgage for a lesser amount than what was borrowed. For instance, if the lending institution lends the borrower $400,000 to buy a house and then two years later gets stuck making payments and decides to sell the house, the lender could agree to accept $350,000 to pay off the loan instead of the full amount of the loan.
Why would a lender do this? In tough situations, when it is apparent that the homeowner will go through foreclosure, the bank could agree to take a smaller loss as opposed to the larger loss of holding costs and the potential of not being able to sell the property. The bank loses, but not as much.
We have a short sale property in the Blackhawk Station section of Park City that is in great shape. The asking price is only $390,000.
The house at 1109 Station Loop Road is a 3BR home that is way under the market price. The home is not on the market at this time and there’s a good reason for that. It’s because of the short sale price, which tends to move properties a little faster.
If you’re looking for luxury real estate at a bargain price then be sure to check out more listings on our website. And set an appointment to see a few.