Types of Short Sales:

There are two types of Short Sales: unapproved and approved. Unapproved short sales lack lender price approval, while approved ones have it. About 80% of Springville short sales are unapproved, while 20% are approved. Consider approved short sales over unapproved ones when buying a short sale property. Approved short sales in Springville have often been on the market for a while. These properties might have been under contract but are back on the market due to various reasons. These are the preferable short sales to purchase in Springville.

Important Notes on Short Sales:

  • Short sales aren't always buyer bargains and can take time to close. Not all lenders approve them, and advertised prices may not reflect real market values.

  • Patience Is Key: Short sale approval times can vary widely, typically ranging from 4 to 6 months in Utah County. Be prepared for possible delays and understand that there's no guarantee of a successful short sale. I will take time to explain the short sale process every step of the way

  • Streamlined Approvals: Banks have expedited the short sale approval process. While it once took months, it can now take as little as 40 days. Paul Teasdale can guide you through both approved and unapproved short sales, helping you secure a great deal on a Springville home.

My First Short Sale in 2000

In 2000, I completed my first short sale in Mapleton, Utah. The seller introduced me to the concept, and I negotiated with a somewhat hesitant Florida bank. After a few months, they accepted the offer, and the sale closed, marking the start of my journey with short sales.

The Rise of Short Sales in Springville

Short sales gained popularity over the years. From 2000 to 2006, they existed but were uncommon. It wasn't until around 2007 that they became a significant part of the Springville real estate market. Between 2008 and 2011, approximately 25% of homes for sale in Springville, UT, were short sales. However, this number declined in 2012 as the real estate market improved. From 2012 to 2019, short sales became increasingly rare but still available.

Springville, Utah Short Sales

In Springville, Utah, finding a short sale can be challenging. Short sales occur when property values drop or inflated appraisals were obtained, causing the property's value to fall below its mortgage amount. To execute a short sale, the seller must obtain approval from the lender, as they will incur a loss when selling for less than the mortgage balance.

Stay Informed About New Springville, Utah Short Sales

Short sales in Springville, Utah, appear and disappear quickly. Contact Paul Teasdale for assistance locating an available short sale.

Considering Bank Foreclosures in Springville, UT?

Paul Teasdale, experienced in selling numerous short sales and bank foreclosures, can assist you. Learn more about bank foreclosures here!