Approved Short Sale- What’s That?
Simply put, an approved shortsale, at least in the case of this home, means a buyer can make an offer on this property and close within 30 days…just like a regular retail sale.
Most folks (and I advise my clients who are anxious to get into homes as well) steer away from short sales unless they have time to wait…or have a death wish which ever is longer. Short sale properties tend to sit on the market for a long time for exactly that reason. Buyers love the property, but can’t afford to sit and wait on the bank for approval. Pesky issues like the new FHA regulations on mortgage insurance, interest rates changing, and more importantly other housing coming on the market make these distressed properties very unattractive to the normal buyer.
Well, this one is a little different. You can get an approval letter from the bank in 24 hours…yep that’s right. I blinked several times in amazement at that one myself, but it’s true! This bank says approval in 24 hours if you need no more than 1% in seller paid closing costs. If you need a full 3% or a touch more, the bank must get approval from HUD, 
which takes 3-4 days longer, then 24 hours for the bank to send out the approval letter. Voila…an approval within a week on this home!
And…what a cute home this is! This property is situated on a cul-de-sac in an area of Magna with newer homes and new construction going on about 3 blocks away. In other words, the area is growing which will bring the value of homes up as new people move in.
Search for short sales in Salt Lake City, UT
The property itself is a rambler completely finished with 4 bedrooms and 3 baths, large family room in the basement, cozy living room with fireplace, and large eat in kitchen. Hardwoods grace the main floor…and well, this little short sale is a great value… priced at $169,900 (this price includes $4500 in closing costs)just think you could be in this home in 30 days. Just look at the tour!
Don’t wait on this one, this is a lovely home just aching for a new owner!
Update! This home sold in October for $159900
For more information on other homes like this, call or text me at at 801-518-4977 or shoot me an email .
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