Distressed Property Update
Things are continually changing in the St George real estate market so I wanted to offer this Distressed Property Update. First item I would like to discuss are the Short Sales in the St George Real Estate market. The quantity of short sales has definitely shrunk. This may be a sign that property values have reached a point where people that were formerly upside, have enough equity to sell. Until now, many people felt hopeless and thought the only way out of their house was a short sale. Those lucky enough to hang on through the difficult times may have even escaped with a little equity in their homes.
Short Sale Prices
The list prices on St George Real Estate short sale homes are fairly close in price to all of the other homes listed in the MLS. While it is true that you may be able to purchase a short sale for less than another home of equal value, there are a few things to consider. First, the time required to finalize a short sale, is anything but short. Some short sales are still dragging on for over 6 months start to finish. Second with shorter supply, and constant demand for good deals in real estate, the banks are holding out for stronger offers than they were satisfied with in the past. Finally a serious buyer needs to consider the risk of hoping to make a killer deal on a short sale or any real estate in the St George area and missing a good deal on a non short sale property.
REO Properties
There are sill a St George real estate properties available through foreclosures auctions. These are a little more difficult to find, and can be a little tricky to purchase. The minimum price of the home being auctioned usually includes the amount of the unpaid loan, interest, attorney fees, and other costs associated with the home. Another factor to consider when looking for a foreclosed home is the fact that someone may be living in it. The person who acquires the home will have to evict the person living in the home. The new home owner may also be responsible for any third party liens attached to the property. This type of investment may be a little risky for most buyers. For help with any Real Estate in St George give me a call 435 705 3356.
