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HELOAN8.250% APR
HELOC4.500% APR
3/1 ARM6.250% APR
5/1 ARM6.375% APR
7/1 ARM6.750% APR
FHA/VA5.250% APR
15 Year Fixed4.875% APR
30 Year Fixed5.250% APR
Updated 01.07.2009
Featured Home In Herriman
FEATURED UTAH HOME
$249,000 - Herriman (84096)

This Rambler/Ranch Single Family home built in 2006 and has 3 bedroom(s), 2 bath(s), 2 car garage on .11 acres and 2,652 sq. ft.
 
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Welcome to Utah's Largest Real Estate Directory! Built by Utah Real Estate Professionals on the cutting-edge of new real estate technologies that will benefit you. You can search the entire Utah MLS, For Sale By Owners, foreclosures, HUD homes and short-sale listings. Our inventory consists of single family homes, condos, townhomes, multi-family, commercial and land listings throughout the state of Utah.

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BUYING SHORT-SALES & FORECLOSURES
Buying a short-sale or a foreclosed home in Utah has its drawbacks, but it can also present a wonderful opportunity for a buyer. One of the most frequent questions that we get from buyers is "What is the difference between a short-sale and a foreclosure?" Let me explain...

Short Sales
A short-sale is when a lender agrees to take less money than is owed on a mortgage in order to facilitate the purchase of the property, usually to prevent the property from going into foreclosure. Typically a seller has incurred some type of financial hardship and is unable to continue making mortgage payments. The home is listed on the market to attract potential buyers usually at an estimated value. The listed price is usually not approved by the lender and buyers should be aware the actual sales price may be higher or lower depending on what the bank is willing to accept. Short-sales take anywhere from 3-8 months from listing to closing so if you are in a hurry to find a home, don't bother.

Foreclosures
A foreclosure is a process in which the lender (aka bank) takes back the home from the borrower. This process happens after the short-sale period or to be more specific, after the home has been given back to the bank. When you are just dealing with the bank, the process typically is much faster and you can close within a matter of weeks!

Not every short-sale or foreclosure will be a great deal. When you are dealing with these types or properties you really need to do your due diligence and have them inspected by professionals prior to closing. These homes are in distress and may need some major improvements to make them habitable.

The Utah Real Estate directory on zoomUTAH.com does include short-sale and foreclosure listings so you can begin your search there. If you request, we can also email you short-sale and foreclosure listings as they hit the market through our Listing Alert service. If you are a seller and facing a hardship, contact us today to discuss how to avoid foreclosure, and alternatives for dealing with lenders.
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