Utah Real Estate #4: Buying Short Sales and Foreclosures

Posted by Patrick Wiscombe on June 14, 2012 under Utah Real Estate Podcast | Be the First to Comment

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In this edition of the Utah Real Estate Podcast, we talked about:

Buying a short sale or foreclosure
How to get qualified
Distressed properties
Distressed doesn’t necessarily mean a great deal

Press the ‘PLAY’ button to listen to Utah Real Estate #4: Buying Short Sales and Foreclosures

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YOUR CALL TO ACTION
If you’re looking to buy or sell a house in Utah, please call or text me (Patrick Wiscombe) at (801) 874-7717.
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Cool Voice Guy: Information you need, the podcasts you love, this is the Patrick Wiscombe.com podcast network.

Cool Voice Guy: It’s real estate news you can use, this is the Utah Real Estate podcast. Giving you free expert advice and tips if you’re looking to buy or sell a house. And now, here are your hosts, Roger Zundel and Patrick Wiscombe

Patrick Wiscombe (sponsorship billboard): The Utah Real Estate podcast is brought to you by Weichert Realtors at the Rockies. If you are looking to buy or sell a house in Utah, please call Patrick Wiscombe at area code 801-602-5850. That number again is area code 801-602-5850.

Patrick Wiscombe: It’s the Utah Real Estate podcast, my name is Patrick Wiscombe, thank you as always for tuning us in and taking us along wherever and however you’re accessing the podcast today. Coming up on today’s edition of the Utah Real Estate podcast, we’re going to be talking about getting a great deal on a house that you’re looking at. Joining me for the podcast as he does every morning is Greg Hales, the commercial real estate manager with Weichert Realtors at the Rockies. Hello there.

Greg Hales: Good morning Patrick.

Patrick Wiscombe: Let’s get right into this. If you’re looking to get a great deal on your next home by buying a short sale or foreclosure. We know this is huge business right now. What are some of the ways to increase the odds of finding and getting a good deal? I guess we should start off with getting a pre-approval.

Greg Hales: Well, that’s correct Patrick. I think that’s the easiest one, be prepared to buy. If you’re not prepared to buy either by your down payment or your qualifications in order to purchase a home, you’re not a player, you’re simply a looker at that point.

Patrick Wiscombe: Ok, what are some of the hoops people have to jump through to get pre-approved?

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YOUR CALL TO ACTION
If you’re looking to buy or sell a house in Utah, please call or text me (Patrick Wiscombe) at (801) 602-5850.
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Greg Hales: As you know, the credit market has tightened up in the sense that qualifications are more realistic. You’re debt to income ratio can’t exceed a certain amount. Your credit score has to be a certain
score and there are varied programs for each one those credit scores so don’t be scared off by your credit score because there are lots of programs out there for buyers. The third thing is make sure you have the down payment either by gifting or by savings or by other means. Find a professional. There are several your realtor might recommend.

Patrick Wiscombe: I know one that you are absolutely adamant about and that’s using a professional because this is one of the biggest thing you will do in you life.

Greg Hales: It is. It’s one of the largest investments that 99% of people will all do in their lives and to do it without a professional who works in the business every single day and understands the market, the nuances, the small things and traps that may get you in the real estate market, I would absolutely hire a professional realtor every time.

Patrick Wiscombe: Now when it comes to short sales, shouldn’t people learn the lingo of short sales?

Greg Hales: Well absolutely. People see the term short sale and they don’t really understand it. The term short sale comes from the lender or the mortgagor reducing or selling the property for less than what they are owned. Thus they are shorting the sale and so it’s a difficult procedure so you need to understand just because it says short sale it has a lot of different problems associated with it. So when you need to know what a short sale is, a foreclosure and/or an REO, are three of the terms you need to be familiar with.

Patrick Wiscombe: Okay so get familiar with the lingo. Do you recommend any resources to get familiar with short sales lingo?

Greg Hales: There are two. One, your professional realtor. Again, they deal with the language every single day. They can walk you through it and explain what terms mean. The second one is the internet. I would encourage you if you’re searching for a home to get on the internet, read articles, understand how the terminology is used and what it means.

Patrick Wiscombe: You are emphasizing that you should not rush into buying. Why is that?

Greg Hales: Particularly with distressed properties, they have their own time frames. On a regular sale, somebody is trying to sell a product and you’re trying to buy it. The time frames are much different. You can’t rush into this. It takes calculated understanding, knowledge, information, and professionalism. So many people say I know of a short sale but our goal is to have you buy that short sale or that REO to make it your home.

Patrick Wiscombe: So with that, we’ll go ahead and wrap up today’s edition of the Utah Real Estate podcast. If you are looking for real estate within the state of Utah you can contact me directly. My phone number is area code (801) 602-5850, that number again is area code (801) 602-5850. If you know anybody who is looking to buy or sell a piece of property we can definitely help. So for Greg Hales, the commercial real estate manager for Weichert Realtors at the Rockies in American Fork, Utah, man that’s a mouth full.

Greg Hales: Yeah, that is long one.

Patrick Wiscombe: My name is Patrick Wiscombe, thanks for listening to today’s edition of the Utah Real Estate podcast, we will talk to you tomorrow.

Cool Voice Guy: Helping you by or sell a house. This has been the Utah Real Estate podcast with your hosts Roger Zundel and Patrick Wiscombe, sponsored by Weichert Realtors and heard exclusively on AtTheRockies.com.