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Home 'short sales' on the rise in Salt Lake County

SANDY -- One in seven homes listed for sale on the real estate board's Multiple Listing Service in Salt Lake County is what's termed a "short sale."

A short sale basically means a homeowner is asking the bank to let them sell the house for less than what they owe. The rise in short sales can be traced to the troubled economic times.

"There are a lot of properties purchased at the height of the market and in order to move those properties, it needs to go to a short sale," said Dave Anderton with the Salt Lake Board of Realtors. "You can actually look at it as a good thing. I'd rather see more short sales and less foreclosures."

Short sales can be good for buyers, who can get the property they want at a pretty good price. But there are some catches: you're competing with other offers (which have to be priced by market comparables) and you've got to get the seller's bank to sign off on it. That alone could take several months to get an answer on whether your offer is accepted.  Original Article

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