Monday, March 19, 2012

Utah Senate Bill 42 Impacts St George Utah Real Estate

St George Utah Real Estate - Senate Bill 42

St George Utah real estate has received a boost in the arm by brand new Utah Senate Bill 42 coming out of our legislature.  Under prior arrangements most sellers have not known that when selling their property as a Short Sale, that they could be held on the line for up to 6 years afterwards for the banks to come back after them to sue for the deficiency owed.  Under the new Senate Bill 42, state law forces banks to match current foreclosure laws- which means they can come back and sue for a deficiency, only within 3 months or 90 days after the sale.  This change could help sellers more bravely pursue a St George short sale rather than giving it up for dead to a foreclosure.

This information was gleaned from current Realtor® podcasts coming through from the Utah Association of Realtors reports.  I see this as a significant boost toward a St George Short Sale being seen as safer and easier to do, along with recent timelines in being able to get one accomplished becoming significantly reduced to a three to four month process to what typically used to be more a six to ninth long process.  This is Brian Habel, your check out our site.

3 comments:

Sean MacClanahan said...

So we could start seeing more investor activity, as more "distressed" properties come into the local market?

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