There are many reasons to invest in Provo, UT real estate. It offers residents affordable housing, quality health care and good schools. Provo is business friendly and attracts many corporations. There are cultural events. Provo is home to Bringham Young University and Utah Valley State College. Great skiing is just an hour’s drive away. There is something for everyone in Provo.
The foreclosure crisis has hit Provo as well. Provo and surrounding communities continue to offer many investment opportunities on bank seized properties. There are approximately 447 homes in some stage of foreclosure in Provo. The average list price for Provo homes is around $244,377. With a wide variety of inventory to choose from, there are opportunities to purchase homes at foreclosure auctions as well as REO’s properties listed with local Provo Realtors. You can find government seized homes and bank seized homes at foreclosure auctions in just about all price ranges located in many different Provo neighborhoods. Investors and first time home buyers have been flocking to Provo to purchase foreclosed houses recognizing the terrific investment opportunities these properties offer.
Because seized and foreclosed homes are sold at discounted prices, buyers get a property with a built in equity. Auctions are just one place to find bargains. The Internet, driving around Provo neighborhoods and looking in the newspaper are good resources for finding foreclosed houses advertised for sale in the area. Local Realtors are some of your best sources because they work with the banks and network with other Realtors. Realtors who represent the bank’s REO listings advertise them in the local MLS for other Realtors to bring their buyers to. Your Provo Realtor can save you time finding the right property for you and sifting through the mounds of paperwork to find the property that meets your criteria. If you want to make an offer, the Realtor can give you information on home sales in the area so you know how much to offer.
Auctions vs. REO’s
Even though auction properties are sold at deep discounts, some foreclosed homes need work so keep that in mind when you are making an offer. You should have the home inspected so you know what you are getting into. Auction properties allow you to view the homes on the inspection dates only so if you miss that date, you won’t have the opportunity to inspect the home. You also have the opportunity to inspect an REO during your contract contingency period. Foreclosed homes are sold in an as is condition. You can obtain title insurance on an REO, but you cannot get title insurance on an auction property. You need cash to buy an auction foreclosure property. Also, you have to pay off the liens and evict former owners or tenants on auction properties.
Right now is a great time to buy Provo, Utah property whether you decide to buy seized foreclosure property, a resale home or new construction. Housing prices are affordable, and there are plenty of housing styles to choose from in all price ranges in Provo neighborhoods. Housing conditions couldn’t be more conducive to buying a home in Provo right now so there is no excuse not to invest in Provo real estate.