Foreclosure properties offer investors and buyers bargains. In fact, West City Valley, Utah has a large selection of foreclosure properties. According to Trulia, there are currently 236 homes in some state of foreclosure. The average price per square foot for a West Valley City home is $96. The median sales price for the period May 11, 2011 to July 11, 2011 was $139,624, representing a decrease of 11.2%. Home sales increased 34.6%. The average list price is $161,760. Median sales prices in nearby cities of Taylorsville is $115,000, Kearns,$132,147, Salt Lake Cit,$137,398,West Jordan, $163,950, and South Salt Lake $127,708.
West Valley City foreclosures are offered through trustee auction sales. You can check the Internet, county courthouse, newspaper or drive by the property for information on the foreclosure date and time. Auctions generally take place at the county courthouse, and they are open to the public for bidding. However, in order to bid, you will need a $5,000 certified check, and if your bid is selected, you must pay the balance of the purchase price noon the next day. So you will need to have your financing or cash available.
Single family homes, condos and townhouses are sold at West Valley City foreclosure auctions. All properties are sold as is without any warranties or guarantees. Some homes may have liens on them so you will be responsible for paying them off if your bid is selected. Also, you would have to evict any occupants residing at the property. It is common for occupants to still be there. It’s a good idea to drive by the property if you can to see if anyone is living there. You won’t be able to get title insurance to the property either. Investors purchase auction properties because they offer homes at discounted prices with built-in equity. In fact, many investors have been purchasing properties sight unseen. Typically, the highest bid is selected, and a Trustee’s Deed is issued to the new owner conveying title to them. If no one purchases the homes at the foreclosure auction, then the bank buys them back, lists them with local Realtors and offers them for sale. You will hear these properties commonly referred to as REO (real estate owned) bank owned properties.
REO’s offer less risk because the bank pays off any existing liens and evicts the former owners so by the time the homes are listed with the local Realtors, they are ready to be sold to a new buyer and the bank will want them closed quickly. REO’s are sold at below market value as well, and they are sold in an as is conditions as well. Sometimes, the banks will fix them up prior to putting them on the market. It is not uncommon to find a bank REO home that has been painted inside, has new carpet and sometimes the kitchen has been remodeled. Although most of the time, the bank doesn’t put any additional money into the property unless there is a safety violation or the property has mold. It is always suggested that you have a property inspection to find out the condition of the home you are purchasing whether or not you are buying a foreclosed home at an auction or a REO directly from the bank. Both offer good investment opportunities.
