There are many good quality seized foreclosed homes in Salt Lake City, UT that can be bought at substantial discounts at foreclosure auctions. Investors/buyers can obtain a list of property auctions from consolidated sources who handle foreclosure auctions. There are homes located in all neighborhoods and price ranges from low end to luxury properties that are available to purchase at property auctions as well as REO’s (real estate owned) properties. These properties sell for as much as 20% -50% off the regular market prices. You can find auction foreclosure listings online or in the local newspaper. REO’s can be found through a local Realtor or in the newspaper.
The foreclosure process in Salt Lake City, UT takes at least 5 months or longer to resolve. The preferred method of foreclosure is by non-judicial foreclosure Trustee sale. Non judicial foreclosures do not require court approval. The power of sale clause in the deed of trust allows the Trustee to sell the property if the borrower defaults. Once the lender initiates foreclosure through the Trustee, a notice will be posted at the property with details regarding the sale date, time and place and contact information. It will also be advertised in the local newspaper in the county where the property is located. The foreclosure auctions take place at the county courthouse. The auctions are open to the public. The property is awarded to the highest bidder. The price of each bid is based upon the repairs the house may need. It is smart to do your due diligence and obtain a home inspection if one is allowed. If no one bids, the property becomes an REO bank owned property, which is then listed with a local Realtor and advertised in the MLS. Generally, Realtors do not represent bidders at property auctions because no commissions are paid on properties purchased at foreclosure auctions.
Lenders may opt to institute judicial foreclosure proceedings by filing a lis pendens lawsuit in the court. The foreclosure procedure is basically the same as the non-judicial foreclosure proceeding, except court approval is required to sell the house at auction.
Other Foreclosed Home Opportunities
Buyers may be able to obtain pre-foreclosure listings in advance on short sale properties which allows them to buy the homes directly from the current homeowner, subject to the seller’s lender’s approval. If you plan on buying government foreclosures, you can obtain HUD and VA listings by going to each agency’s website or from the local MLS. Both HUD and the VA list their foreclosure listings with local Realtors who advertise them in the MLS. Investors/buyers must make an offer through a local Realtor on all HUD and VA listings. REO’s are listed with local Realtors as well. You can make an offer through the listing agent or work with your own agent. HUD, VA and REO bank owned properties all pay broker commissions.
Because there are so many great opportunities to purchase luxury and good quality seized foreclosed homes right now, investors/buyers are flocking to Salt Lake City, Utah to buy them. Whether you are purchasing foreclosed homes at foreclosure auctions, government foreclosures or bank owned properties, you will be buying discounted property with built in equity.