Foreclosed Homes for Sale Utah

Utah Foreclosures Can Offer a Great Opportunity for the Right Buyer

Are you looking for a bargain? A bank owned foreclosed home may be right for you. We make searching for foreclosed homes in Utah easy. Use the "Advanced Utah Foreclosure Search" to search every foreclosed home for sale in the state of Utah.

Is Buying a Foreclosed Home in Utah Any Different Than by a Traditional Listing?

The major difference in buying a foreclosed in Utah home versus a traditional listing is limited disclosures. The bank may own the property by default but chances are they have never seen the property and therefore the disclosures that you would get from the bank are very limited. There are several disclosures that the banks are exempt from providing a buyer that are otherwise required in a traditional sell.

REO properties in Utah come in all shapes, sizes and conditions. Some foreclosures are in turn-key condition while others are in total disrepair. Typically banks are selling the properties as is.  Any repairs that the bank intended to do the property has been done before the property is listed for sale. It can be difficult to get a bank to do additional repairs once in escrow. The only possible exception would be a lender required repair. Depending on the type of loan lenders have certain standards a home must meet before a loan can be acquired. Some banks are willing to complete lender required repairs within reason when needed.

What Are the Advantages to Purchasing a Foreclosed Home?

The biggest advantage to buying a foreclosed home in Utah is price. Foreclosed homes typically sell for 5% to 10% below similar comparable properties in the neighborhood.

How Quick of a Response Can Anticipate When Writing an Offer on a foreclosed home?

For the most part banks are very quick to respond to offers. You will typically get a response from a bank within 1 to 2 business days.

What Are the Banks Looking for in an Offer?

Besides price banks are looking for a clean offer meaning the offer that is not loaded with things that the bank has to counter out, delaying acceptance. Offers should be limited to negotiating price and possible seller paid closing costs. Things such as home warranties, pest inspections etc. for the most part should not be part of an offer. Remember just focus on the price and you will have much more success.

What Is the Difference Between Buying a Short Sell and a Foreclosure?

Both are similar in that they are distressed properties and can offer a great value for a buyer. While they are similar in that they are both distressed, the process of buying a short sell is much more difficult, drawn out, and sometimes more frustrating. With a short sell they are not just negotiating your offer price but they are also negotiating with the current owner trying to determine if they will allow the property to be sold short. For more information about a short sell please visit UTAH SHORT SALE

Over the past decade we have sold and listed hundreds of foreclosed properties and would love the opportunity to help you find a great home. With our buyer rebate program we can even help you save thousands of dollars. Give us a call today!