This site is dedicated to Distressed Homes in Utah. A Real Estate Resource Center made for finding homes with Motivated Sellers, Foreclosures, Bank Owned Homes, Short Sales HUD Houses and Real Estate Listings in UT. Homes for sale in Utah can be bought with For Sale by Owner Financing or through a local Bank. There are the different types of Utah Distressed Homes.
Foreclosures in Utah are on the rise. I have talked to several Bank Negotiators as I have presented offers for homes on Short Sales (Pre-Foreclosures). What I have found out is that 90% of these negotiators working for the Banks have many files they are dealing with, some as high as 800 different files assigned to them. I have asked numerous of times, “How do they do it.” Their responds is always, “You don’t.” With that being said a lot of these homes are going back to the banks as Real Estate Owned. (REO)
If you want to buy one of these Bank Owned Homes in Utah for pennies on the dollar, I have a system that works. Call me at 801-589-2437 for more details or click on the contact form and I would be happy to talk with you.
Short Sale in Utah will continue for the next few years. A Short Sale is a pre foreclosure. The Sellers still own the property and have control over what the home will sell for and who can live in the property. As of October 2010, Short Sales are becoming harder to buy because the banks are not willing to discount them. At one time they would take 82% fair market value. Recently I have been told by more than one Negotiator from the Banks, that they will not sell for less then what the homes are selling for in the neighborhood. With so many Home Owners wanting to sell on a Short Sale, they have been instructed to not sell for less. Banks don’t want other house values to drop.
If you have a choice, I would recommend buying an Existing Home or a Bank Owned Home due to the fact that Short Sales will take time and in the end, they are not going to discount them. If you need time on your side because you have some money coming to you or you need to sell your home then I would go after a Short Sale
The process of a short sale will go something like this:
List the property with a Realtor
Compile financial paperwork
Get offer from a buyer
Submit the Buyers offer to bank with all of the propitiate forms
Offer and Forms go to a processor
BPO or appraisal is ordered
After 60 to 90 days, file is assigned to a negotiator
